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Picton Property Income Ltd on Thursday said it swung to an annual loss but nonetheless continued its outperformance of the MSCI UK Quarterly Property Index.
The UK commercial property-focused real estate investment trust swung to a pretax loss of £89.5 million in the financial year that ended March 31 from a profit of £147.0 million the year before.
Picton posted a 2.5% rise in net property income to £36.3 million from £35.4 million the previous year. Revenue from properties climbed 11% to £51.8 million from £46.5 million.
Chair Lena Wilson said: ‘Despite the challenges of inflation and higher interest rates, we have maintained both our EPRA earnings and our long-term track record of outperformance.’
Picton’s EPRA earnings totalled £21.3 million in the year, up marginally from £21.2 million the year prior.
EPRA net tangible asset per share stood at 100 pence on March 31, down from 120p at the same time a year prior.
Total return in the year was minus 13.9%, compared to a positive return of 28.3% the previous year.
Picton noted that for the tenth consecutive year it has outperformed the MSCI UK Quarterly Property Index by delivering a total property return of negative 8.7% in the year.
Shares in Picton were down 0.1% at 78.70 pence around midday on Thursday in London.
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