Here you’ll find definitions of terms used on the AIC site. Enter the term you want to search for in the box, or click on the letter it begins with.

5 A B C D E F G H I J L M N O P R S T U V W Y Z

An investment company that invests in property and receives favourable tax treatment. REITs exist in many countries but where the term appears on this website, it refers to UK REITs, which are investment companies which meet HMRC conditions for REIT status. These conditions include the requirement to distribute 90% of rental income each year.

There are two types of UK REIT: trading companies that develop properties, and investment companies that hold portfolios of properties and collect rental income. You'll find information about the second type on this website. We do not carry information on trading company REITs.

The amount that the holder of a share such as a zero dividend preference share is due to be paid on a specified date if there are sufficient assets within the investment company to make this payment.

The undistributed income that an investment company keeps as reserves. Investment companies build up revenue reserves when they pay out less in dividends during a year than they receive as income from their investments.

Where companies publish retained earnings in place of revenue reserves, we cannot always publish this information. Please be aware that revenue reserves are taken from the company's annual accounts and this may not include the final dividend payment (if applicable).

See dividend cover