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Passing rent: The annual rental income currently experienced on a property as at the balance sheet date. Excludes rental income where a rent free period is in operation and excludes service charge income.
Personal allowance: In the UK tax system, personal allowance is the threshold above what a person is allowed to earn which is not liable to income tax.
Portfolio: The combination or spread of investments held by an investor or by a fund.
Pre-let: A legally enforceable agreement for letting to take effect at a future date, upon completion of a development that is proposed or under construction at the time of the agreement.
is a contract between a potential tenant and a commercial property developer which allows the tenant to agree to lease a building before the construction has started.
Price/earnings (P/E) ratio: The share price of a company divided by its earnings per share. The price earning ratio is usually used for comparing companies’ investment potential.
Prime property: A property investment regarded as the best in its class and location.
Prime yield: The current yield used in the valuation of property let at full market value and which is of the best physical quality, in the best location and with the best tenants covenant and contemporary lease terms.
Publicly listed property companies: Property company whose shares are listed on a public stock exchange.