Picton Property Income Limited Annual Report 2021

Financial highlights

£34m Profit after tax (2020: £23m) (2019: £31m)

£528m Net assets

£682m Property valuation

6.6% Total return (2020: 4.5%) (2019: 6.5%) 134% Dividend cover (2020: 105%) (2019: 122%)

0.0% Total shareholder return

(2020: £509m) (2019: £499m)

(2020: £665m) (2019: £685m)

(2020: 3.6%) (2019: 10.1%)

97p NAV per share (2020: 93p) (2019: 93p)

6.2p Earnings per share

2.8p Dividends per share

(2020: 4.1p) (2019: 5.7p)

(2020: 3.5p) (2019: 3.5p)

EPRAmeasures

97p EPRANTA per share (2020: 93p) (2019: 93p)

93p EPRANDV per share (2020: 88p) (2019: 88p)

105p EPRANRV per share (2020: 102p) (2019: 101p) 8.8% EPRA vacancy rate (2020: 11.5%) (2019: 10.3%)

£20.1m EPRA earnings (2020: £19.9m) (2019: £22.9m) 26.9% EPRA cost ratio1

3.7p EPRA earnings per share (2020: 3.7p) (2019: 4.3p)

4.8% EPRA net initial yield

5.5% EPRA ‘topped-up’ net initial yield

20.8% EPRA cost ratio2

(2020: 4.8%) (2019: 4.9%)

(2020: 28.3%) (2019: 22.9%)

(2020: 20.2%) (2019: 19.5%)

(2020: 5.4%) (2019: 5.3%)

The European Public Real Estate Association’s (EPRA) mission is to promote, develop and represent the European public real estate sector. As an EPRA member, we fully support the EPRA Best Practices Recommendations which recognise the key performance measures, as detailed above. Specific EPRA metrics can be found within the KPIs and Financial Review sections of this Report with further disclosures and supporting calculations on pages 127 to 129. We use a number of Alternative Performance Measures and these are discussed in more detail in the Financial Review on page 45.

Covid-19 The effects of the Covid-19 pandemic have been widespread, impacting the UK economy, businesses and people’s everyday lives. Our response to the pandemic is set out throughout this Report. In the Marketplace section we look at its impact on the commercial property market and how we are responding. In Managing Risks we have described the impact on our principal and emerging risks. We have also described how we have engaged and supported our occupiers and other stakeholders, in the Portfolio Review and Being Responsible sections. Our Covid-19 response