Share Name Share Symbol Market Type Share ISIN Share Description
Picton Property Income LSE:PCTN 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
  +0.75p +0.90% 84.25p 83.75p 84.25p 84.75p 83.50p 84.75p 783,595 16:35:02
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 45.9 20.1 3.7 22.8 455.00

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Date Time Title Posts
24/1/201718:35Undervalued, High-yielding Property Co...369.00
17/5/201309:29 Picton Property Income6.00

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Picton Property Daily Update: Picton Property Income is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker PCTN. The last closing price for Picton Property was 83.50p.
Picton Property Income has a 4 week average price of 82.75p and a 12 week average price of 78p.
The 1 year high share price is 86p while the 1 year low share price is currently 57p.
There are currently 540,053,660 shares in issue and the average daily traded volume is 751,387 shares. The market capitalisation of Picton Property Income is £454,995,208.55.
speedsgh: Net Asset Value as at 30 September 2016 and Interim Dividend - HTTP:// Financial * Increase in Net Assets to GBP423.9 million (30 June 2016: GBP418.0 million). * NAV/EPRA NAV per share rose 1.4% to 78.5 pence (30 June 2016: 77.4 pence). * Total return for the quarter of 2.5% (30 June 2016: 1.3%). * Repaid GBP15.8 million under the revolving credit facility leaving GBP53.0 million of undrawn facilities now available. * Net gearing of 31.6% (30 June 2016: 34.4%), which has further reduced post quarter end (see below). Dividend * Dividend of 0.825 pence per share declared and to be paid on 30 November 2016 (30 June 2016: 0.825 pence per share). * Post-tax dividend cover for the quarter of 248% (30 June 2016: 111%), or 130% prior to the one-off receipt in respect of the Strathmore Hotel, Luton (see below). * Dividend yield of 4.6%, based on a share price of 71.25 pence on 21 October 2016.
speedsgh: Net Asset Value as at 31 March 2016 and Interim Dividend - HTTP:// 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.
skyship: One has to admit - a pretty impressive set of numbers today: Financial: •Net Assets increased to £408.8 million (30 September 2015: £393.1 million). •NAV/EPRA NAV per share rose 4.0% to 75.7 pence (30 September 2015: 72.8 pence). •Total return for the quarter of 5.1% (30 September 2015: 3.9%), and 19.9% for the calendar year. •Net gearing of 33.3% (30 September 2015: 34.6%). •Average debt maturity of 11.6 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 29 February 2016 (30 September 2015: 0.825 pence per share). •Post-tax dividend cover for the quarter of 117% (30 September 2015: 122%). •Dividend yield of 4.8%, based on a share price of 69.25 pence on 25 January 2016. etcetcetc
lord gnome: A very tidy set of numbers this morning. NAV increasing to 69p should set a floor under the share price which has drifted somewhat in recent weeks. Forecast of 10% (ish) growth this year shows that there is still something to play for. A firm hold.
lord gnome: Decent update with good progress made. NAV rising as expected and a lot more to come as the property market recovers. The share price will track higher ahead of the NAV as the market will anticipate further NAV increases. Good market reaction this morning. Happy to continue to hold.
kavnish: Chaps , it's not so difficult a lot of private investors have considerable portfolios built over time. mine is a small one built over time. I generally wouldn't suggest doing something unless I did it myself. The fear of doing it is why managers charge ridiculous fees. The PCTN mgnmt presided over a disaster in terms of share price move. notice not a single cent of their own capital was at risk. Any investor can pick either private or public markets and their is a time to do this. I also do this with SME businesses so have a good idea on this but as always people need to DYOR and manage their own capital themselves. Public equities are only for my pension pot, I don't like the incentive structures for public equities. anagers carry no downside risk.
asmodeus: AUMP - revised assets per share 219p. Share price 57p. (See this morning's report). This seems too good to be true regarding risk if they have to wind up? Is it?
paxman: Hopefully Picton will spend some of their excess income on renovation and reducing debt to below 50% LTV. With a pick up in secondary property asset values of say 5%, which is starting to happen now according to the EG, we could see a nice share price appreciation over the next year to say 50p to 60p.
skyship: I have today updated the Header. As shareholders will be aware, PCTN has just finished a year of share price under-performance versus many peers. As I state in the Header: "Perhaps management had their eye off the ball to one extent, namely, unlike many of their peers, they failed to sell a few assets into the falling market so as to reduce the relatively high LTV of 53.2%. Hence, in the first 9months of 2012 Net Assets fell from £208m to £182m and the NAV slumped from 60p/share to 52p/share. Starting the year @ 36p, the shares see-sawed between 35p/43p, and closed out back @ 36p for an NAV discount of 30.8%; and a yield of 8.3%." However: "2012 was a significant year for PCTN with both the refinancing and the internalising of the management after the severance from ING Real Estate. It was also the year when the dividend was "rebased" from 1.0p/Qtr to a more sustainable, covered rate of 0.75p/Qtr." As to that refinancing, well: "PCTN then did this in style in Jun'12 and now sports one of the lowest and longest maturity financing packages in the whole commercial property sector" ====================================================================== To my mind 2013 is likely to be another year of consolidation for PCTN; and the share price should find support from its high yield. However, a further NAV decline has to be on the cards, with a base level down at 48p a very real possibility; though that in itself might not shake the 35p/36p support as the NAV discount would still be a quite acceptable 25%. I rate the shares a BUY/HOLD for income seekers.....and being one myself, I have bought back in this week.
speedsgh: Steady march down of the share price here in anticipation of the widely expected re-basing of the div. Rightly or wrongly I've decided to stay put for the long term - too late to sell now as my average is somewhat above the current level :o( Assuming new full yr div of 3p, i reckon the price should settle c33p. The journey for the share price back up will be a long one imo seeing as it will be partially linked to them being able to raise the div again in the future.
Picton Property share price data is direct from the London Stock Exchange
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