Leading International Investment Research

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

Picton Property Income / Equity Bottom-Up

<p>Picton Property Income (PCTN) delivered a 1.9% NAV total return in Q126, a combination of dividends (116% covered by EPRA earnings) and modest NAV growth. Lease events continue to unlock reversionary rent potential and portfolio repositioning continues. Share repurchases have contributed to strong share price gains in the year to date, but the discount to NAV remains 25% and is, in our view, an attractive opportunity.</p>

Picton Property Income (PCTN) delivered a 1.9% NAV total return in Q126, a combination of dividends (116% covered by EPRA earnings) and modest NAV growth. Lease events continue to unlock reversionary rent potential and portfolio repositioning continues. Share repurchases have contributed to strong share price gains in the year to date, but the discount to NAV remains 25% and is, in our view, an attractive opportunity.

Picton Property Income — A 13.5% Q1 shareholder return