Picton Property Income Limited Annual Report 2023

Additional Information/Continued


Grid decarbonisation

Refers to the changing methods of grid power generation which rely less on fossil fuels and more on renewable/sustainable energy sources resulting in fewer emissions per unit of electricity generated.


Picton Property Income Limited and its subsidiaries.


International Accounting Standards Board.

International Financial Reporting Standards.

Initial yield

Annual cash rents receivable (net of head rents and the cost of vacancy), as a percentage of gross property value, as provided by the Group’s external valuers. Rents receivable following the expiry of rent-free periods are not included. An independent, non-governmental international organisation with a membership of 164 national standards bodies, that develops voluntary, consensus-based, market relevant international standards that support innovation and provide solutions to global challenges.

ISO (International Organization for Standardization)

kg/ CO 2 /m 2

A measure of emissions intensity.

kWh (kilowatt hour)

A standard unit for measuring electricity consumption.

kWh/m 2 /year

A unit of measure of a property based on the annual electricity consumption by a single square metre. The aggregation of energy in this way allows for a direct comparison between properties. Incentives offered to occupiers to enter into a lease. Typically this will be an initial rent-free period, or a cash contribution to fit-out. Under accounting rules the value of the lease incentives is amortised through the Income Statement on a straight-line basis until the lease expiry.

Lease incentives

LED (light emitting diode) MEES (Minimum Energy Efficiency Standards)

An energy efficient type of light bulb.

A piece of legislation set by the UK Government. From April 2018 a landlord is unable to renew or grant a new tenancy (over six months) if the property has an Energy Performance Certificate (EPC) rating of F or G. An organisation supplying independent market indices and portfolio benchmarks to the property industry. A unit of measurement for the output of power from a source such as solar or wind where the output may vary.


MWp (megawatt peak)


Net asset value is the equity attributable to shareholders calculated under IFRS.

Net zero carbon

The point at which the amount of carbon being released into the atmosphere is equal to the amount removed from the atmosphere.

Offsetting Over-rented Passing rent

The process of removing carbon from the atmosphere to balance emissions into the atmosphere.

Space where the passing rent is above the ERV.

The annual rental income currently receivable as at the Balance Sheet date. Excludes rental income where a rent-free period is in operation.

PIR – (passive infrared sensor) PRI (Principles for Responsible Investment)

A device used to allow automatic lighting control.

A global proponent of responsible investment that supports an international network of investors to incorporate ESG factors into their investment and ownership decisions.

Property income return

The ungeared income return of the portfolio as calculated by MSCI.

PV (photovoltaic)

Photovoltaic (PV) materials and devices that convert sunlight into electrical energy.

RCP (Representative Concentration Pathway) REGO (Renewable Energy Guarantees of Origin)

Four pathways developed for the climate modelling community to assess a number of different climate scenarios.

A scheme which demonstrate electricity has been generated from renewable sources.

Reversionary yield Scope 1 emissions

The estimated rental value as a percentage of the gross property value.

Direct emissions from owned or controlled sources, for example from gas and oil.


Picton Property Income Limited Annual Report 2023

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