Picton has reported a 2.5% increase in net asset value in its annual results for the year ended March 31.
The net assets of the group increased to £499.4m, a rise of 2.5% over the year.
The firm increased EPRA earnings to £22.9m, or 4.3p per share up from 4.2p in 2018.
Profit after tax fell to £31m from £64.2m, and total return dropped from 14.9% to 6.5%. But total shareholder return jumped from 4.8% to 10.1%, and dividend per share rose marginally to 3.5p from 3.4p.
Nicholas Thompson, chairman of Picton, said: “We’ve delivered another set of positive results against an uncertain economic backdrop, generating a total shareholder return of more than 10%.
“We’ve also completed several important structural changes, and these have contributed to the growth in our asset base, reduced debt and ensured a smooth transition to becoming a UK REIT.”
Michael Morris, chief executive of Picton, added: “Our portfolio structure and proactive approach to asset management has enabled us to continue outperforming the MSCI UK Quarterly Property Index and build further on our long-term track record.
“Looking ahead to the rest of this year, we will remain focused on growing income through lease restructuring, improving occupancy and other identified asset management projects.”
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