Full Year Results Presentation
Operating costs metric
Financial Year to 31 March
2020
2021
£m
£m
Property operating expenses
Administrative expenses
83
141
73
74
Net fees and other income
(13)
(11)
Ground rent costs and operating expenses de facto included in rents
(16)
(21)
EPRA Costs (including direct vacancy costs)
127
183
Gross rental income
560
508
Ground rent costs and operating expenses de facto included in rents
(20)
(25)
Gross Rental Income (EPRA basis)
540
483
EPRA Cost Ratio (including direct vacancy costs)
23.5%
37.9%
Impairment of tenant debtors, tenant incentives and accrued income
26
83
Adjusted EPRA Cost ratio (including direct vacancy costs and excluding impairment of tenant
debtors, tenant incentives and accrued income)
18.7%
20.7%
On a proportionally consolidated basis including the Group's share of Joint ventures and Funds and excluding non-controlling interests in the Group's subsidiaries.
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