Picton Property Income - Strong FY22 builds on long-term record

Picton Property Income’s FY22 earnings were the strongest since launch in 2005. Strong revaluation gains mirrored market trends but further reflected leasing progress and occupancy growth. Recurring EPRA earnings made good progress, together with strong rent collection, supporting a restoration of annualised DPS to pre-pandemic levels. NAV per share of 120p was significantly ahead of our expectations and we will review our existing forecasts, shown below, in the coming days.