Picton Property Income has published results for the year that ended on 31 March 2014. Over the year its net asset value rose from 49p to 56p. Dividends paid fell from 3.5p to 3.0p. The total return on net asset for the year was 21.6% but the total return to shareholders was 50.2% as the company’s rating improved significantly, allowing them to raise money at a premium to asset value.
At the portfolio level, Picton Property Income saw its properties deliver a return of 14.0%, ahead of the IPD Index which returned 13.6%. Overall loan to value fell to 48% from 55% and they are targeting a mid-cycle gearing level of 35%.