Picton Property Income — Strategy drives income and value growth

Picton announced FY25 results, reporting post-tax profits of £37.3m, a TAR of 8.1% and a 2.7% dividend increase to 3.8p per share, representing the fifth consecutive annual increase since 2020. The dividend uplift is underpinned by 5% growth in EPRA earnings to £22.8m (4.2p per share), maintaining robust dividend cover of 113%. This demonstrates management’s ability to deliver earnings growth despite challenging market conditions, with improved occupancy to 94% and successful rental negotiations achieving 7–10% uplifts on lettings and renewals. Earnings quality is enhanced by the focus on industrial assets, which now comprise 64% of the portfolio and delivered 8.1% contracted rent growth, positioning Picton to benefit from the resilient logistics sector.