21st Jan 2015 08:49
LONDON (Alliance News) - Picton Property Income Ltd on Wednesday reported a rise in net asset value per share and in the value of its property portfolio in its financial third quarter.
Picton said its net assets increased to GBP315.7 million in the third quarter to the end of December, up from the GBP273.7 million posted at the end of September.
The company's net asset value per share rose 5.9% in the quarter to 66 pence, up from 62.3 pence at end-September, while the like-for-like value of its property portfolio grew 4.1%, ahead of the 3.8% growth reported in the second quarter.
The company said it will pay a 0.75 per share dividend for the quarter, flat on the dividend paid in the second quarter.
Picton said its occupancy level rose in the quarter to 95%, from 94% at the end of September, as it completed 16 lettings over the three months, adding GBP1.2 million per year to its annual rent roll.
"We have made good progress over the quarter, enhancing the portfolio by investing in our assets, letting space and disposing of non-core assets. We have also benefited from positive capital growth across the portfolio and seen encouraging signs of strengthening occupier activity outside the London markets," said Picton Chief Executive Michael Morris.
Picton shares were up 1.9% to 68.50 pence on Wednesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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