Picton Property Income - A 13.5% Q1 shareholder return

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.

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