Picton Property Income Limited Annual Report 2023

Strategic Report


Financial Statements

Additional Information

EPRA measures

EPRA Best Practices Recommendations (BPR) The EPRA key performance measures for the year are set out here, with more detail provided in the EPRA BPR and Supplementary Disclosures section which starts on page 155. This year we have also included the EPRA loan to value measure (EPRA LTV). Alternative performance measures (APMs) We use a number of alternative performance measures (APMs) when reporting on the performance of the business and its financial position. These do not always have a standard meaning and may not be comparable to those used by other entities. However, we use industry standard measures and terminology where possible. In common with many other listed property companies we report the EPRA performance measures. We have reported these for a number of years in order to provide a consistent comparison with similar companies. In the Additional Information section of this report we provide more detailed information and reconciliations to IFRS where appropriate. Our key performance indicators include three of the key EPRA measures but also total return, total property return, property income return, total shareholder return, loan to value ratio, cost ratio, occupier retention rate, employee satisfaction and EPC ratings. The definition of these measures, and the rationale for their use, is set out in the Key Performance Indicators section. EPRA’s mission The European Public Real Estate Association’s (EPRA) mission is to promote, develop and represent the European public real estate sector. As an EPRA member, we fully support the EPRA Best Practices Recommendations which recognise the key performance indicator measures, as detailed here. Specific EPRA metrics can also be found within the Key Performance Indicators section of this report with further disclosures and supporting calculations on pages 155 to 158.

100p EPRA NTA per share 2022: 120p 2021: 97p 110p EPRA NRV


per share 2022: 119p 2021: 93p

£21.3m EPRA earnings

per share 2022: 131p 2021: 105p

2022: £21.2m 2021: £20.1m 9.5% EPRA vacancy rate 2022: 7.2% 2021: 8.8%

3.9p EPRA earnings

per share 2022: 3.9p 2021: 3.7p

5.5% EPRA ‘topped-up’ net initial yield 29.9% EPRA cost ratio 1 2022: 4.8% 2021: 5.5% 27.0% EPRA LTV 2022: 26.0% 2021: 26.9%

5.0% EPRA net initial yield 21.3% EPRA cost ratio 2 2022: 4.1% 2021: 4.8%

2022: 19.9% 2021: 20.8%

2022: 21.3% 2021: 21.0%

1 Including direct vacancy costs 2 Excluding direct vacancy costs

 Picton Property Income Limited  Annual Report 2023


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