Picton Property Income wants to be larger – Picton Property Income has released results for the year ended 31 March 2019. Highlights are:
- Increase in net assets of 2.5%, to GBP499 million, or 93p per share
- Total return of 6.5%
- Increased EPRA earnings to GBP22.9 million, or 4.3p per share
- Paid dividends of GBP18.9 million, or 3.5p per share
- Dividend cover of 122%
- 9% reduction in total debt outstanding to GBP194.7 million
- Net saving of GBP1.1 million in annual finance costs
- Further reduction in loan to value ratio to below 25%
- Debt restructured to provide operational flexibility
- Total property return of 7.5%, outperforming MSCI UK Quarterly Property Index of 4.6%
- Portfolio outperformance against MSCI over one, three, five and ten years
- Like-for-like valuation increase of 1.8%
- Like-for-like rental value change of -0.2%
- Occupancy of 90%
- Two asset disposals for GBP12.0 million, 9.7% ahead of March 2018 valuations
- GBP1.6 million invested in refurbishment projects
- Conversion to UK REIT – entered UK REIT regime on 1 October 2018
- Tax savings for six-month period following REIT conversion
Nicholas Thompson, Picton’s chairman, said “Now we are a UK REIT, we need to take advantage of this structure. With our opportunistic approach we will continue to look at ways to grow Picton, though always with a focus on performance and the economies of scale that can be achieved through growth. Our desire is to continue to build on our long-term track record and to ensure that Picton, with its new Board, is best placed to achieve this.”
PCTN : Picton Property Income wants to be larger