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Picton Property posts 3% increase in NAV

Picton Property posts 3% increase in NAV

Picton Property has reported a 3% rise in net asset value (NAV) in the quarter to the end of December 2020.

The group, which owns a diverse property portfolio weighted towards industrial, said EPRA NAV per share was 95.5p at 31 December 2020, up from 92.7p at 30 September.

NAV total return (including dividends paid) for the period was 3.7%.

The uplift in NAV was primarily due to a 2.7% increase in the value of its portfolio over the quarter to £662.5m.

Its industrial assets, which account for 52.4% of the portfolio, increased in value by 7.9%. Offices (36.4% of portfolio) and retail and leisure (11.2% of portfolio) both fell in value by 2.5% in the quarter.

Rent collection

The group has so far collected 76% of rents for the current quarter (87% including expected receipts under monthly payments plans).

It also updated on rent collection figures for previous quarters. It has received 95% for the final quarter of 2020, 95% for the third quarter and 90% for the second quarter.

Dividend

Due to the relatively strong rent collection rates, the group has declared an increased dividend of 0.8p for the quarter. This is above the 0.7p declared for the previous quarter and close to its pre-pandemic quarterly dividend level of 0.875p.

Operational highlights

The company completed six lettings in the quarter, all in the office sector, at a combined annual rent of £0.7m, 4% ahead of September 2020 estimated rental value (ERV).

It also conducted six lease renewals and two rent reviews that were 15% ahead of previous passing rent and 2% ahead of ERV.

Occupancy across the portfolio remained stable at 90%.

The company disposed of a high street retail asset for just under £4m, reducing its high street retail exposure to 3%.

PCTN : Picton Property posts 3% increase in NAV

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