Good afternoon and Welcome To The Picton Property Income Preliminary Results Investor Presentation. Throughout this quarter presentation, investors will be in listen-only mode. Questions are encouraged and they can be submitted at any time via the Q&A Tab situated in the right corner of your screen. Just simply type in your questions and press send. The company may not be in a position to answer every question it receives during the meeting itself. However, the Company can review all the questions submitted today and publish responses where it is appropriate to do so. Before we begin, I'd like to submit the following Poll. I'd now like to hand you over to CEO Michael Morris. Good afternoon, Chief Sir.
Good afternoon and thank you to everyone for joining us this afternoon. My name's Michael Morris, I'm the Chief Executive of Picton and I'm joined by Saira Johnston as CFO. We've got about half an hour and we're going to just give a very quick introduction to Picton for those that don't know us. We're going to talk through our financial results, give a view on the property market and what we've been doing with our portfolio, some concluding slides, and then an opportunity for Q&A as mentioned using the IMC Q&A Buttons. Without further ado. Picton is a diversified REIT. We've been going nearly 20 years now. We've adapted and adjusted our portfolio through that 20 years as different market conditions dictate.
Today we sit here with a portfolio that's nearly two-thirds in the industrial sector, a quarter in the office sector, and the balance in Retail and Leisure. We're very proud of our long-term track record of property-level outperformance against MSCI. We run the business with not only a total return focus, because that's really important to us, but also generating those returns through income as well. Looking at the year just gone, we've delivered, I think, strong financial results, certainly recognizing the sort of macroeconomic backdrop. We've outperformed at the property level now for the 12th consecutive year. We've reduced our office exposure through disposals of void assets by a fifth. We have used those monies to invest back into our portfolio and upgrade the assets.
We've used the money to repay debt, and we've also used the money to take advantage of our current share price and buy back shares. If I hand over to Saira to talk you through the financial results.
Thank you, Michael. As Michael mentioned, we have a strong financial performance for the year ending 31st of March 2025, delivering positively across both income and capital values. For the year end, we are reporting a profit of GBP 37 million and a total return of just over 8%. From an income perspective, we have seen EPRA earnings grow to GBP 23 million during the year, which equates to GBP 0.041 per share. From a balance sheet or net assets perspective, we closed at GBP 533 million at the end of March, and that equates to GBP 1.00 per share. Over the year, we have paid just over GBP 20 million of dividends to our shareholders, and that equates to GBP 0.037 per share. Overall, we have operated a well-covered dividend for the year of 113%.
By way of further background, you'll recall that we increased our dividend by just under 6% in May last year and have recently announced a further 3% increase in our dividend. Really, this strong financial performance is underpinned by the value in our long-term debt structure. During the year, we repaid our floating rate debt and reduced our Loan to Value further to 24%. Now our interest rate at an average of 3.7% is fixed and well below the current financing rates. The maturities on our long-term loans are in 2031 and 2032, which gives us really good visibility about our financing costs and cost base going forward. The value of that long-term debt is not seen in the NAV per share, but adds in about another GBP 0.05 per share to GBP 1.05 per share.
The next couple of slides, I'll just talk through the key drivers for both NAV movements and earnings movements. Firstly, in terms of the Net Asset Value movement, we saw an increase of 4% to GBP 1.00 per share at the end of the year. This is primarily due to the valuation gains on our industrial assets. We saw valuation gains of 3.8% over the course of the year. We've invested in our portfolio, as Michael mentioned, and we'll come on to explain in a bit more detail later. Even net of that capital expenditure, we saw valuation gains of just over 2%, which compares positively to the MSCI Index of 1.5%. We did see differences across the sectors, and we'll talk through those further in more detail later.
Another point of note on disposals, we completed three opportunistic disposals in the year, totaling about GBP 50 million of proceeds. They were all sold at a premium to the valuation at the end of March last year of just over 5%, realizing a gain of GBP 1.5 million during the year. Final point of note on this slide, share buybacks. Those share buybacks totaled GBP 7.5 million during the year. We bought back shares at an average price of GBP 0.67 and a discount of 33%. Those have also been accretive in the period, not only from a net asset value, but also an Earnings Perspective. Moving on to the earnings for the year. We have also seen a growth in EPRA earnings for the year of 5% or GBP 0.042 per share.
