We have continued to improve the portfolio and reposition assets. As we upgrade space we are also thinking about the quality of accommodation from a wellbeing and environmental perspective. These are both themes that have become increasingly relevant during lockdown. We have converted retail to office premises and have obtained planning consent to convert leisure into offices, for a project that is due to complete this year. This will further help to reduce our overall retail and leisure exposure, which now stands at only 11%. Operational Excellence Our portfolio positioning and conservative gearing mean that we were in a strong position entering this crisis. At an early stage, we took the prudent but difficult decision to reduce the dividend, because at that time it was not clear how damaging the impact of lockdown restrictions would prove to be across our occupiers’ businesses and to our financial performance.
Over the year, we have received 92% of the rents due and this led us to partially restore the dividend in November 2020 and then in February 2021, such that the current dividend is 91% of the pre-pandemic level. We maintained a covered dividend throughout the year with our EPRA earnings remaining stable relative to last year, an outcome that was less certain 12 months ago. We have been able to reduce costs, both our own operating costs and also for our occupiers, particularly in offices which were not fully occupied. As we have grown occupancy during the year, this has further helped to reduce costs. Finance costs are lower, following the repayment of our revolving credit facilities at the end of last year, and further debt amortisation this year. Administrative expenses are also lower and by relocating to a former retail void within the portfolio there will be further savings in the future. We are mindful that growth will deliver benefits through the economies of scale embedded within our internalised model. Whilst we have sought to acquire assets this year, the investment market has been disrupted with lower investment volumes.
We made one disposal during the year and no acquisitions, despite considering a number of opportunities as investment markets opened up in the latter part of 2020. Acting Responsibly This is at the heart of what we do, but there has never been a year when our occupiers have needed more support. In many instances, they have not been able to fully utilise our buildings. Our occupier focused approach and commitment through the Picton Promise of - Action, Community, Technology, Support and Sustainability, has never resonated so loudly. In total over the year we have provided some form of support to nearly one third of our occupiers. The team has dealt with all occupiers personally, agreeing bespoke solutions depending on the occupier, the type of asset and lease terms. A very small proportion of our occupiers have not paid and refused to engage, but until the Government moratorium on recovery of rent arrears ends, these discussions will be postponed until a later date. Our Covid-19 response Read more on pages 26–27
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