Picton Property Income (LON:PCTN) reported an annual profit after tax of GBP 26 million, equating to GBP 0.05 per share, during an investor presentation on [date omitted]. The UK REIT saw a total return of 6.1% for the year and maintained dividends of GBP 0.038 per share, marking a nearly 3% increase from the previous year. Despite a decline in net assets influenced by a share buyback program, the net asset value per share rose by 2%.
Valuations within the portfolio increased by 0.7%, primarily driven by industrial assets, which now constitute nearly two-thirds of the portfolio. The company disposed of the Stanford Building for net proceeds of nearly GBP 35 million, with plans to reinvest into strategic assets. Picton’s loan-to-value ratio stood at 24%, while its average cost of debt was 3.7%.
Occupancy rates fell to 84% compared to an average of 92%GBP 8.8 million from leasing vacant space and adjusting rents to market levels.
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