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
  +1.00p +1.17% 86.40p 85.30p 86.50p 86.50p 85.30p 85.50p 446,885 16:35:21
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 54.4 26.3 4.8 18.0 466.61

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Date Time Title Posts
01/1/201817:08Undervalued, High-yielding Property Co...388
17/5/201308:29 Picton Property Income6

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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 85.40p.
Picton Property Income has a 4 week average price of 82.50p and a 12 week average price of 81.75p.
The 1 year high share price is 87p while the 1 year low share price is currently 76.50p.
There are currently 540,053,660 shares in issue and the average daily traded volume is 552,947 shares. The market capitalisation of Picton Property Income is £466,606,362.24.
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’) 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: Net Asset Value as at 30 September 2017 and Interim Dividend Declaration - HTTP:// 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%).
skyship: PCTN does however continue to deliver the goods with today's Qtly report:
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.
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.
Picton Property share price data is direct from the London Stock Exchange
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