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PCTN Picton Property Income Ld

-0.60 (-0.97%)
Last Updated: 08:09:17
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
  -0.60 -0.97% 61.40 61.10 61.90 61.90 61.40 61.90 9,195 08:09:17
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Real Estate Investment Trust 51.82M -89.53M -0.1642 -3.78 338.04M
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 £338.04 million. Picton Property Income Ld has a price to earnings ratio (PE ratio) of -3.78.

Picton Property Income Ld Share Discussion Threads

Showing 476 to 500 of 575 messages
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Really interesting, missed the M&A comment, thanks.

AIRE perhaps too - ahem - unique. Arguably EPIC too, but in an almost hot sector. HCFT another oddity.

PCTN def in the driving seat, a small discount to NAV. But what Boards would willingly give up their jobs/expense accounts?

Ideally a REIT with a small/no manager holding or influence, but perhaps with a large shareholder willing to exit - as happened at DRUM very recently (CREI got a bargain).

If they were going to do it, they may as well go large - agree BREI, SLI, SREI all candidates. BCPT at a fat discount and very large, but another probably too far in the "oddity" category - would expect PE more likely to take it, or one of the other West End REITs.

Only takes PCTN to do one deal to narrow the entire sector. Bring it on.

(Tho does the comment also suggest they'd look to merge with unlisted/UT funds?).

Very interesting comments.

Surely suggests a bit of M&A en route. What will be their target?

PCTN has a MCap of £547m.

Possible targets:

# AIRE: £59m
# BREI: £203m
# EPIC: £162m
# HCFT: £44m
# MCKS: £205m
# SLI: £309m
# SREI: £250m

AIRE & HCFT seem to small

MCKS perhaps too office committed (67%)

EPIC discount perhaps insufficient at 13.5%

That leaves BREI, SLI & SREI

Cracking results. NAV 105p (31/3/21: 97p). Total return of 10.2%. Dividend cover 121%. Dividend now at 97% of pre-pandemic level...

Half Year Results -

And some teasers...

"As we plan for the future, we continue to evaluate our options to grow the business and intend to actively pursue further accretive opportunities."...

... "Since the start of the pandemic, many UK listed commercial property companies have traded at an increased discount to their net asset values. This divergence in real estate equity pricing is more pronounced in some companies than others and we view the situation across the sector as unsustainable in the long-term. Combined with well-publicised issues in unlisted property funds, we believe there is an opportunity for the market to benefit from some consolidation in order to generate the economies of scale that can be achieved through the removal of duplicated management costs, improved liquidity and greater overall efficiency.

The combination of our track record, cost base and internalised structure, means we are well placed to create further shareholder value by increasing the size of our portfolio. We will continue to engage to facilitate growth in a way that is attractive for our shareholders and the wider market."

Interims in the Header:

Picton announces its half year results for the period to 30 September 2021.

Strong financial results

* 8.6% increase in net assets to £574 million, or 105p per share
* Profit of £54.4 million
* EPRA earnings of £10.9 million
* Total return of 10.2%
* Shareholder return of 12.7%
* Dividend cover of 121%
* Dividend increased by 6.3% over the period
* Loan to value ratio of 22%

Interims tomorrow...
Dividend Declaration -

Picton today announces an interim dividend payment in respect of the financial period from 1 July 2021 to 30 September 2021, of 0.85 pence per share.

The dividend timetable is set out below:

Ex-Dividend Date - 4 November 2021
Record Date - 5 November 2021
Pay Date - 30 November 2021

The dividend of 0.85 pence per share will be designated as a property income distribution (‘PID’).

Portfolio Update (8/10) -

Picton provides a portfolio update, ahead of its interim results to be announced on 10 November 2021.

In the quarter to 30 September 2021, the Company completed several asset management initiatives and lettings, as detailed below, adding £0.8 million per annum to the annualised rent roll, either in line or ahead of ERV.


In Barking, it pre-let a 45,000 sq ft warehouse on a 15-year term, subject to landlord enabling works, which are due to complete this year. The new rent of £0.6 million per annum is 43% ahead of the previous passing rent and in line with the June ERV. The unit became vacant during the quarter.

Retail and Leisure

In Bury, it secured planning permission on a former retail warehouse unit to enable a pre-letting to JD Gyms on a ten-year term, subject to landlord enabling works. The rent of £0.15 million per annum is in line with the June ERV. Following the completion of this lease, the Company’s retail warehouse portfolio will be fully let.

In Huddersfield, it completed the sale of a non-core retail asset for £0.75 million, 7% ahead of the June valuation.


In Glasgow, it completed the letting of the first floor at 180 West George Street for £0.2 million per annum, 4% ahead of the June ERV, for a term of five years.

In Chatham, it completed the letting of all the remaining space at 50 Pembroke Court to NatWest at £0.27 million per annum, 7% ahead of the June ERV, for a term of five years, subject to break.


