Picton Property Income Ltd on Tuesday reported a rise in net assets for the quarter ended December 31, and proposed a quarterly dividend of 0.925 pence per share, in line with the previous quarter.

The Guernsey-based property investment company said net assets increased to £536.8 million as of December 31, up 2.3% from £524.8 million as of September 30.

Net tangible assets per share rose 2.3% to 98.5 pence from 96.3p, driven by portfolio growth, asset management, and rental income increases.

The total return for the quarter was 3.2%, compared to 1.3% in the prior quarter.

Chief Executive Michael Morris said: ‘This was a strong quarter and reflects both progress at a portfolio level and our hands-on approach to improving income and creating value.

‘We are now expecting completion of our asset disposals prior to the March year end, which will reduce our office exposure to below 25% and will further improve our portfolio occupancy to 95%.’

During the quarter, Picton invested £4.3 million into upgrading office assets in Bristol, Chatham, Colchester, and Marlow. It also exchanged contracts for the sale of a part-vacant office asset for £13.1 million, 5% ahead of its September valuation.

Operational highlights included completing nine new lettings with a combined annual rent of £1.3 million, 6% ahead of the September estimated rental value. Six lease renewals secured £1.1 million in annual rent, a 44% increase on the previous passing rent.

Chair Lena Wilson said: ‘In my last update as chair, I am delighted that we are delivering a NAV uplift, which is driven by property portfolio growth.

‘This is a reflection of our continued upgrading and investment into the portfolio, proactive asset management and ability to capture rental growth. Our dividend remains fully covered and we have a strong balance sheet.’

Shares in Picton Property closed up 2.6% at 62.70 pence each in London on Tuesday.

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