This is primarily due to our industrial exposure, where we're starting to see the Rental Income increase and the repositioning and office disposals. Firstly, in terms of Net Rents, overall disposals have resulted in a net reduction in Net Rents of GBP 0.4 million, but the underlying portfolio, excluding those disposals, has seen Rental Income growth of just under GBP 1 million, or about 2%. We're seeing reducing Void Costs on the underlying portfolio and an increased weighting to our industrial assets. Industrial assets for the year ending March 2025 comprised about 60% of our net Rental Income compared to 55% in the prior year. This is showing the reversion on the underlying industrial assets coming through in our earnings numbers this year. Final point on here, reduced financing costs.
We repaid our floating rate debt early on in the year, and that's resulted in a reduced interest expense for the period. Our next slide talks to capital allocation and our capital priorities. We've sought to reduce our Void and focus on disposing of lower yielding assets. We've done that through three disposals of the year. These were the three largest Voids at the end of last year. Angel Gate, Charlotte Terrace, and Long Cross were disposals, and they were all completed during a period at an average of 5% ahead of book value. That GBP 51 million of proceeds has been used for the four sectors of capital priorities we've outlined on this slide. Firstly, we started the year repaying our floating rate debt.
We now sit in a really strong position with GBP 210 million of our loans at fixed rates with long-term maturities. Secondly, we have invested back into our Portfolio just under GBP 12 million. We really believe that this is a good use of our capital. We see that Reversion of about 16% in our Portfolio. Investing to unlock that Reversion and maintain capital values has been an area of focus through the year. There has been one tactical acquisition during the year, something adjacent to an existing asset that we use, but otherwise we have deprioritized asset acquisitions during the year. Finally, as Michael mentioned, we see good value in buying back our own shares, recognizing the discount and the disconnect between our share price and our Net Asset Value. In January this year, we announced our Share Buyback Program.
Those have been accretive to earnings at the discounts that we've purchased. We have also extended that buyback program post-year end.
Thank you, Saira. The next few slides just to give a broad introduction to the property market and how it's been performing in light of all that's been happening this year. On the next slide, clearly the Budget at the end of last year sort of came a bit left field. Some of the Tax Changes in there just took a little bit of time for business to absorb. Clearly we've now had things like Tariffs that again need a bit of understanding from business. Actually, and it's a word I've used before, we've seen the market really, I think, in quite a resilient place as a result of that. The headline is that Yields have come down a bit, Base Rates have come down as well.
I think I'd generally say that there's a bit more liquidity in the market now than certainly there was in the latter half of last year. The headline is, and the charts show this, Capital Values broadly were rising in the last 12 months. The Industrial Sector saw the best growth. Offices, for reasons we'll come on to, were more challenging. Rents, actually across all three core sectors, have risen. That's a generalization. Clearly, better quality space is attracting higher rates of Rental Growth. Part of that is because Demand has remained robust. Secondly, Supply is quite tight. That's not a fair reflection across the market. When you start to think about sort of quality of space rather than space per se, there is a reasonably limited Supply.
Part of that is because the Cost of Construction has gone up, the cost of Development Finance has gone up, and there is definitely less Speculative Development today than there was a year or two ago when Finance was more readily available. All of these factors, the repricing that happened against the backdrop of rising Interest Rates, mean that in lots of property sectors, current market pricing is below the Cost of Construction. I'm not saying just because it's below the Cost of Construction, that means it's good value. It is a real indicator, and it is a reflection of what future Supply will look like. If we turn the page and look at the Occupational Markets, I mean, the headline is, and you can see from the chart, the Industrial Sectors see generally higher Growth Rates in terms of Rents across the whole year.
We've seen a bit of a sort of step back into 2025 with all the sort of Tariffs and that sort of view. I think that's a view across all businesses, just people absorbing what all that means. The reality is that rents are rising against this backdrop of sort of 90% plus O ccupancy. In the office sector, this really is the difference between best quality and not. We have seen Rental Growth, but part of that, in my view, has been driven by an upgrading of Assets. I think the challenge in the office sector today is just the much lower Occupancy Levels. That creates more Supply and really is more challenging in terms of capturing the Demand that is out there.
