LONDON (Alliance News) - Picton Property Income Ltd on Wednesday said its net asset value per share rose in the first quarter as it declared its first interim dividend of the current financial year.
Picton said its net asset value per share rose to 77.40 pence from 77.20p at the end of March. On a like-for-like basis, the portfolio value grew 0.5% in the quarter, with occupancy remaining stable at 96%.
Picton completed 12 lettings in the quarter, on average at 7.0% ahead of March estimated rental values and adding GBP1.0 million to its annual rent roll.
The company said it will pay an interim dividend for the quarter of 0.825 pence per share, flat year-on-year.
"Despite the uncertainty created by the EU Referendum, the NAV has remained stable over the period which is primarily a reflection of active management activity, combined with strong dividend cover. Our closed ended structure, access to capital and operational flexibility, means we are well positioned to manage risks and take advantage of attractive opportunities should they arise," said Chairman Nick Thompson.
Shares in Picton were up 2.4% to 68.06 pence Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Picton Prop (PCTN)