| Item | Q3 2105 result | Quarterly change |
|---|---|---|
| NAV per share | 72.8p | 2.80% |
| Total return | 3.90% | 0.7 percentage points |
| Property value | 2.20% | |
| Rent roll | £420,000 | |
| Gearing | 34.60% | 3.2 percentage points |
Picton has posted a 2.8% rise in its net asset value to 72.8p per share to the end of the third quarter of 2015.
The rise in NAV has helped the company deliver a total return for the quarter of 3.9%, slightly down on the previous quarter’s 4.6%.
The value of the property in the portfolio on a like-for-like basis increased by 2.2% and the rent roll increased by £420,000 over the quarter.
The increase in rents came through the addition of two new properties, one £14.25m Glasgow property yielding 7.8% and another retail warehouse in Sheffield yielding 6.6%.
In addition the company has completed eight new lettings.
Gearing has increased to 34.6% from 31.4%, reflecting the lower cash balance following property acquisitions.
Michael Morris, chief executive of Picton Capital, added: “We have continued with our strategy to reshape the portfolio by acquiring attractive new assets at yields that will enhance earnings. In addition, we continue to make good progress with our asset management initiatives across the portfolio and have maintained high occupancy over the quarter.”
