The EPRA earnings per share improved 9.5% to 2.2p while the EPRA NAV increased 9.5% to 92 pence per share.
Picton delivered a strong return of 3.9% helped by total property return of 4.4%, which outperformed the MSCI IPD quarterly benchmark of 3.2%. The company booked a £3.2 m as one-off prepayment fee towards the early repayment of £33.7 of the Canada Life Facility. This along with lower property valuation adjustments and disposals led to a drop in reported profit before tax to £18.9m from £30.6m in the previous period.
Michael Morris, CEO, commented: “We continue to manage the portfolio and our occupiers, with a view to enhancing our income and capital position through the investment cycle. Our current performance can be directly attributed to the work we’ve put into reshaping the property portfolio, and separately having considerably strengthened the Company’s balance sheet over the past few years.”