We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now


It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

PCTN Picton Property Income Ld

0.00 (0.00%)
16 Apr 2024 - Closed
Delayed by 15 minutes
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
  0.00 0.00% 62.00 61.70 62.20 - 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 51.82M -89.53M -0.1642 -3.75 335.86M
Picton Property Income Ld is listed in the Real Estate Investment Trust sector of the London Stock Exchange with ticker PCTN. The last closing price for Picton Property Income Ld was 62p. Over the last year, Picton Property Income Ld shares have traded in a share price range of 60.50p to 80.40p.

Picton Property Income Ld currently has 545,224,598 shares in issue. The market capitalisation of Picton Property Income Ld is £335.86 million. Picton Property Income Ld has a price to earnings ratio (PE ratio) of -3.75.

Picton Property Income Ld Share Discussion Threads

Showing 426 to 450 of 575 messages
Chat Pages: 23  22  21  20  19  18  17  16  15  14  13  12  Older
Not a bad result but I thought they'd raise more. The asset management initiatives identified in the 'Proposed Placing' RNS were costed at £15 million so I was expecting them to get away £12 million at least.
The placing has raised gross proceeds of £7.1m...

Results of Proposed Placing -

Picton Property launches share issue as LXi Reit raises £200m -
Sounds sensible but I wish they'd include details of how much additional rent roll will result from the planned capex (or at least give a targeted IRR for the additional capital raised). If the IRR isn't higher than their WACC then it's a foolish move. I assume they (or their bankers) have done their sums so why don't they give humble investors this information?
Proposed placing at 2.4% discount to yday's closing price. No confirmation of exactly how much they are seeking to raise but one assumes it might be in the region of £15m as they allude to having "identified in excess of 20 separate asset management initiatives in its portfolio, with total costs of approximately £15 million". Of course, if there is appetite amongst IIs for more, they may well take advantage of the additional demand. Proceeds will initially be used to reduce amounts currently drawn on their revolving credit facilities. Placing is only open to IIs.

Proposed Placing -

The Board of Directors of Picton (the ''Board'') announces a proposed placing of new ordinary shares in the Company (the "Placing" and the "Placing Shares" respectively) at a price of 94.5 pence per Placing Share (the "Placing Price").

The Placing Price represents a discount of 2.4 per cent to the closing share price of 96.8 pence per existing ordinary share in the capital of the Company ("Ordinary Share") on 11 June 2019 (being the last business day prior to the date of this announcement) and a premium of 1.9 per cent to the Company's last reported EPRA NAV per Ordinary Share as at 31 March 2019 of 92.7 pence...

The Group has identified in excess of 20 separate asset management initiatives in its portfolio, with total costs of approximately £15 million, which it is seeking to progress further over the short to medium term. These opportunities are expected to improve the quality of the existing portfolio and are intended to deliver higher occupancy, rental income and capital values over time, including:

· upgrading and repositioning internal space;

· converting assets to higher value uses; and

· enhancing the external fabric of some assets to help maintain and attract new occupiers.

Furthermore, the Company continues to explore other investment opportunities and, owing to its strong reputation as well as its attractive corporate and management structure, is well positioned to source asset and portfolio opportunities which may arise as a result of the ongoing volatility and uncertainty in the market.

The Group has two revolving credit facilities with Santander, of which £26 million was drawn as at 31 March 2019. The net proceeds of the Placing will be immediately deployed to reduce the amounts drawn on these facilities, thereby avoiding any cash drag on investment returns as well as providing the Company with increased financial flexibility to take advantage of investment opportunities that may arise...

The Placing is currently expected to close at 11.00 a.m. (London time) on 18 June 2019 and the results of the Placing will be announced as soon as practicable thereafter.

Picton was previously domiciled in the channel islands where no corporation tax was levied. The UK treasury is now bearing down on this tax exemption - hence the change to UK REIT status and with it no effective change in the distributions for an ISA investor.

