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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 -0.58% 103.00 103.00 103.60 103.60 103.00 103.20 270,387 16:35:25
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 43.3 33.8 6.2 16.6 564

Picton Property Income Ld Share Discussion Threads

Showing 501 to 525 of 525 messages
Chat Pages: 21  20  19  18  17  16  15  14  13  12  11  10  Older
DateSubjectAuthorDiscuss
12/1/2022
20:05
Mention of #BCPT #SREI #UKCM as possible targets for Picton... Picton Property: We want to be part of consolidating UK Reits - HTTPS://citywire.com/investment-trust-insider/news/picton-property-we-want-to-be-part-of-consolidating-uk-reits/a2376518 "With Covid-19 hopefully in the rear view mirror, with the caveat of omicron’s spread, Morris said Picton can now afford to be more outward looking. However, despite posting strong half-year results in November, he is not considering raising new equity this year and any acquisition of new property assets, or larger, more consolidating purchases, will be done by increasing Picton’s gearing, which is currently at just 17%."...
speedsgh
26/11/2021
16:39
Rock solid performance from PCTN. Market dn c3.3%; PCTN weakens to just under 98p then rallies to close 0.2p UP!
skyship
24/11/2021
13:10
First posted by SKYSHIP on the CP+ thread... HTTPS://uk.advfn.com/cmn/fbb/thread.php3?id=29245091&from=1190#firstpost SKYSHIP - 23 Nov '21 - 15:33 - 1190 of 1193 Interesting interview with the CEO of PCTN. Last 2mins deals with thoughts of M&A in the sector. HTTPS://www.edisongroup.com/edison-tv/interview-with-michael-morris-ceo-of-picton-property-income/
speedsgh
10/11/2021
19:57
Thames River Capital (a subsidiary of BMO Asset Management, ultimate owner Ameriprise Financial, Inc.) have increased their holding from 4.9% to 8.4%... HTTPS://www.investegate.co.uk/picton-property-income-ltd--pctn-/prn/holding-s--in-company/20211110113705PBD77/ EDIT: increase is probably as a result of this which is taken from a holdings rns for MCKS on 8/11: "This disclosure is the result of Ameriprise Financial acquisition of BMO's EMEA Asset Management business effective 8th November 2021."
speedsgh
10/11/2021
15:13
It'd be share-for-share but at least you should end up with PCTN's smaller discount. Lots of differences at individual asset level - particularly depending on any recent CapEx (something SLI seems to be good at - could they be PCTN's best pick?).
spectoacc
10/11/2021
14:56
Some useful background in presentation Industrial: Strongest capital growth London at 16.5%. Weakest South West at 8.9% with rental growth positive in all subsectors. Strongest Eastern at 4.8%. Weakest South West at 2.4% Offices: Strongest capital growth Eastern at 3.5%. Weakest Scotland at -3.4% with all office rental growth 0.4%. Strongest Midlands & Wales at 2.1%. Weakest South East at -0.5% Retail: Strongest capital growth Strongest Retail Warehouse Midlands & Wales at 8.7%. Weakest Retail Outer South East at -6.7% with all rental growth at -1.5% and negative in all subsectors bar one. Strongest Retail Warehouse London at 0.3%. Weakest Standard Retail Wales -6.7%. Much as expected although each REIT reporting a variation thats not always consistent with any overall trend other than retail is under pressure outside of wharehouses, Offices looking like a mixed bag and Industrials still star player. Divi too low for me but be happy if they want to buy any of the others off ne at above par.
nickrl
10/11/2021
14:05
Surely they will work with a BOD/management team and aim for an agreed deal. ie those in the trough get a new trough.. PCTN getting a good deal. Topped up AIRE this morning. MCKS seems down and out...but everything has it's price. SREI has some nice assets as does BREI. SLI seems to be in a rut. EPIC is defo in a hot sector...looking forward to 5.5P dividend and a nice revision upwards in the NAV.
flyer61
10/11/2021
10:53
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?).
spectoacc
10/11/2021
09:08
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
skyship
10/11/2021
07:27
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 - HTTPS://www.investegate.co.uk/picton-property-income-ltd--pctn-/prn/half-year-results/20211110070000PA4CD/ 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."
speedsgh
10/11/2021
07:22
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%
skyship
09/11/2021
08:58
Interims tomorrow...
skyship
22/10/2021
07:19
Dividend Declaration - HTTPS://www.investegate.co.uk/picton-property-income-ltd--pctn-/prn/dividend-declaration/20211022080000P71CA/ 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’).
speedsgh
08/10/2021
12:48
Portfolio Update (8/10) - HTTPS://www.investegate.co.uk/picton-property-income-ltd--pctn-/prn/portfolio-update/20211008070000P407F/ 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. Industrial 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. Office 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. Acquisition 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.”
speedsgh
08/10/2021
12:44
Acquisition (1/10) - HTTPS://www.investegate.co.uk/picton-property-income-ltd/prn/acquisition/20211001070000P434D/ 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.”
speedsgh
04/8/2021
12:07
New Edison update... Strong start to FY22 - HTTPS://www.edisongroup.com/publication/strong-start-to-fy22/29790
speedsgh
28/7/2021
12:57
Dividend remains well covered here so as a REIT will they be obliged to add a top up payment?
nickrl
28/7/2021
07:10
Dividend Declaration and Increase - HTTPS://www.investegate.co.uk/picton-property-income-ltd--pctn-/prn/dividend-declaration-and-increase/20210728070000P50CA/ 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’).
speedsgh
28/7/2021
07:09
Net Asset Value as at 30 June 2021 - HTTPS://www.investegate.co.uk/picton-property-income-ltd--pctn-/prn/net-asset-value-as-at-30-june-2021/20210728070000P2112/ 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.”
speedsgh
23/6/2021
12:29
New Edison research note... Positive outcome in a challenging year - HTTPS://www.edisongroup.com/publication/positive-outcome-in-a-challenging-year/29648
speedsgh
27/5/2021
11:01
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 - HTTPS://www.investegate.co.uk/picton-property-income-ltd--pctn-/prn/preliminary-annual-results/20210527070000PA85B/
speedsgh
15/5/2021
14:23
A month later and they're back to 85p - 11.0% discount & a 3.76% yield. Still hardly cheap!
skyship
30/4/2021
10:45
Dividend Declaration - HTTPS://www.investegate.co.uk/picton-property-income-ltd--pctn-/prn/dividend-declaration/20210430112627P3871/ 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’).
speedsgh
16/4/2021
12:27
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.
skyship
02/2/2021
13:08
Latest Edison update... Strong Q3 NAV growth and further DPS uplift - HTTPS://www.edisongroup.com/publication/strong-q3-nav-growth-and-further-dps-uplift/28753
speedsgh
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