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Picton Property sees valuations increase 1.4%

Picton Property reported a rise in the value of its portfolio of 1.4% in full year results to the end of March 2020.

The company’s portfolio was valued at £665m, down from £685m in March 2019 after two asset disposals, but up 1.4% on a like-for-like basis.

The valuation increase is in despite of material uncertainty in the property market and reflects the strength of Picton’s portfolio, which is heavily weighted to the industrial and logistics sector.

Net assets increased to £509m (March 2019: £499m), with EPRA net asset value (NAV) per share flat at 93p.

EPRA earnings per share dropped to 3.7p per share (March 2019: 4.3p) but still covered a dividend of 3.5p (March 2019: 3.5p).

Total shareholder return for the year was 3.6%, while total property return was 5.3% – well ahead of the MSCI UK Quarterly Property Index of -0.5%.

The company has a low loan to value (LTV) of 22%, and is well capitalised after agreeing a new £50m revolving credit facility (RCF) post year end.

Post year end and covid-19 update

The group has now collected or agreed payment plans on 91% of March 2020 rent, with less than 1% currently subject to write off.

Post year end, it has concluded two new lettings in line with the March 2020 ERV; four lease extensions 13% above the March 2020 ERV; and two rent reviews 22% above the March 2020 ERV. Together these transactions add £0.3m to the annualised rent roll.

A further six lettings, for a combined annual rent of £0.5m, and seven lease extensions, for a combined annual rent of £1m, are agreed in principle and subject to legal documentation.

PCTN : Picton Property sees valuations increase 1.4%

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