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Picton Property Income (PCTN) investor relations material
Picton Property Income Status update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Financial performance and returns
Profit after tax reached £37.3 million for the year to March 2025, with EPRA earnings per share at 4.2p and total return at 8.1% year-to-date.
Dividend cover improved to 113%, and NAV per share was 102.4p as of December 2025, supported by share buybacks and portfolio gains.
Share buybacks totaling £23.8 million were completed at an average 25% discount to NAV, enhancing NAV and earnings.
Portfolio valuation rose to £699 million, outperforming the MSCI benchmark, with office sector values up 0.3%.
Dividend cover remained strong, supporting reinvestment and future visibility.
Capital structure and investment activity
Strong balance sheet with £129 million of long-term fixed debt, £50 million undrawn revolving credit facility, and surplus cash from asset disposals.
Loan-to-value ratio at 23% and weighted average interest rate stable at 3.7% with six years maturity.
£6.5 million reinvested in portfolio upgrades, mainly in offices, focusing on decarbonization and letting appeal.
Share buyback program paused in January following the strategic review, after deploying an additional £0.9 million post-quarter end.
Capital priorities included significant share buybacks and ongoing investment in asset upgrades.
Portfolio performance and market context
Portfolio valued at £699 million with 46 assets and 83% occupancy; industrial assets comprise 67% of the portfolio.
Positive leasing momentum with new lettings and renewals achieving rents up to 49% above previous levels and 31% ahead of ERV.
Recent vacancies primarily in industrial and office sectors, with 77% of current vacancy less than 12 months old; office refurbishments ongoing.
Capital investment in offices has led to higher rents and improved leasing activity, with notable examples in Colchester, Harlow, and Glasgow.
Industrial and retail sectors led market returns, while offices faced ongoing challenges but showed moderating declines.
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