Strategic Report
Governance
Financial Statements
Additional Information
Resilient operational performance
Outperforming property portfolio relative to MSCI UK Quarterly Property Index
9% like-for-like increase in estimated rental value
Capturing rental growth through: 39 Lettings 25% ahead of March 2022 ERV 37 Lease extensions/regears 6% ahead of March 2022 ERV 20 Rent reviews 7% ahead of March 2022 ERV
99% Rent collection
91% Occupancy
Like-for-like increase in passing rent of 10% and contracted rent of 3%
£6m Invested into upgrading over 15 assets £21m Invested in new acquisitions 100% Compliance with 2023 EPC minimum standards 76% EPC ratings A-C Improved from 71% Increased investment with sustainability focus
Net zero carbon pathway progress including installation of solar arrays 24% Reduction in Scope 1 & 2 emissions compared to 2019 baseline 85% Energy data coverage Improved from 75%
The Financial Statements are prepared under IFRS. We use a number of alternative performance measures (APMs) when reporting on the performance of the business and its financial position. In common with many other listed property companies we report the EPRA performance measures. In the Additional Information section of this report on pages 155–158 we provide more detailed information and reconciliations to IFRS where appropriate.
Picton Property Income Limited Annual Report 2023
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