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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P

Passing rent
Passing cash rent. The estimated annual rent receivable as at the reporting date which includes estimates of turnover rent and estimates of rent to be agreed in respect of outstanding rent review or lease renewal negotiations. Passing cash rent may be more or less than the ERV (see over-rented, reversionary and ERV). Passing cash rent excludes annual rent receivable from units in administration save to the extent that rents are expected to be received. Void units and units that are in a rent-free period at the reporting date are deemed to have no passing cash rent.
Private Finance Initiative
A particular form of PPP, that is a government or public authority initiative to acquire private financing for public sector infrastructure.
PFI
Private Finance Initiative ('PFI'). A particular form of PPP, that is a government or public authority initiative to acquire private financing for public sector infrastructure.
Property Income Distribution
A Property Income Distribution (PID) is a distribution by a REIT to its shareholders paid out of qualifying profits. A REIT is required to distribute at least 90% of its qualifying profits as a PID to its shareholders.
Proposed developments
Properties which have not yet received final Board approval or are still subject to main planning conditions being satisfied and which are not yet included in the development programme, but which are more likely to proceed than not.
Pre-let
A lease signed with an occupier prior to completion of a development.
Passing cash rent
The estimated annual rent receivable as at the reporting date which includes estimates of turnover rent and estimates of rent to be agreed in respect of outstanding rent review or lease renewal negotiations. Passing cash rent may be more or less than the ERV (see over-rented, reversionary and ERV). Passing cash rent excludes annual rent receivable from units in administration save to the extent that rents are expected to be received. Void units and units that are in a rent-free period at the reporting date are deemed to have no passing cash rent.
photovoltaic panels
Photovoltaics (PV) is a method of generating electrical power by converting solar radiation into direct current electricity.
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