Picton has collected 87% of June’s rents as its NAV grew by 3.2%.
The REIT’s net asset value reached £545.7m in Q2, against a total portfolio value of £702m with a like-for-like portfolio valuation uplift of 2.9%.
Picton said that with arrangements in place to collect rents on a monthly basis, the June quarter rents paid were closer to 94%. It added that it would be raising its dividend by 6.8% to 0.85p per share.
The firm also saw a 0.4% growth in rent receipts across the portfolio, but a 21% jump from six rent reviews in the industrial sector.
The REIT has more than half of its holdings in industrial property, which rose in value by 4.8% over the quarter, and just over a third in offices, which fell by 0.2%. The majority of its retail holdings are in retail warehouses, which helped the retail holdings gain 2.3%.
Picton boss Michael Morris said: “We have had another successful quarter and are encouraged by our pipeline of activity across all sectors. This reflects improving sentiment as lockdown restrictions ease and as market conditions normalise.”
Chair Lena Wilson added: “This is the fourth consecutive quarter that we have delivered growth in net assets. In addition, we have taken the positive step to announce today a further 6.3% dividend increase.”
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