Picton Property Income
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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.
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Status update summary12 Feb, 2026

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.

Beyond a sale, what value options are explored
Office sector investment impact on leasing pipeline
Vacancy reversion funding and timeline for impact
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