This really reinforces the fact why we've, A, reduced Office Exposure through disposals for higher value alternative uses, but B, where we do have good quality assets, we're investing in them to make sure that we can attract occupiers and be at the top of people's lists for new space. Retail and Leisure, I mean, that's gone through a big repricing. Rents today are still below where they were five years ago, but we do think that market's turned a corner. We are starting to see a little bit of ERV Growth, even if that's not yet coming through into Income Growth. The stats show quite high Occupancy for the Retail Sector. Personally, I don't believe the stats because I think the stats are quite skewed to a sample size that includes retail warehousing and supermarkets.
I'm sure most of you, if you go down most sort of regional or market towns, big towns, there's plenty of still floor space supply from a retail perspective. Although without question, that's reducing as buildings are, again, in this sector being repositioned for other uses. Investment Markets, the chart really tells the story. The repricing in the Office Sector has definitely moderated. In the other two sectors, we're seeing not significant, but nevertheless positive capital growth. With all of these things, the devil is in the detail. It's the type of assets that you own, the location of those assets, the quality of the space. If buildings are energy efficient, they meet today's occupational needs. The pricing is very different from buildings that require a lot of Capital Expenditure. Without it, they might have far more limited occupational demand.
To just talk to our own portfolio in the context of what I've said about the market, the chart on the left just shows the majority of our portfolio is biased towards the South East of the U.K. Although we do own assets across the U.K., it's definitely more concentrated today in the Industrial Warehouse and Logistics Sector. Our Office Exposure, which was at 30% a year ago, we've brought down to 24% with the disposals that Saira mentioned earlier. A good number of assets within the portfolio and a good number of occupiers. That's really important as we think about diversifying the cash flow and the income stream to provide some stability to that. The initial yield on the portfolio is just over 5%. We have contractual rent increases where there have been either rent freeze or step rent that takes it up to, I think, 6.2%.
The reversion yield is just under 7%. In the last 12 months, our portfolio delivered a property level return of just over 7%, excuse me, ahead of the wider market. That was better both in income and capital terms. That improvement in occupancy, principally down to the disposal of key voids, also helps. It is the 12th consecutive year that we have outperformed the wider market. As we look back and benchmark against other real estate portfolios since launch in 2005, our portfolio, at the property level, ranks 8 out of 72 vehicles. That is something we are quite proud of. This is just a breakdown of the valuation across the portfolio. Clearly, the impact of CapEx in the Office Sector has had a bearing on performance. Very much, we see that as a sort of future-proofing measure.
Clearly, some of the upside of that will come through as we lease space in the future. The headline is that the Industrial Portfolio, which is the bulk of the portfolio, and the retail and leisure drove returns, and the Office Sector offset it. Quite similar to the wider market. The headline being, though, that the offices that we sold, we sold at 5% premiums on average to book. You can see the benefit of the Disposal Program that we undertook. Secondly, on this slide, it just talks about the change in value. One of the requirements of a Public Company is a rotation of valuers. That is something that we are having to do between March and June of this year. It is unusual to have two companies look at a portfolio of assets at one moment in time.
We did that with Knight Frank, who are our incoming valuer, and also CBRE, who are the outgoing valuer. I think the headline, which is relevant for investors, is the De Minimis difference between those two firms. I think that should be comforting to investors to sort of understand that our valuation is not well understood. Valuation is an estimate of a price, really. Secondly, we refinanced our RCF. This was following the year-end. A second set of eyes went on a number of those assets that were part of that security package. Again, the valuation range across the three values is 2%. I mean, this really is De Minimis in property context. In terms of our own portfolio activity, I mentioned previously, occupancy is up, the disposals, the investments.
That's really led to a near 4% increase in ERVs and a 3% increase in contracted rents. Again, against this sort of quite difficult market backdrop, we've still been able to grow some of these key metrics. If you look in the blue box in the bottom right-hand corner, where we have taken or had rent reviews over the year, we're generally on a five-year rent review cycle. The fact that we've been getting on average rents 26% ahead of the previous rents just shows that reversion being captured and coming through. If we just look at the sectors in a little bit more detail, the Industrial Portfolio, which, as I mentioned earlier, is just under two-thirds of the portfolio. 81% of our industrial exposure is through smaller, slightly more urban multi-let industrial units.
The balance is in distribution units, primarily located in and around the Midlands, which is a sort of well-recognized distribution hub. 70% in the South East and the balance across the U.K. Again, biased to those areas with sort of stronger demographics, tighter land supply, competing land uses, etc. Not much vacancy in the portfolio. We made one small acquisition. This, again, reinforces that the ERV is ahead of the contracted rent. We have seen like-for-like ERV growth of 3%. The rent reviews here in the industrial sector just reinforcing that growth. The rent reviews here are 38% on average above the previous rent. We undertook a couple of transactions that we thought were worth highlighting in some of our sort of within the M25 assets.
