Strategic Report
Governance
Financial Statements
Additional Information
OUR CONSISTENT TRACK RECORD OF OUTPERFORMANCE We have outperformed against the MSCI UK Quarterly Property Index again this year. We have a track record that includes ten consecutive years of outperformance and long- term upper quartile performance over three, five and ten years, and since launch in 2005. Our asset allocation, stock selection and asset management have delivered outperformance and a consistently higher income return than the Index over the long-term. We are ranked fifth out of 141 portfolios over the last ten years and we have won 23 awards since 2015.
PROACTIVE ASSET MANAGEMENT Occupational demand remains resilient and over the year we have successfully increased income through proactive asset management and investing in sustainable refurbishment upgrades across our portfolio.
Our diversified portfolio exposure has been key to our sustained outperformance against the MSCI Index.
Read more on pages 12–13
Michael Morris Chief Executive
Annual total property return %
24.3
19.5
19.0
17.1
14.3
14.0
13.5
13.0
11.3
10.1
9.9
7.5
7.3
5.3
4.6
4.6
1.2
(8.7)
(12.6)
(0.4)
Mar 2014
Mar 2015
Mar 2016
Mar 2017
Mar 2018
Mar 2019
Mar 2020
Mar 2021
Mar 2022
Mar 2023
Picton
MSCI
CREATING SPACES FOR A NET ZERO FUTURE We have committed to achieving net zero carbon by 2040 and this target covers the whole life carbon of our assets, including the energy use of our occupiers. To meet our commitment, we have set targets for whole building energy efficiency for each asset type and embodied carbon related to major refurbishments, as well as reducing operational emissions as much as possible through energy efficiency measures and renewable energy.
ADAPTING TO CHANGING MARKET CONDITIONS Recognising the changes in the office sector and a greater desire for flexible, short-term leases, our SwiftSpace offering provides small to medium- sized businesses with bespoke flexible leasing solutions. We are able to create fully fitted workspaces, to enable businesses to move straight in and be up and running in no time.
Read more on pages 14–15
Read more on pages 16–17
Picton Property Income Limited Annual Report 2023
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