Picton Property Income Management

Management criteria checks 2/4

We currently do not have sufficient information about the CEO.

Key information

Michael Morris

Chief executive officer

UK£822.0k

Total compensation

CEO salary percentage	40.3%
CEO tenure	8.6yrs
CEO ownership	0.1%
Management average tenure	less than a year
Board average tenure	4.6yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Michael Morris's remuneration changed compared to Picton Property Income's earnings?
Date	Total Compensation	Salary	Company Earnings
Sep 30 2023	n/a	n/a	-UK£81m
Jun 30 2023	n/a	n/a	-UK£85m
Mar 31 2023	UK£822k	UK£331k	-UK£90m
Dec 31 2022	n/a	n/a	-UK£3m
Sep 30 2022	n/a	n/a	UK£83m
Jun 30 2022	n/a	n/a	UK£115m
Mar 31 2022	UK£816k	UK£288k	UK£147m
Dec 31 2021	n/a	n/a	UK£116m
Sep 30 2021	n/a	n/a	UK£84m
Jun 30 2021	n/a	n/a	UK£59m
Mar 31 2021	UK£836k	UK£250k	UK£34m
Dec 31 2020	n/a	n/a	UK£23m
Sep 30 2020	n/a	n/a	UK£12m
Jun 30 2020	n/a	n/a	UK£17m
Mar 31 2020	UK£769k	UK£250k	UK£23m
Dec 31 2019	n/a	n/a	UK£25m
Sep 30 2019	n/a	n/a	UK£27m
Jun 30 2019	n/a	n/a	UK£29m
Mar 31 2019	UK£920k	UK£240k	UK£31m
Dec 31 2018	n/a	n/a	UK£42m
Sep 30 2018	n/a	n/a	UK£52m
Jun 30 2018	n/a	n/a	UK£58m
Mar 31 2018	UK£722k	UK£227k	UK£64m

Compensation vs Market: Michael's total compensation ($USD1.04M) is about average for companies of similar size in the UK market ($USD992.00K).

Compensation vs Earnings: Michael's compensation has increased whilst the company is unprofitable.

CEO

Michael Morris (50 yo)

8.6yrs

Tenure

UK£822,000

Compensation

Mr. Michael Morris serves as Executive Director at Picton Property Income Ltd. since October 1, 2018 and serves as its Chief Executive since 2020. Mr. Morris serves as the Chief Executive of Picton Capital...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Michael Morris	Chief Executive & Executive Director	no data	UK£822.00k	0.13% £ 489.9k
Andrew Dewhirst	Executive Officer	less than a year	UK£549.00k	0.087% £ 324.6k
Saira Johnston	CFO & Executive Director	less than a year	no data	no data
James Forman	Director of Accounting	no data	no data	no data
James Verstringhe	IR Professioanl-Tavistock Communications	no data	no data	no data
Jay Cable	Senior Director & Head of Asset Management	no data	no data	no data
Mark Alder	Head of Occupier Services	no data	no data	no data
Andy Lynch	Head of Building Surveying	1.5yrs	no data	no data
Katharine Thompson	Company Secretary	less than a year	no data	no data

0.6yrs

Average Tenure

48.5yo

Average Age

Experienced Management: PCTNL's management team is not considered experienced ( 0.6 years average tenure), which suggests a new team.

Board Members

Name	Position	Tenure	Compensation	Ownership
Michael Morris	Chief Executive & Executive Director	8.6yrs	UK£822.00k	0.13% £ 489.9k
Saira Johnston	CFO & Executive Director	less than a year	no data	no data
Anna Maria Josephine Bentley	Independent Non Executive Director	5.6yrs	UK£53.00k	0.014% £ 51.2k
Lena Wilson	Non-Executive Chairman	3.3yrs	UK£122.00k	0.0055% £ 20.6k
Mark Batten	Senior Independent Director	6.6yrs	UK£53.00k	0.0070% £ 26.1k
Richard Jones	Independent Non-Executive Director	3.7yrs	UK£53.00k	0.0099% £ 37.1k

4.6yrs

Average Tenure

54.5yo

Average Age

Experienced Board: PCTNL's board of directors are considered experienced (4.6 years average tenure).

Picton Property Income Management

Management criteria checks 2/4

Key information

Recent management updates

Picton Property Income Limited Announces Resignation of Maria Bentley from the Board as Non-Executive Director and Chair of the Remuneration Committee, Effective July 30,2024

Insufficient new directors

Picton Property Income Limited, Annual General Meeting, Jul 30, 2024

Picton Property Income Limited Announces Executive Changes

Picton Property Income Limited Announces Board Changes

Picton Property Income Limited Announces Appointment of Katharine Thompson as Company Secretary, Effective October 1, 2023

Recent updates

Dividend increased to UK£0.0092

Picton Property Income Limited Announces Interim Dividend for the Financial Period from 1 January 2024 to 31 March 2024, Payable on 31 May 2024

Qsquare (Brighton) Ltd completed the acquisition of Office asset, Angel Gate, London from Picton Property Income Limited (LSE:PCTN).

