FINANCE: Picton Property Income’s net assets grew by 17.3% to £258.9m during the second quarter, ending 30 June, according to an interim management statement this morning.
The closed-ended investment company saw NAV rise by 4.6% to 56.4p per share during the period. Like-for-like property portfolio valuation increased by 2.9%, compared with 1.8% growth in the first quarter, ending 31 March.
Picton reduced its gearing to 40.2%, from 47.7% at the end of March. The company has an average debt maturity of 13.1 years at a weighted average interest rate of 4.5% per year.
It will pay a dividend of 0.75 pence on 29 August.
Occupancy stands at 92%, and Picton completed 18 new lettings during Q2, adding a total of £900,000 to the annual rent roll.
Chief executive Michael Morris said: “We have yet again improved occupancy and are seeing encouraging levels of occupier activity across the portfolio. As we continue to invest capital from our recent share placing, this will help to enhance the potential for NAV and income growth from the portfolio.”
sophia.furber@estatesgazette.com
