PICTON PROPERTY INCOME LD - Full Year Results

Picton Property Income Limited delivered a resilient set of annual results, demonstrating strong portfolio management and a disciplined growth strategy despite ongoing macroeconomic and geopolitical uncertainty. The UK REIT reported profit after tax of £26 million, EPRA earnings of 4.0p per share, maintained dividend cover with dividends of 3.8p per share, and achieved a positive total return of 6.1%. Net asset value per share increased by 2%, supported by valuation growth and a £17 million share buyback programme executed at a significant discount. Industrial assets continued to drive performance, benefiting from robust rental growth, strong occupier demand, and substantial reversionary potential, while strategic asset upgrades and refurbishment programmes supported leasing activity across the office portfolio. Picton invested £8.8 million into its properties during the year, with a further £8 million committed, enhancing asset quality, sustainability credentials, and income growth prospects. The company maintained a conservative balance sheet with a low 24% loan-to-value ratio, a weighted average debt cost of 3.7%, and significant value embedded in its long-term fixed-rate debt structure. Management highlighted a strong order book of leasing opportunities, encouraging post-period letting activity, and significant upside from both vacant space and future rent reviews. With approximately £13 million of identified rental reversion available across the portfolio, particularly within the industrial sector, Picton remains focused on driving earnings growth, improving occupancy, unlocking embedded value, and delivering long-term shareholder returns while progressing its strategic review process.