REITs don't pay tax on rental income. Theforere shareholders are taxed at 20% upfront on PID divs. Shares held in an ISA or pension are exempt, but providers need to let the company know.
I don't get why this div was not increased as Picton are not now paying tax and are require to distribute 90% of income under REIT rules.

10min Citywire video interview with Picton CEO, Michael Morris...
Hi Ugandaland, The issue is the change of status to a REIT. The dividend has been taxed at 20% because the broker had not updated there system with the change.
The tax has been deducted from the amount PCTN paid to HL hence the need for HL
to approach HMRC to refund the tax. Thats how HL explained the mistake to me.
I didnt think REITS paid tax, and I hold mine in a ISA. Go figure.

Thanks for that P49b. I use AJ Bell Youinvest and have just double checked. My recent dividend payment was correct down to the penny, so obviously no similar issue at AJ Bell. I moved my SIPP and ISA from Hargreaves Lansdown to AJ Bell a few years ago and have been pleasantly surprised by the quality of the service, while the platform fee is much lower (0.25% compared to 0.45% from HL). They will also cover the cost of any exit fees charged by your current provider if you transfer a certain amount (about £20,000 from memory).
My Dividend paid on the 28/02/19 was lower than I expected, i use HL as my broker
,and calling them was told that HL hadnt picked up that PCTN had converted to a REIT
and therefore HMRC had deducted TAX from the Divi. HL have said they will now claim the Tax back from HMRC but this will take 2 months and now this Reit status is known to them (HL)this should not happen in future. I have made a complaint as I think that HL should be on top of changes that companies make, but I was told that because there are thousands of companies that isnt possible, make you wonder what you pay account fees for?.

Edison update note out this morning:
This is Picton's first distribution as a UK REIT...

Dividend Declaration -

Picton today announces an interim dividend payment in respect of the financial period from 1 October 2018 to 31 December 2018, of 0.875 pence per share.

The dividend timetable is set out below:

Ex-Dividend Date - 31 January 2019

Record Date - 1 February 2019

Pay Date - 28 February 2019

The dividend of 0.875 pence per share will be designated as a property income distribution (‘PID’).

Net Asset Value as at 31 December 2018 -

Picton (LSE: PCTN), the property investment company, announces its Net Asset Value for the quarter ended 31 December 2018.

Highlights during the quarter included:

Positive results with improved balance sheet

Net Assets increased to £498.1 million (30 September 2018: £497.1 million).
NAV/EPRA NAV per share rose 0.3% to 92.5 pence (30 September 2018: 92.2 pence).
LTV of 25.0% (30 September 2018: 25.5%)
Total return for the quarter of 1.2% (30 September 2018: 1.5%).

Dividend declared and continued strong cover

Dividend of 0.875 pence per share declared and to be paid on 28 February 2019 (30 September 2018: 0.875 pence per share).
Annualised dividend equivalent to 3.5 pence per share, delivering a dividend yield of 4.2%, based on 22 January 2019 share price.
Dividend cover for the quarter of 123% (30 September 2018: 129%).

Continued portfolio activity

Like-for-like increase in property portfolio valuation for the quarter of 0.1% (30 September 2018: 0.7%) driven by industrial sector gains.
Completed six lease renewals / regears and uplifts secured on eight rent reviews, on average 9.9% ahead of the September ERV, with a combined annual rent of £2.1 million.
Completed six lettings and one agreement to lease on average 2.1% below the September ERV, with a combined annual rent of £0.9 million.
Completed five surrenders and one agreement to surrender where the market rents are 23.2% ahead of rent passing and surrender payments received in excess of £0.3 million.
Occupancy of 93%, albeit principally impacted by the surrender activity (30 September 2018: 94%).

Nick Thompson, Chairman of Picton, commented:

“Given the current macro environment, we are encouraged by positive NAV growth during the period. The benefits of lower taxation, through our entry into the REIT regime, alongside lower financing costs this quarter have positively contributed to this result.”