I just refer you to the settlements that we've achieved on some of these rent reviews, up closer to 50% rental increases as the rents have been reset at either lease events being rent reviews or actually on expiry of leases, so where we've re-geared leases on lease renewals. The Office Portfolio is split really three ways between the offices we own in Central London, the offices we own in the South East, and then the rest of the U.K. As I mentioned previously, more void in this part of the portfolio, which is not unexpected. Our occupancy of 86% is well ahead of the market. As we've mentioned previously, we've been investing specifically around asset transactions, i.e., to facilitate releasing at higher rents or indeed to ensure that we get good occupier retention going forward.
That is the output of this year, which is 4% ERV growth across our Office Portfolio, which is, I think, quite a good number, all things considered. Just some examples of this. In Bristol, we refurbished space. Part of that refurbishment was tied in with an existing occupier expanding. That was sort of de-risked in terms of the CapEx spend. Some of the space we have refurbished speculatively is not yet signed up, but we definitely have interest, and we are progressing through legals on that. In Milton Keynes, we structured it slightly differently there. We had conversations with occupiers in advance of CapEx works, and we are on site at the minute upgrading M&E. We have done that on the basis of occupiers pre-committing to stay if we do work. Again, here, the new rent that we have got here is a third higher than ERV.
It just proves that point, I think, that occupiers will pay for the right quality space. If it is the right space, people will pay. If it is not the right space in this market with the degree of oversupply, you will struggle. Farringdon is just another interesting example. The three assets we sold last year, we had secured planning on for alternative uses. Planning in Farringdon is not converting the offices to residential, but actually we have got planning to put residential on the roof of the building. If you just sort of think it through, previously, there is no value ascribed to roof space. Literally, in the last few REITs, we have got planning permission to put 13 flats. As we sort of look at that asset today, there is a residual value now ascribed to the development value of those other parts.
That is something that we are working through at the minute as to how we take that scheme forward. In terms of Retail and Leisure, it is a relatively small component part of the portfolio. It is an area that we have been heavily underweight as we have seen the disruption from online and seen the disruption from COVID. We are more positive about this sector going forward. The devil is in the detail in terms of the towns and the locations you are in. This is borne out really by the ERV growth we have seen in our own portfolio, of which, again, slightly skewed because two-thirds of it is in retail warehousing, which has seen better rental growth, better levels of occupancy.
The comment I would make about this sector is, though, even though in the short term we're seeing rental growth, we are in a place where the contracted rent is still slightly higher than ERV. That goes back to my point earlier that rents are below levels in 2000. Gloucester and Sheffield, lease regeared, again, where we've got higher rents relative to ERV. Like I say, that's not meaning income growth. It's just simply getting rents ahead of the market. That's had a valuation impact.
Moving on to just talk about a couple more points on the CapEx projects. I think it's fair to say we've invested significantly to upgrade the overall portfolio. During the year, we've really focused on six projects where we've been looking to improve the occupier appeal and also, alongside that, improve energy efficiencies across the portfolio.
You'll see from the doughnut on the slide that we've been focusing our spend on the Office Assets. We've explained why—it's really to improve ERVs, improve the rents that we're achieving on those, and also trying as best we can to link that spend to lease events. For four of the six projects that we've outlined there, we've achieved that. We're linking our spend. We're trying to make sure that we achieve the best return on cost for our spend across our portfolio. Thinking about the timing of the lease events, thinking about retention and relessing is really key when we think about capital investment. Alongside that, we've been looking at how we best achieve our Net Zero pathway and thinking about practical solutions for that across the portfolio. That involves key themes such as improving the fabric of our buildings.
That's mainly on our industrial assets through roof upgrades, insulation. For our office assets, it's removing gas, upgrading heating and cooling systems. The key point of note here is looking at the improvement of the EPCs over a longer period of time. We're pleased that at the end of the year, we've increased the proportion of EPC ratings to 83%.
Thank you, Saira. In terms of the portfolio vacancy, I've touched on this a little bit as we went through the sector slides. We've got GBP 3.4 million of void currently across the portfolio. Just to be clear, last year, that number was GBP 5.3 million. You can see the reduction that we've made over the year through both reletting and our disposal strategy. Probably not unsurprisingly, we've got more vacancy in the office sector.
