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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R

Real Estate Investment Trust
A Real Estate Investment Trust ('REIT') must be a publicly quoted company with at least three quarters of its profits and assets derived from a qualifying property rental business. Income and capital gains from the property rental business are exempt from tax but the REIT is required to distribute at least 90% of those profits to shareholders. Corporation tax is payable on non-qualifying activities in the normal way.
REIT
Real Estate Investment Trust. A REIT must be a publicly quoted company with at least three quarters of its profits and assets derived from a qualifying property rental business. Income and capital gains from the property rental business are exempt from tax but the REIT is required to distribute at least 90% of those profits to shareholders. Corporation tax is payable on non-qualifying activities in the normal way.
Rental value growth
Increase in the current rental value, as determined by the Company's valuers, over the 12-month period on a like-for-like basis.
Retail park
A scheme of three or more retail warehouse units aggregating over 4,650 sq m with shared parking.
Retail Portfolio
This business includes our shopping centres, shops, retail warehouse properties, Accor hotel portfolio and assets held in retail joint ventures but not Central London retail.
Retail Price Index
An indicator of inflation in the UK. It measures the average change from month to month in the prices of goods and services in the UK.
RPI
Retail Price Index. An indicator of inflation in the UK. It measures the average change from month to month in the prices of goods and services in the UK.
Return on average capital employed
Group profit before interest, plus joint venture profit before tax, divided by the average capital employed (defined as shareholder's funds plus net debt).
Return on average equity
Group profit before tax plus joint venture tax divided by the average equity shareholder's funds.
Revenue profit
Profit before tax, excluding profits on the sale of non-current asset and trading properties, profits on long-term development contracts, revaluation surpluses, mark-to-market adjustments on interest rate swaps and similar instruments used for hedging purposes, the adjustment to interest payable resulting from the amortisation of the bond exchange de-recognition, debt restructuring charges and any exceptional items.
Reversionary or under-rented
Space where the passing rent is below the ERV.
Reversionary yield
The anticipated yield to which the initial yield will rise (or fall) once the rent reaches the ERV.
Rights Issue
The offer by way of rights to Qualifying Shareholders (other than Excluded Territory Shareholders) to acquire New Ordinary Shares, on the terms and conditions set out in the Rights Issue Prospectus.
Registrar
Every publicly listed company in the UK has a legal duty to maintain an up-to-date record of its shareholders. Companies either maintain their own registers 'in house' or, more typically, appoint a service provider to act as its registrar. Land Securities' Registrar is Equiniti.
Rent free period
A portion of the term of a lease when no rent is required. It is offered by a landlord as a rental concession to attract tenants. For accounting purposes under IFRS, the value of the rent-free period is spread over the non-cancellable life of the lease.
Rental income
Rental income is as reported in the income statement, on an accruals basis, and adjusted for the spreading of lease incentives over the term certain of the lease in accordance with SIC 15. It is stated gross, prior to the deduction of ground rents and without deduction for operational outgoings on car park and commercialisation activities.
Reporting of Injuries and Dangerous Occurrences Regulations
Since 1995, employers, the self-employed and people managing premises have had a legal duty under Reporting of Injuries and Dangerous Occurrences Regulations ('RIDDOR') to report work-related deaths, accidents, injuries, illnesses and dangerous occurrences (near misses).
RIDDOR
Reporting of Injuries and Dangerous Occurrences Regulations (RIDDOR). Since 1995, employers, the self-employed and people managing premises have had a legal duty under Reporting of Injuries and Dangerous Occurrences Regulations to report work-related deaths, accidents, injuries, illnesses and dangerous occurrences (near misses).
Retail warehouse park
A scheme of three or more retail warehouse units aggregating over 4,650 sq m (or 50,000 sq ft) with shared parking.
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