Smart Approach in Retail Resilience
Operating costs metric
6 months to 30 September
Property operating expenses
Administrative expenses
Net fees and other income
Ground rent costs and operating expenses de facto included in rents
EPRA Costs (including direct vacancy costs)
Gross rental income
Ground rent costs and operating expenses de facto included in rents
Gross Rental Income (EPRA basis)
EPRA Cost Ratio (including direct vacancy costs)
Impairment of tenant debtors, tenant incentives and accrued income
Adjusted EPRA Cost ratio (including direct vacancy costs and excluding impairment of tenant
debtors, tenant incentives and accrued income)
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.
2019
2020
£m
£m
32
76
41
39
(7)
(6)
(8)
(10)
58
99
275
268
(8)
(12)
267
256
21.7%
38.7%
4
47
20.2%
20.3%
62View entire presentation