Association of Investment Companies.

Annual rental income

Cash rents passing at the Balance Sheet date.


Chartered Institute of Purchasing and Supply.

Contracted rent

The contracted gross rent receivable which becomes payable after all the occupier incentives in the letting have expired.


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

Dividend cover

Income profit after tax divided by dividends paid.

Earnings per share (eps)

Profit for the period attributable to equity shareholders divided by the average number of shares in issue during the period.


Energy performance certificate.


European Public Real Estate Association, the industry body representing listed companies in the real estate sector.

Estimated rental value (erv)

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.

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.


Total assets, less cash, divided by shareholders’ funds, expressed as a percentage, as defined by the AIC.


Picton Property Income Limited and its subsidiaries.


International Accounting Standards Board.


International Financial Reporting Standards.

Property income return

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

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. 


Investment Property Databank. An organisation supplying independent market indices and portfolio benchmarks to the property industry.

Lease incentives

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.


Net Asset Value is the equity attributable to shareholders calculated under IFRS.

Ongoing charges

Total operating expenses, excluding one off costs, as a percentage of the average Net Asset Value over the period, as defined by the AIC.


Space where the passing rent is above the ERV.


Purchasing Managers Indexes.


Space where the passing rent is the same as the ERV.

Reversionary yield

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

Weighted average debt maturity

Each tranche of Group debt is multiplied by the remaining period to its maturity and the result is divided by total Group debt in issue at the period end.

Weighted average interest rate

The Group loan interest per annum at the period end, divided by total Group debt in issue at the period end.

Weighted average lease term

The average lease term remaining to first break, or expiry, across the portfolio weighted by contracted rental income (including rent-frees).


Zero Dividend Preference share.

ZDP share cover

The Group’s Net Asset Value, including any accrued ZDP capital additions, divided by the final ZDP liability on their maturity.