Picton Property Income saw a 12.7% jump in its net asset value, after it rose to £417.1m according to the latest annual results.
It saw a total return of 17.9% for the financial year ending 31 March 2016, with earnings increasing by 30.1% to £19.9m. But post-tax profit fell slightl,y from £68.9m to £64.8m.
The NAV per share rose by 12.7% to 77 pence per share and the earning per share increased by 8.3% to 3.7 pence a share.
The dividend increased by 10% to 3.3 pence per share, with dividends paid of £17.8m, with a dividend cover of 112%.
Picton’s portfolio occupancy increased slightly from 95% to 96%.
Chairman Nicholas Thompson said: “Picton has again demonstrated the effectiveness of its strategy and quality of the property portfolio by delivering yet another strong set of results with a post-tax profit of £64.8m. We believe that Picton is well positioned among its peers as income becomes an increasingly sought after and important component of total returns.”
| 2016 | 2015 | 2014 | |
|---|---|---|---|
| Total Return | 17.90% | 27.40% | 21.60% |
| NAV per Share | 77p | 69p | 56p |
| Earnings per Share | 12.0p | 15.4p | 10.4p |
| EPRA Earnings per Share | 3.7p | 3.4p | 3.7p |
| Dividend per Share | 3.3p | 3.0p | 3.0p |
| Dividend Cover | 112% | 117% | 124% |
| Property Assets* | £646.0m | £532.9m | £417.6m |
| Net Assets | £417.1m | £370.0m | £214.1m |
| Profit after Tax | £64.8m | £68.9m | £37.3m |
| EPRA Earnings | £19.9m | £15.3m | £13.3m |
| * Net of lease incentives |
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