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(Alliance News) - Picton Property Income Ltd on Tuesday said it outperformed its benchmark and delivered a net asset value rise in its first half of trading.
In the six months to September 30, Picton's net assets rose 2.3% to GBP510.7 million from GBP499.4 million in March. Its EPRA net asset value per share edged 1.1% higher to 94.00 pence from 93.00p in March.
The real estate investment trust's shares were 1.1% higher at 92.50p each in London on Tuesday morning.
Picton said it total property return for the period was 3.2%, beating the MSCI UK Quarterly Property Index benchmark of 0.8%.
The company held its dividend steady at 1.75p per share.
Picton said its industrial and office portfolios performed well during the half, but its retail unit succumbed to difficult market conditions.
"The retail property market has continued to weaken, and our portfolio has not been immune from the decline in investment and occupational demand. On a like-for-like basis capital values reduced by 6.1% or GBP8.4 million, principally driven by the retail warehouse sector," the company said.
By Eric Cunha; ericcunha@alliancenews.com
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