Picton Property ups dividend as outperforms benchmark in half-year

Picton Property Income Ltd on Wednesday said it was encouraged by the leasing potential across all three sectors within its portfolio, as it announced a higher interim dividend.

The Guernsey-based real estate investment trust said net asset value per share rose 2.0% to 102 pence as at September 30, from 100p at March 31.

NAV total return for the six months to September 30 was 3.4%, with property total return of 2.7%, outperforming its benchmark total return, the MSCI UK Quarterly Property Index, which had a return of 2.7%. It was also an improvement from the company’s total return of 2.2% a year ago.

Picton Property said its total borrowings were £209 million, all at fixed rates with a weighted average interest rate of 3.7%.

The company declared a dividend of 1.9p for the first financial half, up 2.7% from 1.85p a year ago.

Looking ahead, the firm said it was encouraged by the leasing potential across all three sectors within its portfolio.

Picton Property added: ‘While we remain committed to focusing on the things we can control, some factors are more widely felt. All eyes are on the UK budget, due later this month, which feels to have overshadowed much of the year. A pro-business agenda is now what is needed. Against this backdrop, the board and management are continuing to explore ways to continue to create further value for shareholders.’

Picton Property shares fell 1.4% to 77.93 pence each on Wednesday afternoon in London.

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