NAV up at Picton Property Income
Picton Property Income has posted a 6% rise in net asset value per share in the year ended 31 March.
Its NAV per share was 82p at the year end. Income profit rose by 30% to £25.8m.
Post-tax profit was down by 33% on the same period last year, falling from £64.8m to £42.8m.
Item
Year to 31 March
% change year on year
NAV per share
82p
6
Income profit
£25.8m
30
Post-tax profit
£42.8m
-33
Like-for-like passing rent
£40m
4.4
Picton Property Income has posted a 6% rise in net asset value per share in the year ended 31 March.
Its NAV per share was 82p at the year end. Income profit rose by 30% to £25.8m.
Post-tax profit was down by 33% on the same period last year, falling from £64.8m to £42.8m.
The value of its property portfolio rose by 3% and like-for-like passing rent also rose by 4.4% to £40m. The portfolio is 94% let.
Michael Morris, chief executive, said: “We have again outperformed the MSCI IPD Quarterly Benchmark, extending our long-term record of outperformance over one, three, five and 10 years. Recent activity within the portfolio, both in terms of letting and disposal activity, is encouraging.
“Looking ahead we see scope to improve income further by resetting rents to market levels, improving occupancy and capturing fixed rental uplifts in existing leases.”
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