I think what's important to note, though, is quite a bit of the void in that office sector is not where we've got whole buildings vacant. It just might be where we have a floor vacant within a wider building. We know there's good occupational demand. We know tenants are staying and renewing. We just now have to lease the remaining space. We've got about GBP 0.3 million of that under offer at the minute. In Milton Keynes, we're on site to refurbish and upgrade, and that will bring that through also.
Just thinking about our reversion, really bridging the gap between the 5.2% initial yield on the portfolio and the 6.8% reversion real yield, we see that in a number of parts. That's the first chart on the slide. Rent freeze and step rent are effectively already contracted and in our earnings numbers.
We look at vacancy, which Michael has talked about, where we're investing in our buildings to maximize their appeal to our occupiers. The final part of that is the reversion in the underlying leases that we have with our occupiers. When we think about reversion, we think about two things. We think about the timing. When do lease events occur in order for us to unlock or crystallize that reversion? That is typically at sort of rent reviews or lease expiries or breaks. We think about what sectors that reversion is in. Where do we see those ERVs growing to at that point in time? As of today, we have 38% of that reversion linked to lease events in the next year, and then 23% and 15% for the year after.
The second chart is showing the income at risk, effectively breaks and expiries in the next 12 months, 24 months, 36 months, and looking at what sector that is and the reversionary potential within that. The key point of note there is the timings and the sectors that those are coming through in the next 12 months we see as a real opportunity. Obviously, we're here trying to balance the time between the contracted rent and the income at risk and then the new letting, rent reviews, or regearing coming in.
Really, sort of in summary, just because we've passed the year-end doesn't lead to a change in strategy, but clearly we've had time to reflect. We've had a new chair join us this year and looked at a number of factors. We are going to continue to capture the reversion.
There's definite income growth within the portfolio. We're absolutely clear that we want to continue to deliver sort of higher quality income going forwards. Certainly in the Listed Market, there's probably a higher rating attached to higher distributions rather than just a pure total return play. We want to continue to do that. Investing into the portfolio to capture and drive rental growth and valuation growth is key. There is, however, a balance between optimizing income and value. Some transactions that we'll undertake are going to be income-focused and some are value creation. I spoke earlier about Farringdon and the upside there. Opportunistic disposals. Yes, we made disposals last year. Those have clearly improved earnings through debt repayments and share buybacks. We're going to continue with that. There's a focus for us, particularly on some of the lower-yielding assets.
If we can reinvest and recycle those to grow income further, I think that's attractive. We've got this very strong debt book. Saira mentioned that. It puts us in a good place. Just following the year-end, we refinanced our RCF. That's currently undrawn. The cost of debt there is more expensive than the balance, but it is there and available both operationally and clearly dependent upon opportunities that might arise in the market moving forwards. In terms of capital allocation, we clearly mentioned the buybacks. Over the year, we bought back GBP 7.5 million. Between the March year-end and yesterday, I think it was, we bought back GBP 4 million. We are going to continue with that program, this disconnect in the share price.
Although it's narrowed, and to be fair, there's a disconnect across the wider Real Estate Sector, we're really keen to try and take advantage of that and start to narrow that discount so shareholders see the benefits of that. I think that's the end of the presentation. It's now time for Q&A. I'm going to quickly plug in my iPad so it doesn't die.
Great. Thanks very much for your presentation. Ladies and gentlemen, please do continue to submit your questions. You can do so just by using the Q&A Tab. Switch it and go back on your screen. Just while the company takes a few moments for you, the questions that have been submitted today, I'd like to remind you the recording of this presentation, along with a copy of the slides and the published Q&A, can be accessed via your Investor Dashboard.
We have received questions throughout today's presentation. What I'll do, Michael, is I'll hand back to you to run through the Q&A, and I'll pick up from you at the end.
Thank you. We have had a couple of questions. Let me try and summarize them and respond. The first question is, with shares repurchased at a 33% discount to NAV, how does management view this persistent disconnect between the share price and the NAV, and what is the long-term strategy to close the gap? That is a valid point. The shares that we bought back during the year were bought back at a 33% discount. The shares that we have bought back post-year-end have been bought back at a 25% discount. We have seen clear share price appreciation since the buyback was initiated.
