Copy of `Workspace Group - Investment terms`

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Workspace Group - Investment terms
Category: Economy and Finance > Investing
Date & country: 20/11/2007, UK
Words: 28


Adjusted NAV per share
is NAV excluding deferred tax on revaluation surpluses, capital allowances, and the fair value of financial instruments.

Adjusted net assets
are shareholders` funds excluding deferred tax on revaluation surpluses, capital allowances and the fair value of derivative financial instruments.

Comparator IPD Index
is a benchmark index computed by IPD of comparable properties in comparable locations to those held by the Group.

Core portfolio
(like-for-like portfolio) are those properties that have been held throughout the year and which are not subject to significant redevelopment or refurbishment works.

Diluted and Adjusted EPS
are determined as set out under NAV.

Diluted NAV per share
is NAV adjusted for the effect of those shares potentially issuable under convertible loan stock or employee share schemes.

Earnings per share (EPS)
is the profit after taxation divided by the weighted average number of shares in issue during the period.

Equivalent yield
is a weighted average of the initial yield and reversionary yield and represents the return a property will produce based upon the timing of the income received.

Estimated rental value (ERV)
or market rental value is the Group`s external valuers` opinion as to the open market rent, which on the date of valuation, could reasonably be expected to be obtained on a new letting or rent review.

Gearing
is the Group`s net debt as a percentage of net assets.

Income Statement
other items include profits and losses (together with their related taxation) on sales of investment properties and items of a non trading nature such as: valuation adjustments arising from the fair valuing of investment properties and derivative financial instruments, adjustments arising from the treatment of head lease payments as interest; and certain adjustments arising from the estimation of the cost of employee share based payments.

Initial yield
is the net rents generated by a property or by the portfolio as a whole expressed as a percentage of its valuation.

Interest cover
is the number of times net interest payable is covered by operating profit.

IPD
is the Investment Property Databank Ltd, a Company that produces an independent benchmark of property returns.

Like-for-like
see core portfolio: are those properties that have been held throughout the year and which are not subject to significant redevelopment or refurbishment works.

Market rental values
see ERV:is the Group`s external valuers` opinion as to the open market rent, which on the date of valuation, could reasonably be expected to be obtained on a new letting or rent review.

Net assets per share (NAV)
are shareholders` funds, divided by the number of shares in issue at the period end (excluding shares held in the ESOT).

Net rents
are current rents excluding any contracted increases and after deduction of inclusive service charge revenue.

Occupancy percentage
is the area of space let divided by the total net lettable area (excluding land used for open storage).

Open market value
is an opinion of the best price at which the sale of an interest in the property would complete unconditionally for cash consideration on the date of valuation (as determined by the Group`s external valuers).

Profit before tax (PBT)
is income less all expenditure other than taxation.

REIT Real Estate Investment Trust
is a tax transparent property investment vehicle, the regime was enacted in the Finance Act 3006 and came into existence on 1 January 2007.

Rent per sq ft
is the current net rent divided by the occupied area.

Reversion
is the increase in rent estimated by the Group`s external valuers, where the net rent is below the current estimated rental value. The increases to rent arise on rent reviews, letting of vacant space and expiry of rent free periods or rental increase steps.

Reversionary yield
is the anticipated yield, which the initial yield will rise to once the rent reaches the estimated rental value. It is calculated by dividing the ERV by the valuation.

SEE
means Social Ethical and Environmental matters. The Group produces a separate SEE report titled Sustainability Report 2006.

Total Shareholder Return (TSR)
is the return obtained by a shareholder calculated combining both share price movements and dividend receipts.

Valuation Surplus and growth rate
is measured as the valuation surplus for the year divided by the total value of the portfolio before revaluation.