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The valuation of Picton’s property portfolio showed a 2.1% like-for-like increase in the three months ending 31 December 2017 (Q318), primarily driven by asset management, continuing growth in expected rental values and yield compression on some assets. Including the dividend, NAV total return was 4.1%, with dividend cover increasing to 126%. The targeted DPS for the current year was increased by c 3% to an annualised 3.5p (a well covered 4.1% yield). Ongoing active asset management initiatives provide additional opportunities, with leasing progress continuing in Q4.

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