Market Capitalisation £457.97M

Picton Property Income Limited entered the UK REIT regime on 1 October 2018 and became a commercial company. As such Picton is outside the scope of AIFMD and is not required to produce a Key Information Document (KID) under PRIIPs.

REIT Status

Picton converted to a Real Estate Investment Trust (REIT) on 1 October 2018.

A REIT does not pay UK corporation tax on the rental income and capital gains relating to its property rental business.

As a REIT the company is required to distribute at least 90% of its qualifying income profit each year as a Property Income Distribution (PID). The total dividend paid is likely to be a combination of PID and non PID elements.

PID payments will be paid out after the deduction of withholding tax at the basic rate of income tax (currently 20%). Certain types of shareholder, such as ISA holders, will be able to claim an exemption from this deduction.

Non PID distributions will not be subject to any deductions and will be paid gross to all shareholders.

For more information on tax consequences for shareholders please download a summary here:

Tax consequences for shareholders

Occupier focused, Opportunity led