Strategic Report Q
Governance
Financial Statements
Additional Information
Andrew Dewhirst stepped down from the Board on 31 March 2024 and will be shortly retiring. Saira Johnston joined as his successor and was appointed to the Board on 1 April 2024. What attracted you to Picton? Saira: I was impressed by their track record and property level performance, as well as their internal management structure and the size of business. As a company they offer a unique blend of professionalism, working within a listed environment yet with a real entrepreneurial feel. The team clearly have a passion for what they do. What do you think will be key challenges or differences in this role than your previous roles? Saira: A key difference is the internal management structure which is unique in the way it aligns management to performance. There has been a lot of activity in the listed real estate market and gilt yields have been a challenge to REITs. I was impressed by their disciplined approach to capital structure with a long maturity and fixed interest debt book. What are you most looking forward to? Saira: I am looking forward to joining the team and making a valuable contribution. With over 20 years’ experience across real estate investments I am excited to play a part in the next stage of Picton’s journey. What is your most used app? Saira: Life 360 to keep an eye on the family! Or Strava for logging my activity, mainly running. My favourite time of day is the morning and being outdoors doing some exercise is a great start to my day, although my husband might dispute that when the alarm goes off at 5.30! Over the last three years I have run over 1,000 km each year to raise money for cancer charities, which is a great motivator and a chance to give something back doing something I love.
What has been the highlight of your time at Picton? Andrew: There have been many! It’s been great being part of a small team and seeing it develop and evolve, while being able to work without the bureaucracy and politics of big organisations. At the start we were in an empty office working from second hand desks and had to set everything up from scratch – everything from stationery to IT and systems. So seeing the business grow from its humble beginnings to where it is now, a well-regarded and outperforming UK REIT has been very rewarding. Key achievements include the early re-financing back in 2012 and then the REIT conversion in 2018. It’s been great to build relationships with key advisers and I will miss working with the team, it never felt like a chore coming in to work. I won’t miss the aborted landings coming in to Guernsey Airport though – ‘we’ll just go round again’! Do you have any advice for Saira? Andrew: Be patient, speak your mind, always try to improve how things are done. What is your most used app? Andrew: Spotify probably. I enjoy live music and listening to what’s new. I am looking forward to hitting a few more festivals in my retirement.
A &
Saira Johnston
Andrew Dewhirst
Picton Property Income Limited / Annual Report 2024
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