In addition to these asset management initiatives, as announced on 1 October 2021, Picton has also acquired Madleaze Trading Estate in central Gloucester for £13.1 million. This will add £0.75 million per annum to the rent roll, with the potential to increase this further once the asset is fully let and rents are reset to current market levels.

Further detail will be provided in the interim results.

Michael Morris, Chief Executive, commented:

“These transactions will have a positive valuation impact and result in a further increase in occupancy and corresponding reduction in void holding costs across the portfolio. They also demonstrate the positive demand for our assets across all sectors and are further evidence that business activity is increasing.”

Acquisition (1/10) -

Picton has completed the freehold acquisition of Madleaze Trading Estate, located in central Gloucester for £13.1 million.

Adjacent to Gloucester Quays Retail Park and the Gloucester and Sharpness canal, the property comprises 18 industrial units totalling 304,000 sq ft on a 10.3 acre site. The estate is let to eight occupiers and currently includes two vacant units, which are to be refurbished prior to re-leasing.

The total rental income is £0.75 million per annum, equating to only £2.74 per sq ft. This is expected to rise to £0.86 million once the estate is fully let and has the potential to increase further as rents are reset to current market levels.

The purchase price reflects a net initial yield of 6.1% and a low capital value of £44 per sq ft, which is below the estimated reinstatement cost.

The Company has funded the acquisition using its revolving credit facility and the proforma LTV will increase to 22% post acquisition (June 2021: 21%).

Michael Morris, Chief Executive of Picton, commented:

“The estate offers short-term potential for income and capital growth through leasing vacant units and capturing the upside from such a low rental base. We intend to further improve and reposition the estate to widen its appeal for new and existing occupiers.”

New Edison update...

Strong start to FY22 -

Dividend remains well covered here so as a REIT will they be obliged to add a top up payment?
Dividend Declaration and Increase -

Picton today announces an increased interim dividend payment in respect of the financial period from 1 April 2021 to 30 June 2021, of 0.85 pence per share.

This reflects a 6.3% uplift on the preceding quarter’s dividend of 0.8 pence per share.

The dividend timetable is set out below:

Ex-Dividend Date - 5 August 2021
Record Date - 6 August 2021
Pay Date - 31 August 2021

The dividend of 0.85 pence per share will be designated as a property income distribution (‘PID’).

Net Asset Value as at 30 June 2021 -

Financial Highlights

~ Net assets of £545.7 million (31 March 2021: £528.2 million).
~ NAV/EPRA NTA per share increased by 3.2% to 99.9 pence (31 March 2021: 96.8 pence).
~ Total return for the quarter of 4.0% (31 March 2021: 2.2%).
~ LTV of 20.6% (31 March 2021: 20.9%).

Operational Highlights

~ Like-for-like portfolio valuation uplift of 2.9% over the quarter.
~ Completed seven lettings, across all sectors, 2% below the March 2021 ERV with a combined annual rent of £0.9 million.
~ Secured an average increase of 21% against the previous passing rent from six rent reviews, all in the industrial sector, with a combined annual rent of £0.5 million which was 15% ahead of the March 2021 ERV.
~ Stable occupancy of 91% (31 March 2021: 91%).

Rent Collection

~ 94% of June 2021 rents have been collected or are expected to be received under monthly payment plans. The collection rate is expected to improve further over the coming weeks.
~ Rent collection rate of 95% for the March 2021 quarter.

Dividend increased by 6.3%

~ Interim dividend of 0.85 pence per share declared and to be paid on 31 August 2021 (31 March 2021: 0.8 pence per share).
~ Annualised dividend equivalent to 3.4 pence per share, delivering a dividend yield of 3.8%, based on 26 July 2021 share price.
~ Dividend cover for the quarter of 121% (31 March 2021: 122%).

Lena Wilson CBE, Chair of Picton, commented:

“This is the fourth consecutive quarter that we have delivered growth in net assets. In addition, we have taken the positive step to announce today a further 6.3% dividend increase.”

Michael Morris, Chief Executive of Picton, commented:

“We’ve had another successful quarter and are encouraged by our pipeline of activity across all sectors. This reflects improving sentiment as lockdown restrictions ease and as market conditions normalise.”

New Edison research note...

Positive outcome in a challenging year -

Highly creditable results in view of the unprecedented challenges that the economy and Picton's occupiers have faced during the financial year to 31/3/2021...

Preliminary Annual Results -

A month later and they're back to 85p - 11.0% discount & a 3.76% yield.

Still hardly cheap!

Dividend Declaration -

Picton today announces an interim dividend payment in respect of the financial period from 1 January 2021 to 31 March 2021, of 0.8 pence per share. This level is unchanged from the preceding quarter.

The dividend timetable is set out below:

Ex-Dividend Date - 13 May 2021
Record Date - 14 May 2021
Pay Date - 28 May 2021

The dividend of 0.8 pence per share will be designated as a property income distribution (‘PID’).

