Picton Property Income hikes quarterly dividend

Picton Property Income declared a 5.7% increase in its dividend on Wednesday, with the interim payment for 1 January to 31 March to be 0.925p per share, up from 0.875p per share for the three months ended 31 December.

The London-listed firm said the dividend increase reflected recent portfolio activity, and the subsequent repayment of the company's floating rate debt.

Picton said it intended to maintain a fully-covered dividend at a higher level.

The ex-dividend date was set as 9 May, with a record date of 10 May and a payment date of 31 May.

Picton said the dividend would be designated as a property income distribution (PID).

At 1105 BST, shares in Picton Property Income were up 0.31% at 66.51p.

Reporting by Josh White for Sharecast.com.