Picton Property Income Ld Share Discussion Threads

[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 07:26

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 11:44

A couple of recent research notes by Edison...

Progress continues (3/8) -

Accretive reinvestment (15/8) -

[skyship] 25/7/2017 06:59

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

[skyship] 30/6/2017 15:50

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 09:53

Edison have initiated coverage on PCTN...

Consistent outperformance -

[speedsgh] 07/6/2017 07:58

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.

[janeann] 24/1/2017 18:35

no posts since November and yet this is yielding over 4% plus capital growth as well. What is not to like?

[nickg2] 15/11/2016 07:23

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

[speedsgh] 25/10/2016 09:06

Net Asset Value as at 30 September 2016 and Interim Dividend -

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] 08/7/2016 08:50

Thanks, eeza. Great article.

[asmodeus] 07/7/2016 20:13

Many thanks eeza. A very interesting article.

[eeza] 07/7/2016 18:39

Interesting article, by Tony Yarrow posted by eezymunny on his EEZY thread - Picton mentioned.

[petewy] 28/6/2016 08:13

Good results now cheap.

[speedsgh] 26/4/2016 13:25

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.

[speedsgh] 26/1/2016 11:14

Not showing on investegate either.

Announcement available from PCTN website here...

Net Asset Value as at 31 December 2015 and Interim Dividend -