Picton Property Income Limited Annual Report 2023

Additional Information

Strategic Report


Financial Statements


Asset IQ

A CBRE product that monitors the use of building systems.

Better Buildings Partnership (BBP) BMS (Building Management System) BREEAM (Building Research Establishment Environmental Assessment Method)

A collaboration of UK commercial property owners working to improve sustainability of building stock. A computer-based control system installed in buildings that control and monitor the building’s mechanical and electrical equipment such as ventilation, lighting, power systems, fire systems and security systems. An established sustainability rating assessment for projects, infrastructure and buildings. It assesses assets across their life cycle, from new construction to in-use and refurbishment. www.breeam.com The most abundant greenhouse gas in our planet’s atmosphere. It is often the benchmark gas measured for defining a company’s emissions. The contracted gross rent receivable which becomes payable after all the occupier incentives in the letting have expired. Total operating expenses, excluding one-off costs, as a percentage of the average net asset value over the period. Provides the real estate industry with transparent, science-based decarbonization pathways aligned with the Paris Climate Goals of limiting global temperature rise to 2°C, with ambition towards 1.5°C.

CO 2 (carbon dioxide)

Contracted rent

Cost ratio

CRREM (Carbon Risk Real Estate Monitor)

Dividend cover

EPRA earnings divided by dividends paid.


Disclosure and Transparency Rules, issued by the United Kingdom Listing Authority.

Earnings per share (EPS)

Profit for the period attributable to equity shareholders divided by the average number of shares in issue during the period. A certificate which provides a rating based on set criteria to measure the energy efficiency of a lettable unit. The scale ranges from A–G. European Public Real Estate Association, the industry body representing listed companies in the real estate sector. A framework that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights. The external valuers’ opinion as to the open market rent which, on the date of the valuation, could reasonably be expected to be obtained on a new letting or rent review of a property.

EPC (Energy Performance Certificate)


ESG (Environmental, Social, Governance)

Estimated rental value (ERV)

EUI (Energy Use Intensity)

Amount of energy used per square foot annually.

EV (electric vehicle)

A vehicle powered using a battery, solar panels, fuel cells or electric generator.

Fair value

The estimated amount for which a property should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after the proper marketing and where parties had each acted knowledgeably, prudently and without compulsion.

Fair value movement

An accounting adjustment to change the book value of an asset or liability to its fair value.

FRI lease

A lease which imposes full repairing and insuring obligations on the tenant, relieving the landlord from all liability for the cost of insurance and repairs.


Greenhouse gas.

GHG absolute GHG intensity

Total GHG emissions.

A normalised metric set against an economic output such as number of employees, revenue or area. Allows for an emission reduction target to be set which accounts for economic growth. An investor-driven organisation assessing the sustainability performance of the real estate sector, through detailed analysis of ESG metrics from the corporate to the individual asset level. www.gresb.com

GRESB (Global Real Estate Sustainability Benchmarking)

 Picton Property Income Limited  Annual Report 2023


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