Now 22% undervalued after recent price drop

Picton Property Income Limited Announces Resignation of Maria Bentley from the Board as Non-Executive Director and Chair of the Remuneration Committee, Effective July 30,2024

Picton Property Income Limited to Report First Half, 2025 Results on Nov 12, 2024

Now 21% undervalued after recent price drop

Now 20% undervalued after recent price drop

Dividend of UK£0.0088 announced

Insufficient new directors

Picton Property Income Limited Announces Interim Dividend for the Financial Period from 1 October 2023 to 31 December 2023, Payable on 29 February 2024

Picton Property Income Limited, Annual General Meeting, Jul 30, 2024

Picton Confirms that it Has Been Informed by UKCM's shareholder Phoenix Life Does Not Support the Possible Merger on the Terms Proposed

Picton Confirms that it Has Been Informed by UKCM's shareholder Phoenix Life Does Not Support the Possible Merger on the Terms Proposed

First half 2024 earnings released: UK£0.003 loss per share (vs UK£0.019 loss in 1H 2023)

Picton Property Income Limited Announces Dividend from 1 July 2023 to 30 September 2023, Payable on 30 November 2023

Picton Property Income Limited Announces Executive Changes

Picton Property Income Limited Announces Board Changes

Picton Property Income Limited Announces Appointment of Katharine Thompson as Company Secretary, Effective October 1, 2023

Picton Property Income Limited Announces an Interim Dividend Payment in Respect of the Financial Period from 1 April 2023 to 30 June 2023, Payable on 31 August 2023

Now 20% undervalued after recent price drop

Now 22% undervalued

Full year 2023 earnings released: UK£0.17 loss per share (vs UK£0.27 profit in FY 2022)

Picton Property Income Limited Declares Interim Dividend for the Financial Period from 1 October 2022 to 31 December 2022, Payable on 28 February 2023

Picton Property Income Limited Announces Interim Dividend in Respect of the Financial Period from 1 July 2022 to 30 September 2022, Payable on 30 November 2022

Now 21% undervalued after recent price drop

Picton Property Income Limited to Report First Half, 2023 Results on Nov 09, 2022

Now 22% undervalued after recent price drop

Now 21% undervalued after recent price drop

Picton Property Income Limited (LSE:PCTN) acquired 109-117 High Street, Cheltenham for £5.3 million.

Picton Property Income Limited, Annual General Meeting, Sep 01, 2022

Picton Property Income Limited Announces an Interim Dividend for the Period from 1 April 2022 to 30 June 2022, Payable on 31 August 2022

Now 21% undervalued after recent price drop

Full year 2022 earnings released: EPS: UK£0.27 (vs UK£0.062 in FY 2021)

Picton Property Income Limited (LSE:PCTN) acquired Charlotte Terrace at Hammersmith Road, W14 for £13.7 million.

Picton Property Income Limited to Report Fiscal Year 2022 Results on May 26, 2022

Picton Property Income Limited (LSE:PCTN) acquired Mill Place Trading Estate for £10.4 million.

First half 2022 earnings released: EPS UK£0.099 (vs UK£0.007 in 1H 2021)

Full year 2021 earnings released: EPS UK£0.062 (vs UK£0.041 in FY 2020)

Picton Property Income Ltd Announces Interim Dividend Period from 1 January 2021 to 31March 2021, Payable Date Is 28 May 2021

New 90-day high: UK£0.87

Non-Executive Chairman of the Board Nicholas Thompson has left the company

New 90-day high: UK£0.83

Picton Property Income Ltd Announces Directorate Change

New 90-day high: UK£0.81

An unknown buyer completed the acquisition of High street retail asset in Bridge Street, Peterborough from Picton Property Income Limited (LSE:PCTN).

New 90-day high: UK£0.76

Picton Property Income Limited to Report First Half, 2021 Results on Nov 12, 2020

Picton Property Income Limited Appoints Lena Wilson Cbe as A Non-Executive Director, Effective from 1 January 2021

An unknown buyer agreed to acquire High street retail asset in Bridge Street, Peterborough from Picton Property Income Limited (LSE:PCTN) for £3.9 million.

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Average Age

Board Members

Average Tenure

Average Age