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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

Picton Property Income / Equity Bottom-Up

<p>Picton produced a strong 2.6% NAV total return in Q320, with a good property portfolio performance driven by key asset management transactions and portfolio positioning (more than 80% in the well-performing industrial and office sectors). Dividend cover remains strong and increased during the quarter. Moderate gearing and significant potential to increase income by leasing refurbished space at completion are positive indicators for future performance.</p>

Picton produced a strong 2.6% NAV total return in Q320, with a good property portfolio performance driven by key asset management transactions and portfolio positioning (more than 80% in the well-performing industrial and office sectors). Dividend cover remains strong and increased during the quarter. Moderate gearing and significant potential to increase income by leasing refurbished space at completion are positive indicators for future performance.

Picton Property Income - 2.6% third-quarter NAV total return