Picton Property Income Limited Annual Report 2021

The Committee was satisfied that the above performance was achieved within an acceptable risk profile. As discussed in the Committee Chair’s statement on pages 80 to 83, the Committee considered the formulaic LTIP outcome in the context of the Group’s overall performance over the performance period and concluded that it was satisfied the formulaic outcome was a fair reflection of overall Group performance during the period. Based on the vesting percentage above, the shares awarded and their estimated values, using an average share price of 84.71 pence for the quarter ended 31 March 2021, are:

Maximum number of shares at grant

Number of shares vesting

Number of lapsed shares

Estimated

value 1,2 £

Director

Michael Morris

330,396 220,263 110,133 207,895 193,833 129,221 64,612 121,965

Andrew Dewhirst

1. The estimated value includes dividend equivalent awards which will be made in relation to vested LTIP awards at the point of vesting. The value of the dividend equivalent awards is £21,310 (Michael Morris) and £12,502 (Andrew Dewhirst). 2. The average share price for the quarter ended 31 March 2021 is lower than the share price at grant so there has been no share price growth in the estimated value of the awards. The following awards in the Long-term Incentive Plan were granted to the Executive Directors on 29 June 2020:

Face value per share (£)

Award face value (£)

Number of shares

Basis (% of salary)

Threshold vesting

Performance period

Michael Morris

309,275 87.5% 0.7073 218,750 1 April 2020 to 31 March 2023 185,070 77% 0.7073 130,900 1 April 2020 to 31 March 2023

25% 25%

Andrew Dewhirst

The face value is based on a weighted average price per share, being the average of the closing share prices over the three business days immediately preceding the award date. Awards will vest after three years subject to continued service and the achievement of three equally weighted performance conditions (relative total shareholder return, relative total property return and EPRA EPS). The vesting schedule for the relative measures will be as applied to the June 2018 LTIP set out above. The EPS element will vest at 25% for achievement of EPRA EPS of 3.75p in the year ended 31 March 2023 increasing on a straight line basis to 100% vesting for EPRA EPS of 4.1p. Any LTIP vesting will also be subject to the Remuneration Committee confirming that, in its assessment, the vesting outturn was achieved within an acceptable risk profile. The Executive Directors have the following outstanding share awards under the Long-term Incentive Plan and Deferred Bonus Plan:

As at 31 March 2021

Market value on date of grant

At 1 April 2020

Granted in year

Exercised in year

Lapsed in year

Date of grant

Performance period

Michael Morris 2016 LTIP

27 January 2017 1 April 2016 to 31 March 2019

79.085p 296,815

– (296,815)

2017 LTIP

16 June 2017

1 April 2017 to 31 March 2020

84.917p 334,150

– (222,766) (111,384)

– 330,396

2018 LTIP

8 June 2018 1 April 2018 to 31 March 2021 19 June 2019 1 April 2019 to 31 March 2022 29 June 2020 1 April 2020 to 31 March 2023 19 June 2019 1 April 2018 to 31 March 2019 29 June 2020 1 April 2019 to 31 March 2020

90.80p 330,396

– 328,153

2019 LTIP

95.23p 328,153

– 309,275

2020 LTIP

70.73p

– 309,275

– 175,137

2019 DBP

95.23p 175,137

– 215,333

2020 DBP

70.73p

– 215,333

1,464,651 524,608 (519,581) (111,384) 1,358,294

93

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