The company, which invests in commercial property in the
Picton said it has started to see property values stabilise in the
"The combination of improving investor sentiment, transaction volumes and market pricing has led to a rise in capital values over 12 consecutive months," the firm said.
Net property income, which incorporates revenue from properties and property expenses, fell to
Picton said it made progress in a number of areas during the period, including increasing total shareholder return to 50.2% from 6.2% a year earlier. The total return based on net asset value was 21.6% compared with a deficit of 7.6% a year ago.
The property investors said it has "re-shaped" its portfolio with three acquisitions and seven disposals during the year. In addition, Picton signed 47 new lettings securing
Overall occupancy across the portfolio increased to 91% from 88% a year ago. The portfolio was valued at
The largest assets in the portfolio is
Looking ahead, Picton said its objectives of the next twelve months include further increasing the portfolio's occupancy and improving its income profile, while creating value through identified asset management initiatives.
Picton paid four interim dividends of
Picton shares were quoted up 1.0% at
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