Picton Property Income Limited Annual Report 2023

Key Performance Indicators/Continued

EPRA KPIs

EPRA NTA per share (pence)

EPRA earnings per share (pence)

EPRA vacancy rate (%)

2023 2022 2021

9.5

3.9 3.9

100

7.2

120

8.8

3.7

Why we use this indicator The earnings per share, calculated in accordance with EPRA, represents the earnings from core operational activities and excludes investment property revaluations, gains/losses on asset disposals and any exceptional items. We use this because it measures the operating profit generated by the business from the core property rental business. The growth in EPRA earnings per share is also a performance measure used for the annual bonus and the Long-term Incentive Plan.

Why we use this indicator The EPRA net tangible assets (NTA) per share, calculated in accordance with EPRA, measures the value of shareholders’ equity in the business. We use this to measure the growth of the business over time and regard this as the most relevant net asset metric for the business.

Why we use this indicator The vacancy rate measures the amount of vacant space in the portfolio at the end of each financial period, and over the long-term, is an indication of the success of asset management initiatives undertaken.

Our performance in 2023 The EPRA NTA per share has declined this year as a result of the adverse valuation movements.

Our performance in 2023 EPRA earnings per share has remained stable at 3.9 pence this year. Higher rental income has been largely offset by increased property costs.

Our performance in 2023 Most of our vacancy is in the office sector which is currently a difficult market. We are holding some assets vacant as we progress alternative use strategies.

Picton Property Income Limited Annual Report 2023