PCTN looking seriously over-valued at 91.5p on a mere 4.7% discount and just a 3.52% yield. Bear in mind that their expensive debt at 4.2%pa (fixed for 9yrs) places severe restrictions on dividend growth.

They should have rescheduled that debt long ago - bitten the bullet in the same way SREI did just over a year ago.

Latest Edison update...

Strong Q3 NAV growth and further DPS uplift -

NAV update today and another one that has shown an increase this time by 3.0% to 95.5 pence (30/9/20 92.7 pence).

Also qtrly div is up from 0.7 to 08p lifting yield to just shy of 4% on todays share price and 122% covered so scope for a bit more.

Another one with weasel words over rent collection saying

"87% of December 2020 rents have been collected or are expected to be received under monthly payment plans"

So how much have they got in the bank and what still to come would be more transparent but each propco seems to have its format over this should be a minimum information requirement.

Good asset mgt news and they've unloaded a big retail asset.

Wishing you all Health & Happiness for Christmas & The New Year 🙂
Latest 'paid for' Edison research note...

Resilient performance with positive returns -

In the challenging environment created by COVID-19, H121 results were resilient and we have increased our full-year FY21 forecast. Sector positioning, asset management and robust rent collection all contributed to performance. Portfolio returns were well ahead of the MSCI UK Quarterly Property Index and NAV total return was positive, underpinning the first steps in restoring the level of DPS towards pre-COVID-19 levels.

Pretty impressive results in view of the circumstances. They managed to turn a profit, EPRA NAV unchanged at 93p since Mar 20 and dividend cover of 129% excluding additional income (admittedly after a dividend reduction)...

Half Year Results -

Financial Highlights

~ EPRA earnings of £10.1 million
~ Profit of £3.7 million
~ Net assets of £506 million, or 93p per share
~ Total return of 0.7%
~ Dividend cover of 148%
~ Loan to value ratio of 22%
~ £50 million available through new undrawn revolving credit facility

Operational Highlights

~ Total property return of 1.5%, outperforming the MSCI UK Quarterly Property Index of -1.6%
~ Occupancy increased to 90%
~ Nine lettings completed, securing £1.2 million per annum, 2.8% ahead of March 2020 ERV
~ 16 lease renewals / regears completed, retaining £2.3 million per annum, 14.3% above March 2020 ERV
~ Five rent reviews completed, securing an uplift of £0.3 million per annum, 16.3% above March 2020 ERV
~ Additional income of £1.3 million received from asset management initiatives
~ Retail and Leisure exposure reduced to 12% from 18% of the total property portfolio

Rent Collection

~ Received 90% of the March quarter’s rent, expected to rise to 96% under agreed deferred payment plans
~ Received 90% of the June quarter’s rent, expected to rise to 93% under agreed deferred payment plans
~ To date 93% of the September quarter’s rent has been collected or is expected to be received under monthly payment plans

Subsequent Events

~ Dividend increased by 12% to 2.8p per share effective November 2020
~ Completed a further £0.4 million per annum of lettings, 2.4% above September 2020 ERV, including the first letting at Stanford Building, WC2
~ Good leasing pipeline with approximately £0.7 million per annum of transactions agreed, subject to contract, across industrial, office and retail sectors

Picton Chairman, Nicholas Thompson, commented:

“Picton has delivered a profit in what has undoubtedly been a challenging period. Cognisant of this performance and the overall strength of the balance sheet, we felt it was appropriate to take the first step in restoring the dividend to pre-Covid levels by announcing a 12% increase, effective November 2020.”

Michael Morris, Chief Executive of Picton, commented:

“We have delivered robust progress at a portfolio level and rent collection in excess of 90%. As well as improving occupancy, generating additional income to offset Covid-19 impacts and completing some key asset management projects, we have also increased our weightings to the better performing industrial and office sectors.”


Our EPRA earnings for the period are similar to last year. Despite lower than usual rent collection we have been able to offset this with additional one-off income from active management initiatives, whilst reducing both property and administrative costs relative to this period last year.


Dividend cover for the six months was 148%, or 129% excluding additional income. Recognising our rent collection performance and high dividend cover we have decided to increase the dividend by 12% to 0.7 pence per quarter, effective from the November payment which is a first step in restoring the dividend to its previous level.

Thanks @nickrl, didn't realise the Covent Gdn one vacant.

There's a few have nudged divi back up (or reinstated) but I take issue with PCTN trumpeting it as a "12% increase" :)

These were carrying a fair void cost at year end but they've off loaded a Peterborough asset which had one void and an imminent loss of TK Maxx in Mar 21 so that will help but the reclassified W.End office in Covenant Gdn still vacant. They also have c22% of the NRI subject to break/expiry Apr20 to Apr22 ordinarily a positive but who knows in this environment so void costs could worsen. Negative comments out the way these are the first to increase a previously reduced dividend so BoDs must be confident they can maintain rental collection around 85-90% to cover it. As Specto says yield a paltry 4.6% at close but can't see much more upside on divi from here until things improve.
HEADER updated...
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