Picton Property Income Trust has posted a 6.7% hike in net asset value to 53.8p a share in its quarterly results.
The listed trust was boosted by a 3.3% rise in the value of its underlying property portfolio in the three months to the end of December.
During the period Picton raised £11.9m through the issue of 22.2m shares at 53.5p, a 6.2% premium to September NAV.
Its average debt maturity is 13.7 years, with a fixed weighted average interest rate maintained at 4.5% pa.
It declared a dividend of 75p.
Chairman Nick Thompson said: “The increase in NAV over the past quarter has been driven by a valuation uplift of 3.3%, enhanced by our capital structure and covered dividend.
“Improving conditions in the broader economy have had a positive impact on valuations, arising from increased confidence and also activity in the regional markets outside central London.
“Against this backdrop, we are considering the optimal long-term funding arrangements for the group.”
Chief executive Michael Morris said: “We are continuing to see progress in lettings as a result of our asset management initiatives, which, together with greater investment activity in the market, have resulted in improved valuations across the portfolio.
“We have also made good progress in continuing to reshape the underlying portfolio by selling two smaller assets and making a further acquisition increasing our holding at Angel Gate.”
bridget.o’connell@estatesgazette.com
