Picton Property Income Ltd - Net Asset Value as at 30 June 2021
28 July 2021
(“Picton”, the “Company” or the “Group”)
Net Asset Value as at
Picton announces a 3.2% increase in Net Asset Value for the quarter ended
-- Net assets of £545.7 million (
31 March 2021: £528.2 million). -- NAV/EPRA NTA per share increased by 3.2% to 99.9 pence( 31 March 2021: 96.8 pence). -- Total return for the quarter of 4.0% ( 31 March 2021: 2.2%). -- LTV of 20.6% ( 31 March 2021: 20.9%).
-- Like-for-like portfolio valuation uplift of 2.9% over the quarter. -- Completed seven lettings, across all sectors, 2% below the
March 2021ERV with a combined annual rent of £0.9 million. -- Secured an average increase of 21% against the previous passing rent from six rent reviews, all in the industrial sector, with a combined annual rent of £0.5 million which was 15% ahead of the March 2021ERV. -- Stable occupancy of 91% ( 31 March 2021: 91%).
-- 94% of
June 2021rents have been collected or are expected to be received under monthly payment plans. The collection rate is expected to improve further over the coming weeks. -- Rent collection rate of 95% for the March 2021quarter.
Dividend increased by 6.3%
-- Interim dividend of
0.85 penceper share declared and to be paid on 31 August 2021( 31 March 2021: 0.8 penceper share). -- Annualised dividend equivalent to 3.4 penceper share, delivering a dividend yield of 3.8%, based on 26 July 2021share price. -- Dividend cover for the quarter of 121% ( 31 March 2021: 122%).
Lena Wilson CBE, Chair of Picton, commented:
“This is the fourth consecutive quarter that we have delivered growth in net assets. In addition, we have taken the positive step to announce today a further 6.3% dividend increase.”
“We’ve had another successful quarter and are encouraged by our pipeline of activity across all sectors. This reflects improving sentiment as lockdown restrictions ease and as market conditions normalise.”
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE
For further information:
Note to Editors
Picton, established in 2005, is a
Through an occupier focused, opportunity led approach to asset management, Picton aims to be one of the consistently best performing diversified
For more information please visit: www.picton.co.uk
NET ASSET VALUE
The unaudited Net Asset Value (‘NAV’) of Picton, as at
The NAV attributable to the ordinary shares is calculated under IFRS and incorporates the independent market valuation as at
30 Jun 2021 31 Mar 2021 31 Dec 2020 30 Sept 2020 £million £million £million £million Investment properties* 687.5 669.2 662.5 650.6 Other assets 23.2 21.5 23.2 22.6 Cash 21.2 23.4 22.6 18.9 Other liabilities (20.3) (19.7) (20.8) (19.4) Borrowings (165.9) (166.2) (166.5) (166.8) Net Assets 545.7 528.2 521.0 505.9 Net Asset Value per share 99.9p 96.8p 95.5p 92.7p
*The investment property valuation is stated net of lease incentives and includes the value of owner-occupied property.
The movement in Net Asset Value can be summarised as follows:
Total Movement Per share £million % Pence NAV at 31 March 2021 528.2 96.8 Movement in property values 16.5 3.1 3.0 Net income after tax for the period 5.3 0.9 0.9 Dividends paid (4.4) (0.8) (0.8) Other 0.1 - - NAV at 30 June 2021 545.7 3.2 99.9
A separate announcement has been released today declaring an increased dividend of
Dividend cover over the quarter was 121% (
The Group has received 87% of the rent for the June quarter, which increases to 94% including agreed monthly payments. These collection figures are in line with the March numbers calculated after the same number of days.
The table below sets out the rent collection statistics for the June quarter, analysed by sector.
Total Industrial Offices Retail & Leisure Collected 87% 89% 90% 74% Moved to monthly 7% 8% 1% 14% Outstanding 6% 3% 9% 12%
Total borrowings at
The weighted average debt maturity profile of the Group is approximately 8.7 years and the weighted average interest rate is 4.2%.
Picton has £50 million available through its undrawn revolving credit facility.
Like-for-like, the portfolio valuation increased over the quarter by 2.9% or £19.6 million, and £1.7 million of capital expenditure was incurred across the portfolio during the period. The valuation movements over the quarter are shown below:
Sector Portfolio Like-for-like Allocation Valuation Change Industrial 53.9% 4.8% South East 40.6% Rest of UK 13.3% Offices 35.0% 0.2% London City and West End 8.5% Inner and Outer London 4.7% South East 10.7% Rest of UK 11.1% Retail and Leisure 11.1% 2.3% Retail Warehouse 6.9% High Street – Rest of UK 2.8% Leisure 1.4% Total 100% 2.9%
Strong investment and occupational demand in the industrial sector again led to positive performance. High occupancy within the portfolio is driving rental growth, which we are capturing through lease events and active management.
We secured a further occupier for all of the remaining office space at
The positive performance in the retail and leisure sector was driven by retail warehousing which offset a small decline in the high retail street assets over the quarter. Having secured planning permission for a change of use to offices, we secured HM Government for an end of terrace unit at Parc Tawe,
Occupancy was maintained at 91%.
The top ten assets, which represent 56% of the portfolio by capital value, are detailed below.
Asset Sector Location
Parkbury Industrial Estate, Radlett Industrial South East River Way Industrial Estate, Harlow Industrial South East Angel Gate, City Road, EC1 Office London Stanford Building, Long Acre, WC2 Office London Datapoint, Cody Road, E16 Industrial London Tower Wharf, Cheese Lane, Bristol Office South West Shipton Way, Rushden, Northants Industrial East Midlands Lyon Business Park, Barking Industrial Outer London 50 Farringdon Road, EC1 Office London Colchester Business Park, Colchester Office South East
According to the MSCI Monthly
Capital growth was 2.7% (
MSCI capital growth
Number of MSCI segments Quarterly growth Positive growth Negative growth Industrial 6.7% 7 0 Office 0.0% 4 6 Retail 0.7% 9 10 All Property 2.7% 20 16
MSCI rental growth
Number of MSCI segments Quarterly growth Positive growth Negative growth Industrial 1.8% 7 0 Office 0.1% 5 5 Retail -1.0% 0 19 All Property 0.4% 12 24