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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Picton Property Income Ld | PCTN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.20 | 0.29% | 69.00 | 11:56:01 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 68.60 | 68.30 | 69.00 | 68.80 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT & SERVICES |
| Top Posts |
|---|
Posted at 26/7/2023 09:17 by speedsgh Trading Update and Net Asset Value as at 30 June 2023 - Dividend Declaration - ~ NAV decline in offices (-3.2%) outweighed the small increases in industrial, retail & leisure. Offices now account for 31.2% of total portfolio. "Whilst we saw modest valuation increases in the industrial and retail and leisure assets, office assets and particularly those in London were subject to further decline, reflecting the more limited investor demand in that sector currently." "In the office sector we renewed the leases on a single leased building in Colchester, two small suites in Glasgow and an ancillary residential unit in Covent Garden, securing a combined £0.5 million per annum, which is 6% ahead of the March 2023 ERV. Using permitted development rights, we have secured further changes of use from office to residential on vacant office space at our scheme in Islington. In total permission has now been secured for 28 units (45 bedrooms) and have applications pending on a further 7 units (21 bedrooms). We are also progressing further repositioning initiatives in Cardiff and Hammersmith and updates will be provided as appropriate." ~ Occupancy down slightly at 90% "Occupancy was 90%, reflecting slightly lower leasing activity over the quarter, combined with a specific asset management led surrender." ~ Quarterly dividend maintained at 0.875pps. Dividend was uncovered for the quarter at 96% (31 March 2023: 111%). |
Posted at 07/3/2023 12:54 by speedsgh I have to disagree, Peter. There are so many ways of comparing (NAV, NAV total return, share price total return etc) and it of course depends over what timescales you want to compare. From my experience as a LTBH investor who first invested in 2011, PCTN has performed admirably providing a growing income (currently 8% yield on my average cost) and steady capital appreciation. On a pure NAV view it also appears to have outperformed most of its generalist peers over all bar the most recent timescales e.g.Ticker >> NAV 31/12/15 >> NAV 31/12/22 >> % change PCTN >> 75.7p >> 102.2p >> +35.0% API >> 82.2p >> 84.8p >> +3.2% BCPT >> 135.3p >> 118.5p >> -12.4% CTPT >> 99.9p >> 95.4p >> -4.5% SREI >> 62.4p >> 62.0p >> 0% UKCM >> 86.7p >> 79.7p >> -8.0% I would be interested to see a comparison of NAV total return over the long term but unfortunately don't have the data available for this. More than happy to continue to hold here. |
Posted at 10/2/2022 11:27 by speedsgh Picton acquires Mill Place, Gloucester from Robert Hitchins Ltd - Robert Hitchins Ltd has completed the sale of Mill Place Industrial Estate in central Gloucester to UK REIT, Picton Property Income for £10.4 million reflecting a net initial yield of 6.1%. The estate offers a range of 38 industrial, storage and office premises alongside the A430 Bristol Road totalling circa 365,000 sq ft on a 19-acre site. The 25 occupiers include Nuovo Deroma, Reuseaworld, Genesis Timber and Gloucester Carpets. Robert Hitchins Ltd, based at Boddington, Gloucestershire, is one of the leading property developers and investors in the South West and South Wales. Senior Asset and Development Manager John Jones said: “The sale of Mill Place to Picton will enable us to further reposition and modernise the commercial property portfolio via new development and investment acquisition.” Picton, established in 2005, is an award-winning Real Estate Investment Trust (REIT) investing in UK commercial property. Its property portfolio consists of 46 assets in the industrial, office, retail and leisure sectors all over the UK. It acquires, creates and manages buildings for around 350 commercial occupiers across a wide range of businesses. Last year it acquired the adjoining Madleaze Trading Estate in Gloucester for £13.1 million. Its combined ownership now totals more than 29 acres, with 670,000 sq ft of warehouse and ancillary accommodation, with a site coverage of 52%. Michael Morris, Chief Executive of Picton, commented: “We are pleased to have the opportunity to increase our ownership in Gloucester. By combining these two holdings, we have created a larger asset, providing our occupiers with greater choice and the potential to unlock further asset management opportunities. “In the short term, we intend to improve and reposition the estate to broaden its appeal to new and existing occupiers, while also exploring longer term options to realise the full potential of this substantial city centre, canalside location.’ Picton Property were represented by Colliers International. Robert Hitchins Ltd were unrepresented. |
Posted at 13/6/2019 08:47 by danielbird193 Sounds sensible but I wish they'd include details of how much additional rent roll will result from the planned capex (or at least give a targeted IRR for the additional capital raised). If the IRR isn't higher than their WACC then it's a foolish move. I assume they (or their bankers) have done their sums so why don't they give humble investors this information? |
Posted at 04/6/2019 08:46 by mushypeas 2w:-Picton was previously domiciled in the channel islands where no corporation tax was levied. The UK treasury is now bearing down on this tax exemption - hence the change to UK REIT status and with it no effective change in the distributions for an ISA investor. |
Posted at 01/1/2018 17:08 by janeann see rns/ news released by pctn 22 dec ...........PRN 22 December 2017 PICTON PROPERTY INCOME LIMITED (Picton, the Company or the Group) LEI: 213800RYE59K9CKR4497 Key Information Document Picton Property Income Limited (the Company) will release a Key Information Document (KID) in compliance with the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation on 2 January 2018. The KID will be available on the Companys website from the above date, within the Investors section, under Key Information Document. For further information please contact: |
