Picton Property Income Ld Share Discussion Threads

[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.

[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 10:06

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 09:50

Thanks, eeza. Great article.

[asmodeus] 07/7/2016 21:13

Many thanks eeza. A very interesting article.

[eeza] 07/7/2016 19:39

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

[petewy] 28/6/2016 09:13

Good results now cheap.

[speedsgh] 26/4/2016 14:25

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 -

[skyship] 26/1/2016 09:25

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] 18/1/2016 15:15

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.

[skyship] 18/1/2016 14:22

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.

[skyship] 18/1/2016 14:13

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!

[petewy] 14/1/2016 13:34

Huge buying but no increase in price. Waiting to get back in again.

[cerrito] 18/11/2015 22:18

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.

[lord gnome] 18/11/2015 16:50

And right now you can buy them at below NAV. Special offer, 2p off!