Glossary of terms.

Plain-English definitions of the property, finance and carbon terms used across Propility.

Backlog

Repairs and replacements an estate knows it needs but has not yet funded or carried out.

Capital envelope

The amount of capital set aside for a given year, which the plan has to fit within.

CAPEX

Capital expenditure: spend that replaces or improves an asset and adds to its life or value.

Condition survey

An inspection that records the state of each building element and how long it is likely to last.

Cost of waiting

The extra cost of putting a repair or replacement off, from rising repair bills and the risk that the asset fails.

Decide-by date

The latest date a decision can be made before the cost of waiting starts to rise sharply.

Deferral

A decision to put a repair or replacement off to a later year.

EPC

Energy Performance Certificate: a rating from A to G showing how energy efficient a building is.

Funding gap

The difference between the work the estate needs and the money available to pay for it.

Lifecycle plan

A forecast of when each asset is due for repair or replacement over the coming years.

MEES

Minimum Energy Efficiency Standards: the lowest EPC rating a commercial property can have and still be let.

Net present cost

The total cost of an option over time, expressed in today's money so options can be compared fairly.

Net zero pathway

The planned route from today's carbon emissions down to the target, year by year.

Options appraisal

A comparison of the ways to deal with an asset, such as repair, replace or upgrade, on cost and risk.

Rephasing

Moving a project into a different year, and seeing what that does to cost and risk.

REVEX

Revenue expenditure: day-to-day spend on running and maintaining an asset, as opposed to capital.

Scope 1 and 2 emissions

Carbon from fuel burned on site (scope 1) and from the electricity a building buys (scope 2).

tCO2e

Tonnes of carbon dioxide equivalent: the standard unit for measuring greenhouse gas emissions.