Picton Property Income Ld Share Discussion Threads

[petewy] 25/3/2018 13:55

Thanks Speedsgh and or MRCH

[sleepy] 24/3/2018 22:17

Interesting that Picton have doubled over the last 5 years while other REITS have performed less well eg RLE up less than 30%

[skyship] 24/3/2018 17:13

Header updated to include stats announced in Jan'18.

PCTN shared in the Market and sector weakness last week. The sector weakness may be due to the continuing weakness in retail; and the very public reduction of store rentals at New Look.

The shares are now trading at a 5% discount to NAV; an historic yield of 4.2% on a 3.5p total dividend and a prospective yield of possibly 4.8% on a post-REIT 4.0p total dividend in 2019.

[speedsgh] 29/1/2018 16:36

New Edison research note released last Friday...

Strong total returns continue -

[speedsgh] 24/1/2018 09:53

Dividend Declaration -

Picton (LSE: PCTN), the property investment company, today announces an interim dividend payment in respect of the financial period from 1 October 2017 to 31 December 2017, of 0.875 pence per share.

The dividend timetable is set out below:

Ex-Dividend Date - 8 February 2018
Record Date - 9 February 2018
Pay Date - 28 February 2018

[speedsgh] 24/1/2018 09:52

Net Asset Value and Corporate Update -

Continued NAV growth
- Increase in Net Assets to £477.4 million (30 Sept 2017: £463.8 million).
- NAV/EPRA NAV per share rose 3.1% to 88.6 pence (30 Sept 2017: 85.9 pence).
- Total return for the quarter of 4.1% (30 Sept 2017: 3.5%).
- Reduction in net gearing to 27.4% (30 Sept 2017: 28.2%).

Improved dividend cover
- Increased quarterly dividend of 0.875 pence per share declared (30 Sept 2017: 0.85 pence per share) - see separate announcement of today’s date.
- Annual dividend equivalent to 3.5 pence per share, delivering a dividend yield of 4.0%, based on 22 January 2018 share price.
- Dividend cover for the quarter of 126% (30 Sept 2017: 119%).

Portfolio growth and stable occupancy
- Like-for-like increase in property portfolio valuation for the quarter of 2.1% (30 Sept 2017: 1.9%).
- Completed the disposal of one non-core asset for £0.6 million, in line with the September valuation.
- Completed five lettings, seven rent reviews and five lease renewals, securing additional annual income of £0.26 million, on average 1.9% ahead of the September ERV.
- Occupancy maintained at 95% (30 Sept 2017: 95%).

DIVIDEND DECLARATION
A separate announcement has been released today (24 January 2018) declaring a dividend of 0.875 pence per share in respect of the period 1 October 2017 to 31 December 2017 (1 July 2017 to 30 September 2017: 0.85 pence).

Post-tax dividend cover over the quarter was 126% (30 Sept 2017: 119%).

REIT CONVERSION
In 2018, the Company intends to bring forward proposals to enter the UK REIT regime as set out in the 2017 Half Year Report. This follows the changes to the taxation of non-resident landlord companies announced in the November Budget. At the same time it will seek to change its technical listing status to that of a commercial company.

It is expected that following publication of the Company’s audited full year results in June, it will seek shareholder consent at a General Meeting with a view to effect the changes by 1 October 2018.

[janeann] 01/1/2018 17:08

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:

[ugandalad] 30/12/2017 12:53

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’) must issue a Key Information Document (or KID) if they are available to private investors.
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

[speedsgh] 30/11/2017 12:43

New Edison research note released today...

Diversified and consistent -

[skyship] 25/11/2017 17:37

HEADER updated...

[speedsgh] 22/11/2017 12:47

Courtesy of Robin Boyle (MD, Athelney Trust plc) on Twitter...

"Both Stifel and Winterflood have issued positive notes on Picton Property Income. The former suggests that the 2019 prospective yield might be 4.2% and discount to NAV 5%. REIT conversion could occur in 2018."

[speedsgh] 15/11/2017 15:37

petesinthemarket - Thanks for pointing that out. Had incorrectly assumed when they stated that the "annual dividend will be increased to 3.5 pence per share" that they meant that they would be paying 3.5p for the company's current financial year i.e. to 31/3/18. They evidently mean that the new annualised dividend of 3.5p will be applied with effect from the payment with respect to Q3 of the current FY. So payments for the current FY will total 3.45p, rising to 3.50p in FY2019 (assuming no further increases).

TOTAL FY 2018/19 - 3.50p (E)

TOTAL FY 2017/18 - 3.45p
interim - 0.875p/share (paid May 18)
interim - 0.875p/share (paid Feb 18)
interim - 0.85p/share (paid Nov 17)
interim - 0.85p/share (paid Aug 17)

[speedsgh] 15/11/2017 15:19

Interim Dividend Declaration: Change of record date and ex-dividend date -

Further to the Company’s announcement released at 7.00am on 23 October 2017, released under the incorrect heading of Net Asset Value, the Company has been directed by the London Stock Exchange to change the record date for its interim dividend from 10 November 2017 to 17 November 2017, and also change the ex-dividend date from 9 November 2017 to 16 November 2017. All other details in the announcement remain unchanged.

[petersinthemarket] 14/11/2017 16:38

2017-11-14
''The annual dividend will be increased to 3.5 pence per share and
the first quarterly dividend of 0.875 pence per share is expected to be paid in
February 2018.

Once any transition to a UK REIT is complete we will revisit our
dividend policy, particularly in the light of REIT regime distribution
requirements.''

[speedsgh] 14/11/2017 16:33

Very short video interview (1m 8s) with Picton investment manager, Michael Morris...

Picton Property's Morris cautious after strong run -

[petewy] 14/11/2017 11:52

Thanks speed

[speedsgh] 14/11/2017 10:44

TOTAL FY 2017/18 - 3.50p
interim - 0.90p/share (paid May 18)
interim - 0.90p/share (paid Feb 18)
interim - 0.85p/share (paid Nov 17)
interim - 0.85p/share (paid Aug 17)

Increase in the quarterly payment to 0.90p also indicates a forecast full year dividend of 3.60p for FY2018/19 (assuming no further increases).

[petewy] 14/11/2017 09:49

I'm working on .85p a share. What has it risen to?

[petewy] 14/11/2017 09:47

Half Year Results
Continued NAV and earnings growth with dividend increase
Profit after tax of �30.7 million
- Total return for the six months of 7.1%
- Increase in EPRA NAV per share of 5.0%, to 86 pence per share
- Gearing of 28.2% and weighted average interest rate reduced from 4.2% to 4.1%
- Dividends paid of �9.2 million or 1.7 pence per share
- Dividend cover of 118%
- 3% increase in annual dividend announced today, to 3.5 pence per share

[speedsgh] 23/10/2017 08:26

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%).

[speedsgh] 15/8/2017 12:44

A couple of recent research notes by Edison...

Progress continues (3/8) -

Accretive reinvestment (15/8) -

[skyship] 25/7/2017 07:59

PCTN does however continue to deliver the goods with today's Qtly report:

[skyship] 30/6/2017 16:50

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:

[speedsgh] 29/6/2017 10:53

Edison have initiated coverage on PCTN...

Consistent outperformance -

[speedsgh] 07/6/2017 08:58

Impressive results. Possibility of further dividend increase at interims in Nov? Planning conversion to REIT in 2018...

Final Results -

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.