Picton Property Income (PCTN) Status update summary

Financial performance and returns

• Profit after tax reached £37.3 million for the year to March 2025, with total return at 8.1% year-to-date and EPRA earnings per share rising to 4.2p.

• Dividend cover improved to 113%, and NAV per share was 102.4p as of December 2025.

• Share buybacks totaling £23.8 million were completed at an average 25% discount to NAV, enhancing NAV and earnings.

• Earnings per share for nine months were £0.031, in line with the prior year.

• Dividend cover remained strong at 108%, supporting reinvestment and future visibility.

Portfolio and asset management

• 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.

• Refurbishments in Colchester and Glasgow led to new lettings at rents significantly above previous levels.

• Recent vacancies primarily in industrial and office sectors, with 77% of current vacancy less than 12 months old.

• Two large industrial assets and several offices are under refurbishment to enhance re-leasing prospects.

Capital structure and investment activity

• Strong balance sheet with £129 million of long-term fixed debt and £50 million undrawn revolving credit facility.

• Loan-to-value ratio at 23% and weighted average interest rate stable at 3.7%.

• Capital investment of £2.5 million focused on upgrading and decarbonizing office assets.

• Capital priorities included £6.5 million reinvested in the portfolio and £24.7 million deployed in share buybacks since January 2025.

• Dilapidations settlements of over £3.5 million are funding much of the refurbishment work.