Picton’s net asset value has grown by 7.4% over the last quarter and the REIT has restored its dividends to pre-pandemic levels.
Net assets grew to £615.7m over the period to 31 December, up from £573.6m in September, against a total portfolio of £790m. The bulk of the rise was accounted for by a 6% valuation uplift, along with a 22% increase in the rents of three assets following rent reviews.
Chief executive Michael Morris said: “We have seen strong valuation performance this quarter, reflecting the improving demand in the market for assets such as ours. We are encouraged by the momentum in our asset management pipeline and our focus is on growing income and value further during 2022, through leasing and acquisition activity.”
Picton said occupancy was 91% for the period, a fall of 2% from the previous quarter, and 98% of rent had been collected.
The REIT has increased its dividend by 2.9% to 0.875p per share.
Picton’s chair, Lena Wilson, said: “The strength of NAV growth and underlying rent collection has given the board confidence to restore the dividend to its pre-pandemic level, marking the fourth increase since it was reset at the start of the pandemic.”
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