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Picton Property Income
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=== Pandemic bounce back supports 28% NAV return === NAV per share increased to 120p (FY21: 97p), driven by a strong weighting to the industrial sector and asset management initiatives. Including DPS paid the FY22 total return was 28%. Having increased twice during the year, the annualised rate of quarterly DPS is back to the pre-pandemic level of 3.5p. EPRA earnings were up 5.5% to Β£21.2m or 3.9p per share, covering DPS by 1.15x. The ungeared property total return of 24.3% outperformed the MSCI UK Quarterly Property Index (19.6%) as it has done for the past nine years with upper-quartile performance over three, five and 10 years and since inception. Edison Investment Research's forecasts include an increase in NAV and slight reduction in EPS driven by cost inflation with DPS growth maintained.
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