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Earnings● Neutral
Picton Property Income Q4: NAV Falls, Occupancy Holds
Picton Property Income NAV fell 2.5% in Q4 as higher rates hit valuations. Occupancy held at 94% with 98% rent collection. Dividend guidance of 6.1p per share reiterated.
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Picton Property Income Limited reported a 2.5% drop in net asset value per share for its fiscal fourth quarter, ending March 31, 2026, as higher interest rates continued to pressure UK commercial real estate valuations. The company's portfolio valuation declined 1.8% quarter-on-quarter, driven by outward yield shift in the office and industrial segments.
Occupancy held steady at 94%, unchanged from the third quarter, with 12 lease completions totaling 48,000 square feet across the period. Rent collection remained strong at 98% for the quarter, in line with the prior period. The company declared a quarterly dividend of 1.525 pence per share, payable in July.
Net rental income fell 3% year-on-year to £18.2 million, reflecting the impact of asset disposals completed in the first half of the fiscal year. The loan-to-value ratio edged up to 34% from 33% in Q3, as drawn debt increased modestly to fund capital expenditure on two refurbishment projects. The weighted average interest rate on drawn debt was 4.7%, up 20 basis points from the prior quarter.