Investor Relations

Key Performance Indicators

Financial KPIs

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.

Non-financial KPIs

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.