Picton Property Income Limited Annual Report 2022

Highlights

Financial highlights

Record results demonstrate success of strategy and business model.

Read more on the following pages: Portfolio Review on pages 32 to 43 Financial Review on pages 44 to 47

Strong financial performance

Outperforming property portfolio

Total property return 24.3%

Profit after tax £147m

Net assets £657m

Property valuation £849m

2022 2021 2020

24.3

147

657

849

528

682

7.3

509

665

5.3

Highest profit recorded since launch in 2005

An increase of 24.4%

Like-for-like valuation increase of 21% Like-for-like increase in passing rent 2.1%

Outperforming MSCI UK Quarterly Property Index of 19.6% Like-for-like increase in estimated rental value 5.4%

NAV per share 120p

Earning per share 27.0p

2022 2021 2020

120

27.0

2.1

5.4

6.2

1.9

1.1

4.1

1.2

1.3

Total return 28.3%

Total shareholder return 18.7%

‒ Outperformed MSCI UK Quarterly Property Index for ninth consecutive year ‒ Upper quartile outperformance against MSCI over three, five and ten years, and since inception ‒ Selective investment activity: ‒ Two industrial assets acquired for £25.0 million ‒ One retail asset disposal for £0.7 million, 16% ahead of March 2021 valuation ‒ Rent collection back to pre-pandemic levels

2022 2021 2020

28.3

18.7

6.6

0.0

4.5

3.6

‒ Increased dividends paid of £18.4 million, with dividend cover of 115% ‒ Loan to value ratio maintained at 21% with significant headroom against loan covenants ‒ Refinanced existing debt facility increasing borrowings by £49 million while reducing the cost of debt and extending the term

Picton Property Income Limited Annual Report 2022