Glossary

We have made every effort to keep our website free of jargon but realise some words, phrases and acronyms may need further explanation. Our glossary contains definitions for business and financial terms used throughout this site.

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Adjusted earnings per share
Earnings per share based on revenue profit plus profits/(losses) on trading properties and long-term development contracts all after tax.
Adjusted net asset value per share
NAV per share adjusted to add back deferred tax associated with investment properties and capitalised interest, the adjustment arising from the de-recognition of the bond exchange, together with cumulative mark-to-market adjustment arising on interest swaps and similar instruments used for hedging purposes. After REIT conversion, the adding back of deferred tax is no longer relevant.
Average unexpired lease term
Excludes short-term lettings such as car parks and advertising hoardings, residential leases and long ground leases.
Auditor
An independent firm or person who checks the accounts against agreed standards.
Anchor store
A major store, usually a department, DIY store or supermarket, occupying a large unit within a shopping centre or retail park, which serves as a draw to other retailers and consumers.
AGM
Annual General Meeting - Most limited companies are required to hold an AGM for shareholders at which decisions are taken on the company's business.
Annualised net rent
Annualised net rent is annual cash rent, after the deduction of ground rents, as at the balance sheet date. It is calculated with the same methodology as annualised rental income but is stated net of ground rent and before SIC 15 adjustments.
Annualised rental income
Annualised rental income is annual ‘rental income’ (as defined in 3 above)at the balance sheet date, except that car park and commercialisation income are included on a net basis (after deduction for operational outgoings). Annualised rental income includes temporary lettings.
Adjusted net debt
Net debt excluding cumulative fair value movements on interest-rate swaps and the adjustment arising from the de-recognition of the bond exchange.
Adjusted NAV per share
Net Asset Value per share adjusted to add back deferred tax associated with investment properties and capitalised interest, the adjustment arising from the de-recognition of the bond exchange, together with cumulative mark-to-market adjustment arising on interest swaps and similar instruments used for hedging purposes. After REIT conversion, the adding back of deferred tax is no longer relevant.
Adjusted EPS
Earnings per share based on revenue profit plus profits/(losses) on trading properties and long-term development contracts all after tax.
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