Adjusted earnings per share*

EPRA earnings after company-specific adjustments. It provides an indication of underlying operating earnings that support dividend payments. It excludes components not relevant to core earnings performance of the portfolio, such as property and derivative fair value adjustments and gains/losses on disposals. This earnings measure is applied to all dilutive share options.

* Previously called diluted adjusted EPRA earnings per share

Total accounting return

The ratio of growth in EPRA NTA per share plus dividends paid (cash and scrip) as a percentage of opening EPRA NTA per share.

Distribution per share

The total distribution per share we paid to shareholders for the financial year. We pay distributions twice yearly.

MLI valuation increase

The growth in property valuations of our MLI properties, owned throughout the current and previous periods under review.

EPRA Net Tangible Assets

This is aligned with IFRS NAV, including deferred tax liabilities for properties classified as held for sale. It represents the net assets, as calculated by IFRS, but excludes the mark-to-market on derivative financial instruments, the carrying value of intangibles and deferred taxation in relation to fair value adjustments of investment property and financial instruments not held for sale. It is adjusted for the dilutive impact of share options.

^ EPRA NTA recalculated for earlier years

EPRA cost ratio

Administrative and operating costs expressed as a percentage of gross rental income.

MLI portfolio

The percentage of the total property portfolio reported in sterling as represented by MLI properties.

Group Loan-To-Value (LTV)

The ratio of the principal value of gross debt, less unrestricted cash, to the Group’s aggregate value of properties.

MLI occupancy

Occupancy of the portfolio as a percentage of total lettable area.

Like-for-like MLI rental growth

The growth in the passing rent of the MLI portfolio owned at the start of the financial year.

MLI lease renewal rate

The percentage of tenants who have chosen to remain in occupation following a contracted lease expiry or break option during the current financial year.

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