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Picton Property Income
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=== Organic and acquisition-led growth potential === The financial and operational performance continues to benefit from active asset management, including capex that aims to enhance the quality, sustainability and occupier appeal of assets, and sector positioning. The organic growth opportunity remains strong with an c Β£11m gap between passing rent and estimated rental value (ERV) at end FY22 and rents continuing to increase across most of the portfolio. Picton has seen no direct impact from the war in Ukraine at this point. Gearing is low (LTV: 21.2%) and primarily long-term fixed rate, with the average cost reduced by the FY22 refinancing. Additional undrawn facilities are available to support further accretive acquisitions. The company also continues to explore consolidation opportunities, leveraging its performance record and scalable platform where there is an opportunity to create additional value.
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