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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NAV
NAV per share adjusted to add back deferred tax associated with investment properties and capitalised interest, the adjustment arising from the de-recognition of the bond exchange, together with cumulative mark-to-market adjustment arising on interest swaps and similar instruments used for hedging purposes. After REIT conversion, the adding back of deferred tax is no longer relevant.
Net asset value per share
Equity attributable to owners of the Parent divided by the number of ordinary shares in issue at the period end.
Net initial yield
Net initial yield is a calculation by the Group’s external valuers of the yield that would be received by a purchaser, based on the estimated net rental income expressed as a percentage of the acquisition cost, being the market value plus assumed usual purchasers’ costs at the reporting date. Estimated net rental income is the passing cash rent less ground rent at the balance sheet date, estimated non-recoverable outgoings and void costs including service charges, insurance costs and void rates.
National Skills Academy for Construction
A Centre of Excellence providing a range of learning and development opportunities centred on construction projects.
NEET
Not in employment, education or training.
NSAfC
National Skills Academy for Construction. A Centre of Excellence providing a range of learning and development opportunities centred on construction projects.
NAV per share
Net Asset Value per share. Equity attributable to owners of the Parent divided by the number of ordinary shares in issue at the period end.
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