Picton’s portfolio value plunges 12.4%

Picton Property Income’s net asset value has fallen by 12.4% over the last quarter. The NAV for the UK REIT, which owns and manages a £775m portfolio of 49 properties, fell from £636.4m to £557.3m, while like-for-like the valuation declined by 9%. However, rent reviews secured an average increase of 28% on previous rents and 3% on September’s ERV. Chair Lena Wilson said: “During the quarter we have seen the impact of market volatility on our property portfolio valuation. Our modest gearing level, predominately fixed-rate loan facilities and strong dividend cover, have helped to mitigate the impact on net assets.” Chief executive Michael Morris added: “Although we have seen further upward yield movement in the valuation of our assets, at a property level we have been able to offset some of this impact through asset management and leasing activity which has also grown rental income. Our outperformance over the quarter relative to the MSCI Monthly Index demonstrates the team is focused on unlocking potential in our portfolio.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews