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PCTN 06:01

Picton Property Income Ltd

Half Year Results

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**Summary of Picton Property Income Limiteds Half-Year Results (to 30 September 2025):**

**Financial Performance**

**Profit After Tax** Increased to £15.1 million (2.9p per share) from £11.5 million (2.1p per share) in September 2024.

**EPRA Earnings** £10.5 million (2.0p per share), slightly down from £11.2 million (2.1p per share) in September 2024, due to timing of lease events and lower occupancy.

**Net Assets** £527.6 million (102p per share), up from £524.8 million (100p per share) in March 2025.

**EPRA Net Disposal Value** £550.6 million (106p per share), up from £548.3 million (105p per share) in March 2025.

**Total Return:** 3.4%up from 2.2% in September 2024.

**Dividends** £10.0 million (1.9p per share) paid, with a 2.7% dividend increase effective May 2025.

**Portfolio Management**

**Share Buyback** £12.5 million program announced in September 2025, part of a total £30 million allocation since January 2025. 13.6 million shares purchased at an average price of 77p per share (25% <mark style="background-color:yellow">below</mark> September NAV).

**Portfolio Valuation** Total property return of 3.2%, outperforming the MSCI UK Quarterly Property Index (2.7%). Like-for-like valuation increase of 0.8% (0.6% after net capital expenditure).

**ERV Growth** 3.7% like-for-like increase, driven by industrial assets.

**Asset Management** Over 50 transactions securing £6.1 million of contracted rent, 2.8% ahead of March 2025 ERV.

**Income Potential** £10 million upside, with £5.3 million from re-leasing vacant space and £4.7 million from rent resets.

**Portfolio Repositioning**

**Sector Weighting:** 68% industrial20% office12% retail and leisure.

**Office Disposal** Largest office asset sold for £34.5 million (1% premium to March 2025 valuation).

**Occupancy** 90%, with two-thirds of vacant space under refurbishment.

**Upgrades** £4.0 million invested in upgrading projects, including decarbonization initiatives.

**Financial Position**

**LTV Ratio** 22% (down from 24% in March 2025).

**Debt** £209 million, 100% fixed rate with a weighted average interest rate of 3.7%.

**Liquidity** £50 million undrawn revolving credit facility.

**Debt Maturity** Weighted average of 6.2 years.

**Post-Period Activities**

**Share Buybacks** £2.4 million post-period at a 22% discount to September NAV.

**Leasing Activity** £0.9 million per annum in lettings (5% ahead of March 2025 ERV) and £0.3 million per annum in lease renewals (47% ahead of previous rent).

**Rushden Asset** Break option exercised, providing £2.5 million in payments, enabling building upgrades.

**Sustainability**

**EPC Ratings** 86% of portfolio now rated A-C (up from 83% in March 2025).

**GRESB Score** Improved to 82 points (from 81 points in 2024).

**Outlook**

**Reversionary Potential** £10 million above contracted rent, with £5.3 million from vacant space and £4.7 million from rent resets.

**Acquisitions** Looking to redeploy proceeds from office disposal into higher-yielding opportunities.

**Rushden Asset** Largest reversionary opportunity, with ERV 50% above previous rent.

**Market Conditions** Cautious optimism with GDP growth forecasts and inflation easing, but dependent on Budget, inflation targets, and interest rate cuts.

**Conclusion**

Picton Property Income Limited has delivered strong half-year results with improved profits, positive total returns, and proactive portfolio management. The company continues to focus on shareholder value through share buybacks, dividend increases, and strategic portfolio repositioning, while also advancing sustainability goals. The outlook remains positive, with significant reversionary potential and opportunities for further growth.

Here is a comparison of the financials and debt year on year, presented as an HTML table: tr> td>-6%

Metric	Sep-25	Sep-24	Mar-25	Change (Sep-25 vs Sep-24)	Change (Sep-25 vs Mar-25)
Profit after tax (£m)	15.1	11.5	N/A	+31%	N/A
EPRA earnings (£m)	10.5	11.2	N/A	N/A
Net assets (£m)	527.6	N/A	533.4	N/A	-1%
EPRA NDV per share (p)	106	N/A	105	N/A	+1%
Total return (%)	3.4	2.2	N/A	+55%	N/A
Dividends paid (£m)	10.0	N/A	N/A	N/A	N/A
Borrowings (£m)	209.0	N/A	210.0	N/A	-0.5%
LTV ratio (%)	22	N/A	24	N/A	-8%
Weighted avg debt maturity (years)	6.2	N/A	N/A	N/A	N/A

**Key Observations:** * **Profitability:** Profit after tax increased significantly by 31% compared to Sep-24, while EPRA earnings decreased by 6%. * **Net Assets:** Net assets decreased slightly by 1% compared to Mar-25. * **Returns:** Total return improved significantly by 55% compared to Sep-24. * **Debt:** Borrowings decreased slightly by 0.5% compared to Mar-25, and LTV ratio improved by 8%. **Note:** Some data points are not available for comparison (N/A) due to the provided text format.

