In this video, Michael Morris, chief executive of Picton Property Income, discusses the recently released results for the year to 31 March 2021 (FY21), Picton’s long-term record of portfolio outperformance versus the MSCI UK Quarterly Property Index and the company’s prospects.
•Despite the twin challenges of the pandemic and Brexit, FY21 EPRA earnings and EPS were at a similar level to FY20, occupancy increased, rent collection was a strong 92% and, on an annualised basis, quarterly DPS is now back to 90% of pre-pandemic levels. EPRA NTA increased, supported by a strong weighting to industrial property and asset management, and the total accounting return was 6.6%.
•On an ungeared basis, Picton’s property portfolio has outperformed the MSCI UK Quarterly Property Index over one, three, five and 10 years and since inception, with top-quartile performance in each of the past six years.
•Picton goes into the current year with significant reversionary income potential and a strong balance sheet with the flexibility to support accretive acquisitions.