A

Adjusted earnings: is the earnings attributable to the owners of the Company, excluding the effect of adjusting items net of related tax, gains/losses on sale of properties net of related tax, the revaluation deficits/surpluses on the investment properties (also to associates) net of related tax, profits and losses on disposals of properties net of related tax, changes in fair value of derivative financial instruments net of related tax, gain on loss of control of subsidiaries net of related tax, finance restructuring costs net of related tax and adjustment on revaluation expense relating to leased investment properties.

Adjusted net asset value:is the assets attributable to the equity owners of the Company adjusted for derivative financial instruments and deferred tax arising on revaluation gain, financial derivative instruments and LTIP valuation.

Adjusted profit before tax: is the reported profit before tax adjusted for gain on revaluation of investment properties, gains/ losses on sale of properties, changes in fair value of derivative financial instruments, other adjusting items, gain on loss of control of subsidiaries, revaluation gain on investment property relating to associates and adjustment on revaluation in respect to IFRS 16.

Annualised acquisition net operating income: is the income generated by a property less directly attributable costs at the date of acquisition expressed in annual terms. Please see “annualised rent roll” definition below for further explanatory information.

Annualised acquisition rent roll: is the contracted rental income of a property at the date of acquisition expressed in annual terms. Please see “annualised rent roll” definition below for further explanatory information.

Annualised rent roll:is the contracted rental income of a property at a specific reporting date expressed in annual terms. Unless stated otherwise the reporting date is 31 March 2020. Annualised rent roll should not be interpreted nor used as a forecast or estimate. Annualised rent roll differs from rental income described in note 5 of the Annual Report and reported within revenue in the consolidated statement of comprehensive income for reasons including:

• annualised rent roll represents contracted rental income at a specific point in time expressed in annual terms; 
• rental income as reported within revenue represents rental income recognised in the period under review; and
• rental income as reported within revenue includes accounting adjustments including those relating to lease incentives.

C

Capital value: is the market value of a property divided by the total sqm of a property.

Cumulative total return: is the return calculated by combining the movement in investment property value net of capex with the total net operating income less bank interest over a specified period of time.

E

EPRA earnings: is earnings after adjusting for property revaluation, changes in fair value of derivative financial instruments, profits and losses on disposals (collectively the “EPRA earnings adjustments”), the gain on loss of control of subsidiaries, finance restructuring costs, revaluation gain on investment property relating to associates, the resulting tax adjustments and deferred tax in respect of these EPRA earnings adjustments.

EPRA net asset value: is the net asset value after adjusting for derivative financial instruments and deferred tax relating to valuation movements and derivatives.

EPRA net reinstatement value: is the net asset value after adjusting for derivative financial instruments, deferred tax relating to valuation movements and derivatives and real estate transfer tax presented in the Valuation Certificate, including the amounts of the above related to the investment in associates.

EPRA net tangible assets: is the net asset value after adjusting for derivative financial instruments, deferred tax relating to valuation movements (just for the part of the portfolio that the Company intend to hold should be excluded) and derivatives, goodwill and intangible assets as per the statement of financial position, including the amounts of the above related to the investment in associates.

EPRA net disposal value: is the net asset value after adjusting for goodwill as per the statement of financial position and the fair value of fixed interest rate debt.

EPRA net initial yield: is the annualised rent roll based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the market value of the property, increased with (estimated) purchasers’ costs.

EPRA net yield: is the net operating income generated by a property expressed as a percentage of its value plus purchase costs.

F

Funds from operations: is adjusted profit before tax adjusted for depreciation and amortisation (excluding depreciation relating to IFRS 16), amortisation of financing fees, adjustment in respect to IFRS 16 and current tax excluding prior year adjustments and tax on disposals.

G

Geared IRR: is an estimate of the rate of return taking into consideration debt.

Gross loan to value ratio: is the ratio of principal value of total debt to the aggregated value of investment property.

L

Like for like: refers to the manner in which metrics are subject to adjustment in order to make them directly comparable. Like-for-like adjustments are made in relation to annualised rent roll, rate and occupancy and eliminate the effect of asset acquisitions and disposals that occur in the reporting period.

N

Net loan to value ratio: is the ratio of principal value of total debt less cash, excluding that which is restricted, to the aggregate value of investment property.

Net operating income: is the rental and other income from investment properties generated by a property less directly attributable costs.

Net yield: is the net operating income generated by a property expressed as a percentage of its value.

O

Occupancy: is the percentage of total lettable space occupied as at reporting date.

Operating cash flow on investment (geared): is an estimate of the rate of return based on operating cash flows and taking into consideration debt.

Operating cash flow on investment (ungeared): is an estimate of the rate of return based on operating cash flows.

R

Rate: is rental income per sqm expressed on a monthly basis as at a specific reporting date.

T

Total debt: is the aggregate amount of the Company’s interest-bearing loans and borrowings.

Total shareholder accounting return: is the return obtained by a shareholder calculated by combining both movements in adjusted NAV per share plus dividends paid.

Total return: is the return for a set period of time combining valuation movement and income generated.

U

Ungeared IRR: is an estimate of the rate of return.

W

Weighted average cost of debt: is the weighted effective rate of interest of loan facilities expressed as a percentage.

Weighted average debt expiry: is the weighted average time to repayment of loan facilities expressed in years.