(Alliance News) - Picton Property Income Ltd on Thursday said it swung to an annual loss but nonetheless continued its outperformance of the MSCI UK Quarterly Property Index.
The UK commercial property-focused real estate investment trust swung to a pretax loss of GBP89.5 million in the financial year that ended March 31 from a profit of GBP147.0 million the year before.
Picton posted a 2.5% rise in net property income to GBP36.3 million from GBP35.4 million the previous year. Revenue from properties climbed 11% to GBP51.8 million from GBP46.5 million.
Chair Lena Wilson said: "Despite the challenges of inflation and higher interest rates, we have maintained both our EPRA earnings and our long-term track record of outperformance."
Picton's EPRA earnings totalled GBP21.3 million in the year, up marginally from GBP21.2 million the year prior.
EPRA net tangible asset per share stood at 100 pence on March 31, down from 120p at the same time a year prior.
Total return in the year was minus 13.9%, compared to a positive return of 28.3% the previous year.
Picton noted that for the tenth consecutive year it has outperformed the MSCI UK Quarterly Property Index by delivering a total property return of negative 8.7% in the year.
Shares in Picton were down 0.1% at 78.70 pence around midday on Thursday in London.
By Heather Rydings, Alliance News senior economics reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Picton Prop (PCTN)