ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

IRET Ing Uk

52.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Ing Uk LSE:IRET London Ordinary Share GB00B0LCW208 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 52.50 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Picton Prop Inc Ltd NAV and Dividend

21/10/2015 7:00am

UK Regulatory


 
TIDMPCTN 
 
21 October 2015 
 
 
 
 
                        PICTON PROPERTY INCOME LIMITED 
                  ("Picton" or the "Company" or the "Group") 
 
         Net Asset Value as at 30 September 2015 and Interim Dividend 
 
 
Picton (LSE: PCTN), the income focused property investment company, announces 
its Net Asset Value for the quarter ended 30 September 2015 and Interim 
Dividend. 
 
Highlights during the quarter included: 
 
Financial 
 
  * Net Assets increased to GBP393.1 million (30 June 2015: GBP382.6 million). 
  * NAV/EPRA NAV per share rose 2.8% to 72.8 pence (30 June 2015: 70.8 pence). 
  * Total return for the quarter of 3.9% (30 June 2015: 4.6%). 
  * Net gearing of 34.6% (30 June 2015: 31.4%), reflecting a lower cash balance 
    following property acquisitions. 
  * Average debt maturity of 11.8 years, with a weighted average interest rate 
    fixed at 4.6% per annum. 
 
Dividend 
 
  * Dividend of 0.825 pence per share declared and to be paid on 30 November 
    2015 (30 June 2015: 0.825 pence per share). 
  * Post-tax dividend cover for the quarter of 122% (30 June 2015: 101%). 
  * Dividend yield of 4.6%, based on a share price of 71.5 pence on 19 October 
    2015. 
 
Portfolio Activity 
 
  * Like-for-like increase in property portfolio valuation of 2.2% (30 June 
    2015: 2.9%), with the strongest valuation gains in the central London 
    office subsector. 
  * Made two income accretive acquisitions: a modern office building in central 
    Glasgow for GBP14.25 million, yielding 7.8%, and a single let retail 
    warehouse in Sheffield for GBP17.7 million, yielding 6.6%. 
  * Completed eight lettings, adding GBP420,000 per annum to the rent roll (after 
    incentives); three lease renewals securing GBP210,000 per annum (after 
    incentives) and six rent reviews securing an uplift of over GBP40,000 per 
    annum. 
  * Occupancy maintained at 95% (30 June 2015: 95%). 
 
 
 
 
 
Commenting, Nick Thompson, Chairman of Picton, said: 
 
"Over the quarter, we continued to deliver strong returns to investors, 
increasing net assets and improving dividend cover. We have now also fully 
invested the proceeds from our recent Placing Programme into new assets that 
are already contributing to income growth." 
 
Michael Morris, Chief Executive of Picton Capital, added: 
 
"We have continued with our strategy to reshape the portfolio by acquiring 
attractive new assets at yields which will enhance earnings. In addition, we 
continue to make good progress with our asset management initiatives across the 
portfolio and have maintained high occupancy over the quarter." 
 
 
 
For further information: 
 
Tavistock 
 
Jeremy Carey/James Verstringhe, 020 7920 3150, jverstringhe@tavistock.co.uk 
 
 
Picton Capital Limited 
 
Michael Morris, 020 7011 9980, michael.morris@picton.co.uk 
 
The Company Secretary 
Northern Trust International Fund Administration Services (Guernsey) Limited 
Trafalgar Court 
Les Banques 
St Peter Port 
Guernsey 
GY1 3QL 
 
 
David Sauvarin, 01481 745 001, team_picton@ntrs.com 
 
Note to Editors 
 
Picton Property Income Limited ('Picton') is an income focused, property 
investment company listed on the London Stock Exchange. Picton can invest both 
directly and indirectly in commercial property across the United Kingdom. 
 
With Net Assets of GBP393.1 million at 30 September 2015, the Company's objective 
is to provide shareholders with an attractive level of income, together with 
the potential for capital growth by investing in the principal commercial 
property sectors.  www.picton.co.uk 
 
 
 
 
 
 
 
NET ASSET VALUE 
 
The unaudited Net Asset Value ('NAV') of Picton, as at 30 September 2015, was GBP 
393.1 million, reflecting 72.8 pence per share, an increase of 2.8% over the 
quarter. 
 
The NAV attributable to the ordinary shares is calculated under International 
Financial Reporting Standards and incorporates the external portfolio valuation 
as at 30 September 2015, including income for the quarter, but does not include 
a provision for the dividend this quarter which will be paid in November 2015. 
 
The next independent valuation of the property portfolio is scheduled for 
December 2015 and the NAV per share, as at 31 December 2015, will be announced 
in January 2016. 
 
A detailed breakdown of the NAV is included in the Appendix. 
 
 
 
 
DIVIDEND 
 
An interim dividend of 0.825 pence per share is declared in respect of the 
period 1 July 2015 to 30 September 2015 (1 April 2015 to 30 June 2015: 0.825 
pence). 
 
The dividend will be paid on 30 November 2015 to shareholders on the register 
on 13 November 2015. The ex-dividend date is 12 November 2015. 
 
Post-tax dividend cover for the quarter was 122% (30 June 2015: 101%). 
 
DEBT 
 
The Group has total borrowings of GBP233.3 million with a fixed weighted average 
interest rate of 4.6% and a weighted average debt maturity profile of 
approximately 11.8 years. 
 
