Rent growth, strong rent collection, increased occupancy and acquisitions offset inflationary cost pressures and higher interest rates to deliver stable EPRA earnings in FY23. DPS paid increased 4%, 112% covered. Reflecting valuation decreases, NAV per share was 16.6% lower at 100p and NAV total return was -13.9%. At the property portfolio level, Picton again outperformed the MSCI UK Quarterly Property Index, which it has done for 10 consecutive years, with upper-quartile performance over three, five and 10 years and since inception. The portfolio continues to offer strong organic income growth opportunities from rent reversion in industrials and void reduction in offices, in some cases through alternative uses. Meanwhile a defensive capital structure (LTV of 27% and 95% of drawn borrowings long-term and fixed cost) provides security and flexibility for inorganic opportunities.