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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E

EPS
Profit after taxation attributable to ordinary shareholders divided by the weighted average number of ordinary shares in issue during the year.
Earnings per share
Profit after taxation attributable to ordinary shareholders divided by the weighted average number of ordinary shares in issue during the year.
Equivalent yield
Calculated by the Group's valuers, equivalent yield is the internal rate of return from an investment property, based on the gross outlays for the purchase of a property (including purchase costs), reflecting reversions to current market rent, and such items as voids and non-recoverable expenditure but disregarding potential changes in market rents. The calculation assumes rent is received annually in arrears.
Estimated rental value
Gross estimated rental value ('ERV'). The estimated market rental value of lettable space as determined biannually by the Groupís valuers for all properties except ongoing developments where the Group estimates the gross rental value.
ERV
Gross estimated rental value (ERV). The estimated market rental value of lettable space as determined biannually by the Groupís valuers for all properties except ongoing developments where the Group estimates the gross rental value.
Exceptional item
An item of income or expense that is deemed to be sufficiently material, either by its size or nature, to require separate disclosure.
ETS
Expert Training Systems
Endowment fund
A fund where the money to be spent comes from investment income, rather than from the principal fund itself, giving it a greater impact over a longer period.
Environmental management system
A set of processes and practices that enable an organisation to reduce its environmental impacts and increase its operating efficiency.
Expert Training Systems
An HR consultancy and technology provider to blue-chip UK and international businesses.
EPRA net initial yield
EPRA net initial yield is defined within EPRAís Best Practice Recommendations as the annualised rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the gross market value of the property. It is consistent with the net initial yield calculated by the Groupís external valuers.
EMS
Environmental management system. An environmental assessment method for rating and certifying the performance of new homes. It is a Government-owned national standard intended to encourage continuous improvement in sustainable home building.
EPRA
European Public Real Estate Association ('EPRA'). EPRA represents the publicly traded real estate sector in Europe and has more than 200 active members that together have more than EUR250 billion of real estate assets.
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