Posted at 30/12/2017 12:53 by ugandalad Anyone have views on the significance of the post whichI've uplifted from a Citywire email this morning purporting to emanated from HL.It appears to be 6 days old so not impacted the share price much yet. I assume because of the source it's true. quoteI have been told by HL that as from Jan 18 it will not be possible to buy any further shares in Picton either by them or any other UK stockbroker because of their failure to issue a KID which a requirement by the new rules (‘PRIIPs).. This sounds quite odd but HL have been quite clear on the matter (see below); "The new regulation requires that issuers of certain types of investments (known as ‘Packaged Retail Investment and Insurance Products’ or ‘PRIIPs’ Without a KID, private investors will not be able to make any further purchases, although they can continue to hold the PRIIPs they already own. They can also sell at any stage. The issuer of Picton Property Income Limited Ord NPV have not confirmed that they intend to publish a KID. This means that from 1 January 2018 you may not be able to buy any more of this stock. As well as the dealing instructions you give us, the new regulation applies to automated trades we place on your behalf (such as dividend reinvestments, limit orders and regular savings instructions). Therefore, from the start of next year we may also need to turn off any automated trades we would otherwise have placed in this stock. Please be assured that we will continue liaising with investment providers on this matter and if yours does publish a KID we shall let you know. However, if they fail to publish a KID then from 1 January 2018 you will not be able to buy any more of this stock." I wonder where this leaves current Picton shareholders who want to have more shares either through reinvestment of dividends or simply as a new investment- why is there a reluctance from Picton to issue the KID? Unquote |
Posted at 23/10/2017 08:26 by speedsgh Net Asset Value as at 30 September 2017 and Interim Dividend Declaration - Continued NAV growth - Increase in Net Assets to £463.8 million (30 June 2017: £452.5 million). - NAV/EPRA NAV per share rose 2.5% to 85.9 pence (30 June 2017: 83.8 pence). - Total return for the quarter of 3.5% (30 June 2017: 3.4%). - Net gearing of 28.2% (30 June 2017: 27.0%). Fully covered dividend declared - Dividend of 0.85 pence per share declared and to be paid on 30 November 2017 (30 June 2017: 0.85 pence per share). - Annual dividend equivalent to 3.4 pence per share, delivering a dividend yield, based on 19 October 2017 share price, of 4.2%. - Dividend cover for the quarter of 119% (30 June 2017: 116%). Portfolio growth and improvement in occupancy - Like-for-like increase in property portfolio valuation for the quarter of 1.9% (30 June 2017: 1.8%). - Completed the purchase of a grade A office in Bristol for £23.15 million. - Completed the disposal of two non-core assets for £9.86 million, 5.9% ahead of the June valuation. - Completed seven lettings, six rent reviews and two lease renewals, on average 3.3% ahead of the June ERV, with a combined annual rent of £1.8 million. - Occupancy increased to 95% (30 June 2017: 94%). DIVIDEND DECLARATION A dividend of 0.85 pence per share is declared in respect of the period 1 July 2017 to 30 Sept 2017 (1 April 2017 to 30 June 2017: 0.85 pence). The dividend will be paid on 30 November 2017 to shareholders on the register on 10 November 2017. The ex-dividend date is 9 November 2017. Post-tax dividend cover over the quarter was 119% (30 June 2017: 116%). |
Posted at 26/4/2016 14:25 by speedsgh Net Asset Value as at 31 March 2016 and Interim Dividend - Picton (LSE: PCTN), the income focused property investment company, announces its Net Asset Value for the quarter ended 31 March 2016 and Interim Dividend. Highlights during the quarter included: Financial * Net Assets increased to GBP417.1 million (31 December 2015: GBP408.8 million). * NAV/EPRA NAV per share rose 2.0% to 77.2 pence (31 December 2015: 75.7 pence). * Total return for the quarter of 3.1% (31 December 2015: 5.1%). * GBP15.8 million drawn from revolving credit facility at cost of 2.3% to part fund Manchester acquisition. * Average debt maturity of 10.7 years, with a weighted average interest rate of 4.4% per annum. * Net gearing of 34.6% (31 December 2015: 33.3%). Dividend * Dividend of 0.825 pence per share declared and to be paid on 31 May 2016 (31 December 2015: 0.825 pence per share). * Post-tax dividend cover for the quarter of 106% (31 December 2015: 117%). * Dividend yield of 4.7%, based on a share price of 70.25 pence on 22 April 2016. Commenting, Nick Thompson, Chairman of Picton, said: "We have continued to deliver results which have outperformed and it is particularly pleasing to deliver positive NAV growth, despite European Referendum headwinds and the one-off effect of the Chancellor's hike in stamp duty in March. This demonstrates the quality of our portfolio, the success of our strategy and its implementation over the period." DIVIDEND An interim dividend of 0.825 pence per share is declared in respect of the period 1 January 2016 to 31 March 2016 (1 October 2015 to 31 December 2015: 0.825 pence). The dividend will be paid on 31 May 2016 to shareholders on the register on 13 May 2016. The ex-dividend date is 12 May 2016... DEBT ...The Group has 22 million zero dividend preference shares which it intends to repay at maturity in October 2016. Picton has considered the potential of a conversion of ZDPs into ordinary shares, but has concluded this is not a viable option in the current market. It currently has GBP10.2 million of undrawn facilities, more than GBP95 million of uncharged property assets, and existing cash resources to facilitate the repayment. As such the Group has agreed terms in principle for a new five year debt facility, to meet the ZDP liability, which will be subject to usual due diligence before being finalised. |
Posted at 26/1/2016 11:14 by speedsgh Not showing on investegate either.Announcement available from PCTN website here... Net Asset Value as at 31 December 2015 and Interim Dividend - |
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