23rd Jan 2019 12:15
LONDON (Alliance News) - Picton Property Income Ltd on Wednesday said its net asset value and portfolio valuation rose slightly in the third quarter of its current financial year.
The investment firm reported net asset value per share of 92.5 pence as at December 31, up 0.3% from 92.2p reported at the end of September 2018.
The stock was trading 0.1% higher on Wednesday midday at 84.15p a share.
Picton Property Income declared a dividend of 0.875p a share, unchanged quarter-on-quarter.
The company said it saw a like-for-like increase in property portfolio valuation for the quarter of 0.1%, driven by industrial sector gains. Meanwhile, the retail and leisure sector valuation declined over the quarter, principally impacted by weaker sentiment in the regional retail and retail warehouse sectors.
During the period, Picton Property Income completed six lease renewals, with a combined annual rent of GBP2.1 million.
"Given the current macro environment, we are encouraged by positive NAV growth during the period," said Picton Property Income Chair Nick Thompson.
"As the debate and uncertainty around Brexit continues, it is becoming much clearer which parts of the market are still active and which are not," added Chief Executive Michael Morris.
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