I don't think you can solely use a share Buyback Program to reduce discounts to zero, but it does have, in my view, a positive impact. As I mentioned just a minute ago, we're going to continue with that. We have surplus proceeds from disposals, and our view is that discounts in the sector will generally narrow, pictures as well. If we can keep delivering at a property level, the debt book is strong. If we can use that Buyback Program, we will start to, and indeed, we already have started to narrow that discount to what is an acceptable level. The next question is around sort of how do we feel about a diversified strategy. There have been a number of REITs that have left the sector that have had a diversified approach. Equally, there's a number of REITs that run clear sector strategies.
I mean, I think I've mentioned a couple of things to that. Although we're a diversified REIT, I think we're quite opportunistic in our approach. We don't run a diversified REIT purely to be diversified. We run a diversified REIT that allows us to adapt and change to market conditions. The slide right at the beginning talks to how that portfolio composition has changed over time. There are clearly times in the market where certain sectors deliver very strong performance. Equally, there are times in the market where returns are less about sectors but more about what as an owner of real estate you're doing to those assets. Be it planning permission, be it lease restructuring, be it asset refurbishment and upgrade. We're comfortable with the idea of being opportunistic and being able to adapt the business for the long term.
What one sometimes does not see looking at the listed market today is all the businesses that over the last 19 years that we have been running are no longer here. There are plenty of sector specialist businesses that are no longer in the listed market for a multitude of reasons. There is another question here on sustainability of occupancy, which I think is a good question. Occupancy today is 94%. A year ago, it was 91%. I think in the 20 years nearly that Picton has been running, we have never had occupancy above 97%. We will always have a structural void within the portfolio. I think the way we look at it is occupancy is likely to move up and down, up and down, up and down. As we get space back, we release, and we have that total churn within the business.
I firmly believe that occupancy between maybe 93-97% is a good acceptable range. It very much depends on lease events. Our own experience is, if you're in the right sectors, which we've thankfully been for quite a period of time, space will release pretty quickly. That is the key, having space that you can find occupiers for quickly. You can see that with our current portfolio vacancy, there's very little void in the industrial sector. That is where two-thirds of our assets are located. I think this might be the final question, but there's a question about capital expenditure and how do we think about required returns for CapEx. Sorry, the screen disappeared outside. Hopefully, you can still hear us about required returns for CapEx and share buybacks. I think there are two discrete questions there.
To my mind, they're slightly interlinked because actually, required returns for CapEx, to my mind, is a property decision. We need to think about the upside of doing those works or equally the downside of not doing those works. As we've demonstrated, I think, through the slideshow, quite a number of the CapEx projects that we've been doing have been linked with occupier transactions. That clearly de-risks the CapEx spend because it's generating a return through those lease regears and restructuring. As Saira said, broadly, we'd be looking at a 10%+ return on cost. What we've been doing in the year is not only investing that money but also doing share buybacks. It's not an either/or. It's a both. Clearly, the returns that are generated from buying shares back at a discount to NAV look very attractive on the face of it.
You've got a 25% discount. What we want to continue to do is invest in and maintain, or indeed, as this year we've done again, grow the NAV so that you're buying through the buybacks in at a proper discount as opposed to something that might be illusory or under pressure. I think those are the questions. Thank you. I'll hand back to Investor Meet Company.
That's great. Thank you very much for answering those questions from investors. Of course, the company can review all the questions submitted today, and we will publish those responses on the Investor Meet Company platform. Just before redirecting investors, pride you the feedback shows particularly important to the company. Michael, could I just ask you for a few closing comments?
Yes.
Just to say, I think we've demonstrated, I think, this year with these results, success across multiple layers within the business. In terms of the share buyback program, I think it is really important as we think across shareholder value. I think what we've done on our debt book and reducing financing costs shows corporately that we're thinking about leverage and ensuring that we're in a good place at a property level. I think there's been lots of good things and indeed investment for the future going forward. I'd urge anyone that hasn't to take a look on our website. Our Annual Report will be on there, and there's a lot more detail in there. Equally, sort of happy to take any questions if we've missed anything on this presentation. Thank you all for your time.
That's great. Thank you once again for updating investors today.
Could I please ask investors not to close the session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations? On behalf of the management team of Picton Property Income, we'd like to thank you for attending today's presentation. Good afternoon to you all.