Michael Morris, Chief Executive of Picton, commented:

“As the debate and uncertainty around Brexit continues, it is becoming much clearer which parts of the market are still active and which are not. While we believe that our portfolio is well positioned with a strong weighting to the industrial sector, we’ve also proved that it is possible to limit the impact of some of the structural challenges being faced in other sectors through creative and innovative asset management. The expansion and transfer of Lidl from one unit in Swansea to replace a retailer subject to a CVA is an excellent example of this. We are also encouraged by our pipeline of asset management initiatives.”

Seems like they did a good deal, letting Homebase remain at 10% of the previous rent would have been a disaster in terms of any future re-lettings / rent reviews. Reaffirms my positive view of management here.
Quality bit of business (Swansea) from a quality company.
Yes, this a nice "tucker awayer". Will be in my portfolio for many years to come.
Thanks to spdgh sship, avid reader. Long haul stock.
EDISON Update:
From Half Year Results...

"During the period we paid dividends of 1.75 pence per share, an increase of 3% compared to a year ago. Our last dividend to be paid as an investment company will be later this month. From February next year we will continue to pay dividends on the usual quarterly basis but primarily in the form of Property Income Distributions (PIDs). We will review our dividend policy in light of the minimum REIT distribution requirements and prevailing market conditions ahead of this time."

"Volatility in the listed real estate equity market has contributed significantly to the fact that the share price does not currently fully reflect the underlying net asset value of the Company, but this is not uncommon."

Strategic Priorities

During the period, we remained focused on our strategic priorities to ensure we continue to deliver long-term value for shareholders. As we have stated over the past few years, Picton aims to be one of the consistently best performing diversified UK focused property companies listed on the London Stock Exchange.

By repaying some debt in July, we have reduced financing costs and secured additional changes to our loan arrangements which will translate into future operational flexibility. We have de-risked the capital structure, undertaken a small number of disposals, which have been accretive to net asset value, and continue to improve the effectiveness and efficiency of our business model through our REIT conversion and associated changes.

We expect to see the savings from becoming a REIT start to flow through in the next six months. We have also created additional operational efficiencies by migrating management and control to the UK and by streamlining our reporting process, removing the duplication of net asset value statements overlapping with annual and half yearly results.

Property Strategy

We have a good quality portfolio of assets that continues to outperform the MSCI IPD Quarterly Benchmark.

We have been overweight in the outperforming industrial, warehouse and logistics sector, whilst at the same time being underweight in the far more challenging and underperforming retail sector. This is more fully detailed below. Despite a small reduction over the period, occupancy remains high and the Board is encouraged by initiatives both ongoing and planned for assets within the portfolio.

We continue to work with our occupiers to provide space that meets their needs and, through a process of upgrading space, help mitigate any risks to our cashflow. We hope to be able to report on several specific asset management initiatives before the year end.

Half Year Results -

Picton announces its half year results for the period to 30 September 2018.

Growth in NAV and EPRA earnings
> Profit after tax of £18.9 million
> Total return of 3.9%
> Increase in EPRA earnings per share of 9.5% to 2.2p
> Increase in EPRA NAV per share of 2.0%, to 92 pence per share
> Dividends paid of £9.4 million or 1.75 pence per share
> Dividend cover of 125%

Corporate Highlights
> Converted to a UK REIT on 1 October
> Successfully changed listing status to commercial company, from investment company
> Repaid £33.7 million of fixed debt using cash reserves and lower cost revolving credit facility
> Gearing reduced to 25.5% and weighted average interest rate reduced from 4.1% to 4.0%
> Net saving of £1.1 million in annual finance costs
> Created greater operational flexibility by restructuring one of the principal debt facilities

