Picton Property Income Limited Annual Report 2021

Business Overview Picton at a Glance

Occupier focused, Opportunity led.

Corporate summary £528m Net assets £468m Market capitalisation £166m Borrowings

We are an award-winning Real Estate Investment Trust (REIT) investing in UK commercial property. Our diversified property portfolio consists of 46 assets with over 50% invested in the industrial sector.

3.7% Dividend yield 1.0% Cost ratio 21% Loan to value

Our business We acquire, create and manage buildings for around 350 commercial occupiers across a wide range of businesses. By applying insight, agility and a personalised service, we provide attractive, well-located spaces to help our occupiers’ businesses succeed and in turn enhance value for our shareholders. We have a long-term track record and have outperformed the MSCI UK Quarterly Property Index, producing upper quartile returns over one, three, five and ten years, and since inception. Our purpose Through our occupier focused, opportunity led approach, we aim to be one of the consistently best performing diversified UK REITs. To us this means being a responsible owner of commercial real estate, helping our occupiers succeed and being valued by all our stakeholders.

Our values Principled We are professional, diligent and strategic. Demonstrated through our transparent reporting, occupier focused approach, alignment with shareholders, delivery of our Picton Promise, commitment to sustainability and positive environmental initiatives. Perceptive We are insightful, thoughtful and intuitive. Demonstrated through our long-term track record, our gearing strategy, diverse sector allocation and engagement with our occupiers. Progressive We are forward-thinking, enterprising, and continually advancing. Demonstrated through our culture, work ethic and proactive asset management.

Portfolio summary 46 Number of assets £682m Value

4.8% Net initial yield 6.3% Reversionary yield

Read more on pages 12–13

91% Occupancy 4.1m sq ft Area

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