Portfolio capital return (capital) (‘PCR’) (%)
Definition
The annual valuation and realised surpluses from the Company’s investment portfolio expressed as a percentage return on the valuation at the beginning of the year, adjusted for acquisitions and capital expenditure.
Performance
Flat returns as a result of the Covid-19 environment.
Total portfolio return (capital and income) (‘TPR’) (%)
Definition
The portfolio capital return and net rental income from investment properties for the year expressed as a percentage return on the valuation at the beginning of the year, adjusted for acquisitions and capital expenditure.
Performance
Positive income return coupled with flat capital return.
Net asset value return (‘NAV’) (%)
Definition
The growth in adjusted net asset value per ordinary share plus dividends reinvested per ordinary share expressed as a percentage of the adjusted net asset value per share at the beginning of the year.
Performance
The dividend coupled with a flat capital return contributing to the positive return.
Total shareholder return (‘TSR’) (%)
Definition
The growth in the value of an ordinary share plus dividends reinvested during the year expressed as a percentage of the share price at the beginning of the year.
Performance
The impact of Covid-19 significantly affected the real estate sector at the end of the year, turning returns negative.
GRESB score (%)
Definition
GRESB assess and benchmarks the environmental, social and governance (ESG) performance of real estate assets. The GRESB Real Estate Assessment is the investor-driven global ESG benchmark and reporting framework for listed property companies, private property funds, developers and investors that invest directly in real estate.
Performance
We first submitted to the GRESB Real Estate Assessment in 2014 scoring 37. In 2019 we achieved our highest ever score of 75 and maintained our 3 star rating. This improvement is the result of work we have done to embed sustainability as a core part of our strategy and the ongoing development of our sustainability programme.
Portfolio carbon footprint (tonnes of CO2e)
Definition
The portfolio carbon footprint is based on landlord-controlled energy consumption. The figures are calculated on a like-for-like basis of the 5-year period using UK Government Emissions Conversion Factors for Greenhouse Gas Company Reporting.
Performance
Like-for-like carbon emissions have decreased from 3,294 tonnes in 2015/16 to 1,835 tonnes in 2019/20. The significant reduction is due to energy efficiency measures at our assets and the ongoing decarbonisation of the grid.