Glossary: T - Z

Dividend per share, plus the increase in adjusted diluted net asset value per share, divided by the adjusted diluted net asset value per share at the beginning of the period.

All capital expenditure on a project including the opening book value of the property on commencement of development, together with all finance costs less residential proceeds.

Valuation surplus, profit / (loss) on property sales and net rental income in respect of investment properties expressed as a percentage of opening book value, together with the time weighted value for capital expenditure incurred during the current period, on the investment property portfolio.

The growth in value of a shareholding over a specified period, assuming that dividends are reinvested to purchase additional units of the stock.

Properties held for trading purposes and shown as current assets in the balance sheet.

Rental income which is related to an occupier’s turnover.

Operating profit before profit on disposal of non-current properties, revaluation of investment properties, and exceptional items stated within operating profit.

The basic payment received by Land Securities Trillium under a property outsourcing contract.

The area in a property or portfolio, excluding developments, which are currently available for letting.

Weighted average cost of debt and notional cost of equity, used as a benchmark to assess investment returns.

A movement (negative or positive) in the equivalent yield of a property asset.

A means of analysing and comparing the rental value of retail space by dividing it into zones parallel with the main frontage. The most valuable zone, Zone A, is at the front of the unit. Each successive zone is valued at half the rate of the zone in front of it.