Portfolio outperformance
> Total property return of 4.4%, outperforming the MSCI IPD Quarterly Benchmark of 3.2%
> Total property return and income return outperformance ahead of MSCI IPD over 1, 3, 5 and 10 years
> Like-for-like valuation increase of 1.5%, driven by industrial and office sectors
> Two disposals for £11.8 million, 8.4% ahead of March 2018 valuation
> Occupancy at 94%, ahead of the MSCI IPD Quarterly Digest of 92%

Picton Chairman, Nicholas Thompson, commented:

“Picton aims to be one of the best performing diversified UK-listed property companies and is therefore delighted to have delivered yet another solid set of results during the first half of the year, generating a 4% total return and an increase in EPRA earnings. With the resounding support of our shareholders, we also successfully completed the transition to become a UK REIT and other associated changes, realigning the Board in the process.”

Michael Morris, Chief Executive of Picton, commented:

“We continue to manage the portfolio and our occupiers, with a view to enhancing our income and capital position through the investment cycle. Our current performance can be directly attributed to the work we’ve put into reshaping the property portfolio, and separately having considerably strengthened the Company’s balance sheet over the past few years.”

PCTN scheduled to enter UK REIT regime on 1/10/18...

Net Asset Value as at 30 June 2018 -

Picton (LSE: PCTN), the property investment company, announces its Net Asset Value for the quarter ended 30 June 2018.

Highlights during the quarter included:

Improved Balance Sheet and early debt repayment

- Net Assets increased to £494.6 million (31 March 2018: £487.4 million).
- NAV/EPRA NAV per share rose 1.5% to 91.8 pence (31 March 2018: 90.4 pence).
- Total return for the quarter of 2.5% (31 March 2018: 3.1%).
- Post quarter end completed the early repayment of £33.7 million of debt due to mature in July 2022.
- As a result of the early repayment a proforma 30 June NAV would be 91.1 pence per share.

Dividend declared with strong cover

- Dividend of 0.875 pence per share declared and to be paid on 31 August 2018 (31 March 2018: 0.875 pence per share).
- Annual dividend equivalent to 3.5 pence per share, delivering a dividend yield of 3.9%, based on 23 July 2018 share price.
- Dividend cover for the quarter of 121% (31 March 2018: 128%).

Further valuation gains

- Like-for-like increase in property portfolio valuation for the quarter of 0.8% (31 March 2018: 1.4%).
- Completed the disposal of two office assets for a combined sale price of £11.8 million, 8.4% ahead of the March valuation.
- Completed seven lettings, six lease renewals / regears and two rent reviews, on average 6.2% ahead of the March ERV, with a combined annual rent of £0.9 million.
- Occupancy of 95%, reflecting ongoing active management (31 March 2018: 96%).

REIT conversion

- Shareholder approval obtained on 23 July 2018 for REIT conversion, 99.97% of votes cast in favour.
- Intention to enter the REIT regime on 1 October 2018.

Nick Thompson, Chairman of Picton, commented:
“We have made considerable progress implementing several initiatives over the quarter which have resulted in an increase in net assets, strong dividend cover and improvements to the balance sheet, which culminated in a debt repayment post quarter end.”

Michael Morris, Chief Executive of Picton Capital, said:
“The portfolio continues to perform well with the industrial assets driving performance overall. Looking ahead, we believe Picton is well positioned with high occupancy and the ability to generate greater efficiencies later in the year on conversion to a REIT.”

Dividend Declaration -

Picton (LSE: PCTN), the property investment company, today announces an interim dividend payment in respect of the financial period from 1 April 2018 to 30 June 2018, of 0.875 pence per share.

The dividend timetable is set out below:

Ex-Dividend Date - 9 August 2018
Record Date - 10 August 2018
Pay Date - 31 August 2018

Reassuring update today. PCTN continues to maintain high occupancy and good rental uplifts on new lettings and rent reviews. Dividend maintained and debt paid down post-quarter end.
Latest Edison research note...

FY18 builds on successful track record -

Chat Pages: 23  22  21  20  19  18  17  16  15  14  13  12  Older

Your Recent History

Delayed Upgrade Clock