As at 30 September 2015, net gearing, calculated as total debt including ZDPs, 
less cash, as a proportion of gross property value, was 34.6% (30 June 2015: 
31.4%) and principally reflected a lower cash balance at September 2015 
compared with June 2015, following two property acquisitions. 
 
 
MARKET BACKGROUND 
 
According to the MSCI IPD Monthly Index, total returns were 3.4% in the quarter 
to September 2015, compared to 3.6% in the quarter to June 2015. 
 
Capital growth remained positive and was 2.1% over the quarter, compared with 
2.2% in June 2015. Across the principal IPD sectors, office values rose by 3.1% 
(June 2015: 3.9%), industrial by 3.1% (June 2015: 2.8%) and retail by 0.8% 
(June 2015: 0.7%). Over the quarter, 36 of the 37 IPD segments recorded 
positive capital growth, unchanged from last quarter. 
 
Over the quarter to September, rents grew by 1.2%, compared with 1.1% in June 
2015. Across the principal IPD sectors, office rental values rose by 2.3% (June 
2015: 2.3%), industrial by 1.4% (June 2015: 1.1%) and retail by 0.3% (June 
2015: 0.2%).  Positive rental growth was recorded in 29 of the 37 segments, 
unchanged from the previous quarter, with the segments recording negative 
movements predominantly in the retail sector. 
 
The occupancy rate in the September IPD Monthly Index was marginally lower at 
90.6% (June 2015: 91.2%). 
 
 
PORTFOLIO UPDATE 
 
The portfolio comprises 58 properties which produce an annualised contractual 
net rental income of GBP40 million,  reflecting a net initial yield of 6.1% and a 
net reversionary yield of 6.9%. The weighted average unexpired lease term (to 
first termination) is 6.0 years. 
 
The portfolio valuation increased by 2.2% during the period, with central 
London offices again performing particularly well. Occupancy was maintained at 
95%. 
 
 
Key highlights in the quarter included: 
 
 
Industrial 
 
At a unit in River Way, Harlow, which remains fully let, we secured a 16% 
uplift in rent at the February 2015 rent review, increasing the rent to GBP 
169,600 per annum. The uplift was 6% ahead of ERV. 
 
Following completion of the refurbishment works to four vacant units at Lyon 
Business Park, Barking, terms have been agreed in respect of one unit, and we 
expect strong interest in the remaining units. 
 
At Parkbury, Radlett, we renewed one lease for a further five years, increasing 
the previous passing rent by 5% to GBP103,800 per annum, which was 3% ahead of 
ERV. One unit came back during the quarter and is being refurbished. 
 
 
Office 
 
At Angel Gate, London EC1, we continue to implement a rolling refurbishment 
programme to upgrade space.  As a result of this we have completed the letting 
of one unit at an annual rent of GBP131,950 per annum, or GBP47.50 per sq ft, 12% 
ahead of ERV. We are also under offer to lease a further two units at a 
combined rent of GBP307,000 per annum, equivalent to GBP48.43 per sq ft, 3.2% ahead 
of ERV.  We are currently refurbishing a further unit which will complete in Q4 
2015. 
 
We acquired a modern office building in Glasgow for GBP14.25 million, reflecting 
a net initial yield of 7.8%. 180 West George Street was constructed in 2000 and 
provides 52,100 sq ft of office accommodation over basement, ground and six 
upper floors and is located on a prime street in the heart of Glasgow's central 
business district. It is fully let and produces a net annual rental income of GBP 
1.18 million, equivalent to an average rent of under GBP23 per sq ft.  Occupiers 
include TSB Bank, Standard Life and Michael Page and the weighted average 
unexpired lease term is 2.4 years. 
 
 
Retail / Leisure 
 
We acquired a freehold retail warehouse in Sheffield for GBP17.7 million, 
reflecting a net initial yield of 6.6%. The property is well located close to 
Sheffield city centre, in an established retail warehouse location and adjacent 
to Queens Road Retail Park.  It was built in 2002 on a nine acre site, 
comprising a 103,000 sq ft retail warehouse with a 40,000 sq ft outdoor garden 
centre, builders' yard and 460 space car park. The property is leased to B&Q 
plc for a further 12.4 years at an annual rent of GBP1.24 million, which equates 
to a low overall rent of approximately GBP12 per sq ft and is subject to review 
in 2017. 
 
 
 
 
APPENDIX 
 
NET ASSETS SUMMARY 
 
The unaudited Net Asset Value is as follows: 
 
                               30 Sept 2015    30 June 2015     31 Mar 2015 
                                 GBPmillion        GBPmillion        GBPmillion 
 
Investment properties *            606.3           562.4           532.9 
 
Other assets                       18.8            18.4            17.6 
 
Cash                               20.3            53.9            70.1 
 
Other liabilities                 (19.0)          (19.1)          (17.8) 
 
Borrowings: Loan facilities       (206.2)         (206.5)         (206.7) 
 
       ZDP's                      (27.1)          (26.5)          (26.1) 
 
Net Assets                         393.1           382.6           370.0 
 
Net Asset Value per share          72.8p           70.8p           68.5p 
 
* The investment property valuation is stated net of lease incentives. 
 

(MORE TO FOLLOW) Dow Jones Newswires

October 21, 2015 02:00 ET (06:00 GMT)

1 Year Ing Uk Real Estate Income Trust Chart

1 Year Ing Uk Real Estate Income Trust Chart

1 Month Ing Uk Real Estate Income Trust Chart

1 Month Ing Uk Real Estate Income Trust Chart

Your Recent History

Delayed Upgrade Clock