Share Name Share Symbol Market Type Share ISIN Share Description
Picton Property Income Ld 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
  0.50 0.51% 99.40 99.10 99.40 99.40 98.80 98.80 396,586 14:52:23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 43.3 33.8 6.2 16.0 544

Picton Property Income Ld Share Discussion Threads

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HEADER updated...
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." HTTPS://twitter.com/RobinGBoyle/status/933251796071411713
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)
Interim Dividend Declaration: Change of record date and ex-dividend date - HTTPS://www.investegate.co.uk/picton-prop-inc-ltd--pctn-/prn/interim-dividend---change-of-record-date--amp-----/20171115151301PC22B/ 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.
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.''
Very short video interview (1m 8s) with Picton investment manager, Michael Morris... Picton Property's Morris cautious after strong run - HTTP://citywire.co.uk/investment-trust-insider/news/picton-propertys-morris-cautious-after-strong-run/a1068844
Thanks speed
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).
I'm working on .85p a share. What has it risen to?
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
Net Asset Value as at 30 September 2017 and Interim Dividend Declaration - HTTP://www.picton.co.uk/investors/rns-announcements/rns-item/3389302 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%).
A couple of recent research notes by Edison... Progress continues (3/8) - HTTP://www.edisoninvestmentresearch.com/research/report/picton-property-income511043/preview/ Accretive reinvestment (15/8) - HTTP://www.edisoninvestmentresearch.com/research/report/picton-property-income732456/preview/
PCTN does however continue to deliver the goods with today's Qtly report: https://uk.advfn.com/stock-market/london/picton-property-PCTN/share-news/Picton-Prop-Inc-Ltd-Net-Asset-Value-and-Interim-Di/75297946
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: https://uk.advfn.com/p.php?pid=chartscreenshot&u=JL6XvasdA8DUXiZ7DG%2FqCuO9XvwxC0Xg&kslash=s
Edison have initiated coverage on PCTN... Consistent outperformance - HTTP://www.edisoninvestmentresearch.com/research/report/picton-property-income-/preview/
Impressive results. Possibility of further dividend increase at interims in Nov? Planning conversion to REIT in 2018... Final Results - HTTP://www.investegate.co.uk/picton-prop-inc-ltd--pctn-/prn/annual-financial-report/20170607070000P1A46/ 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://uk.advfn.com/stock-market/london/picton-PCTN/share-news/Picton-Prop-Inc-Ltd-Net-Asset-Value-and-Interim-Di/72736912 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://funds.wiseinvestment.co.uk/news/property-panic-tony-yarrow
Good results now cheap.
Net Asset Value as at 31 March 2016 and Interim Dividend - HTTP://www.picton.co.uk/for-investors/rns-announcements/rns-item/3205415 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.
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