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PCTN 06:01

Picton Property Income Ltd

Half Year Results

AI Expand: Explanation + Tables

Go Back To AI Charts

Return to today’s catalyst cards, chart beacons and AI charts.

**Summary of Picton Property Income Limiteds Half-Year Results (to 30 September 2025):**

**Financial Performance**

**Profit After Tax** Increased to £15.1 million (2.9p per share) from £11.5 million (2.1p per share) in September 2024.

**EPRA Earnings** £10.5 million (2.0p per share), slightly down from £11.2 million (2.1p per share) in September 2024, due to timing of lease events and lower occupancy.

**Net Assets** £527.6 million (102p per share), up from £524.8 million (100p per share) in March 2025.

**EPRA Net Disposal Value** £550.6 million (106p per share), up from £548.3 million (105p per share) in March 2025.

**Total Return:** 3.4%up from 2.2% in September 2024.

**Dividends** £10.0 million (1.9p per share) paid, with a 2.7% dividend increase effective May 2025.

**Portfolio Management**

**Share Buyback** £12.5 million program announced in September 2025, part of a total £30 million allocation since January 2025. 13.6 million shares purchased at an average price of 77p per share (25% <mark style="background-color:yellow">below</mark> September NAV).

**Portfolio Valuation** Total property return of 3.2%, outperforming the MSCI UK Quarterly Property Index (2.7%). Like-for-like valuation increase of 0.8% (0.6% after net capital expenditure).

**ERV Growth** 3.7% like-for-like increase, driven by industrial assets.

**Asset Management** Over 50 transactions securing £6.1 million of contracted rent, 2.8% ahead of March 2025 ERV.

**Income Potential** £10 million upside, with £5.3 million from re-leasing vacant space and £4.7 million from rent resets.

**Portfolio Repositioning**

**Sector Weighting:** 68% industrial20% office12% retail and leisure.

**Office Disposal** Largest office asset sold for £34.5 million (1% premium to March 2025 valuation).

**Occupancy** 90%, with two-thirds of vacant space under refurbishment.

**Upgrades** £4.0 million invested in upgrading projects, including decarbonization initiatives.

**Financial Position**

**LTV Ratio** 22% (down from 24% in March 2025).

**Debt** £209 million, 100% fixed rate with a weighted average interest rate of 3.7%.

**Liquidity** £50 million undrawn revolving credit facility.

**Debt Maturity** Weighted average of 6.2 years.

**Post-Period Activities**

**Share Buybacks** £2.4 million post-period at a 22% discount to September NAV.

**Leasing Activity** £0.9 million per annum in lettings (5% ahead of March 2025 ERV) and £0.3 million per annum in lease renewals (47% ahead of previous rent).

**Rushden Asset** Break option exercised, providing £2.5 million in payments, enabling building upgrades.

**Sustainability**

**EPC Ratings** 86% of portfolio now rated A-C (up from 83% in March 2025).

**GRESB Score** Improved to 82 points (from 81 points in 2024).

**Outlook**

**Reversionary Potential** £10 million above contracted rent, with £5.3 million from vacant space and £4.7 million from rent resets.

**Acquisitions** Looking to redeploy proceeds from office disposal into higher-yielding opportunities.

**Rushden Asset** Largest reversionary opportunity, with ERV 50% above previous rent.

**Market Conditions** Cautious optimism with GDP growth forecasts and inflation easing, but dependent on Budget, inflation targets, and interest rate cuts.

**Conclusion**

Picton Property Income Limited has delivered strong half-year results with improved profits, positive total returns, and proactive portfolio management. The company continues to focus on shareholder value through share buybacks, dividend increases, and strategic portfolio repositioning, while also advancing sustainability goals. The outlook remains positive, with significant reversionary potential and opportunities for further growth.

Here is a comparison of the financials and debt year on year, presented as an HTML table: tr> td>-6%

Metric	Sep-25	Sep-24	Mar-25	Change (Sep-25 vs Sep-24)	Change (Sep-25 vs Mar-25)
Profit after tax (£m)	15.1	11.5	N/A	+31%	N/A
EPRA earnings (£m)	10.5	11.2	N/A	N/A
Net assets (£m)	527.6	N/A	533.4	N/A	-1%
EPRA NDV per share (p)	106	N/A	105	N/A	+1%
Total return (%)	3.4	2.2	N/A	+55%	N/A
Dividends paid (£m)	10.0	N/A	N/A	N/A	N/A
Borrowings (£m)	209.0	N/A	210.0	N/A	-0.5%
LTV ratio (%)	22	N/A	24	N/A	-8%
Weighted avg debt maturity (years)	6.2	N/A	N/A	N/A	N/A

**Key Observations:** * **Profitability:** Profit after tax increased significantly by 31% compared to Sep-24, while EPRA earnings decreased by 6%. * **Net Assets:** Net assets decreased slightly by 1% compared to Mar-25. * **Returns:** Total return improved significantly by 55% compared to Sep-24. * **Debt:** Borrowings decreased slightly by 0.5% compared to Mar-25, and LTV ratio improved by 8%. **Note:** Some data points are not available for comparison (N/A) due to the provided text format.

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