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
  +0.00p +0.00% 84.75p 84.75p 85.00p 85.00p 84.50p 84.50p 326,983 15:35:01
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 54.4 26.3 4.8 17.7 457.70

Picton Property Share Discussion Threads

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A couple of recent research notes by Edison... Progress continues (3/8) - HTTP:// Accretive reinvestment (15/8) - HTTP://
PCTN does however continue to deliver the goods with today's Qtly report:
PCTN has been a great post-Brexit play; but with markets looking to be turning down, it may well be time to bank profits as the chart shows a clear top formation:
Edison have initiated coverage on PCTN... Consistent outperformance - HTTP://
Impressive results. Possibility of further dividend increase at interims in Nov? Planning conversion to REIT in 2018... Final Results - HTTP:// DIVIDENDS The Company’s dividend was increased with effect from February 2017. The increase of 3% was in part a reflection of lower financing costs resulting from the activity referred to above. The Board regularly reviews the dividend level and will consider this again at the time of the interim results in November. CORPORATE STRUCTURE ...Recently, new legislation was introduced in the UK restricting interest deductibility for UK companies, and at the same time a consultation was launched to bring non-resident landlord companies, such as Picton, into the scope of UK corporation tax. As a result of this potential change, the Directors believe it is likely to be in the interests of the Company to convert to a UK REIT during 2018. The Company continues to examine all its options in this regard with a view to seeking any necessary shareholder approvals in due course.
no posts since November and yet this is yielding over 4% plus capital growth as well. What is not to like?
Strong income focus, with positive NAV growth and dividend increase * Net Assets increased to GBP424 million, from GBP417 million at 31 March 2016 * Total profit of GBP15.7 million * 8% increase in EPRA earnings to GBP10.7 million (September 2015: GBP9.9 million) * 1.7% increase in EPRA NAV per share to 78.5 pence * Dividend cover of 179% (September 2015: 112%), or 120% prior to one-off exceptional income of GBP5.3 million * 3% increase in annual dividend announced today, to 3.4 pence per share
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.
Thanks, eeza. Great article.
Many thanks eeza. A very interesting article.
Interesting article, by Tony Yarrow posted by eezymunny on his EEZY thread - Picton mentioned. HTTp://
Good results now cheap.
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.
Not showing on investegate either. Announcement available from PCTN website here... Net Asset Value as at 31 December 2015 and Interim Dividend - HTTP://
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
I am still very overweight on property stocks, Skyship. I had already sold my holding in CAL and I still have holdings in SLI, CREI, RGL and UAI, so a modicum of portfolio adjustment is in order. They have done very well for me and I am sure that my good fortune last year was to be overweight in property and virtually zero weight in resource stocks.
lord gnome
I still think commercial property represents good value as interest rates aren't going to climb fast, so propcos can borrow at 3% and invest for 6%. Elementary. For pension funds both direct property and property companies must be near top of their agenda.
Seems a sensible move. Many propcos have seen sharp falls; take a look at Industry bellwether stock BLND - down from a high of 880p to the current 717p where they are on a 19.4% discount and yield 3.95%! 18.5% down from their peak, so pretty close to bear market territory!
Huge buying but no increase in price. Waiting to get back in again.
One thing that caught my eye in the interims was that as of Sept 2015 IPD All Property Capital values were 22% below their June 2007 peak as I was surprised that still so far down from 2007 figures. Yes interesting that trading at a discount again..and I would be surprised if the NAV has gone down since Sept 30 after taking into account the dividend.
And right now you can buy them at below NAV. Special offer, 2p off!
lord gnome
Half Yearly Report - HTTP:// "We remain positive about our outlook, but are mindful of potential external risks to the property market, such as the threat of sharply rising interest rates, although unlikely in the short-term. With long-dated bond yields currently close to 2% and property yields at 5%, there remains a healthy premium in favour of the real estate sector, which has the additional advantage of income growth potential."
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