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 Shares Traded Last Trade
  0.60 1.0% 60.40 809,586 15:35:05
Bid Price Offer Price High Price Low Price Open Price
60.30 60.80 61.00 60.50 60.80
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 45.66 22.38 4.10 14.7 331
Last Trade Time Trade Type Trade Size Trade Price Currency
15:43:18 O 50,000 60.40 GBX

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Picton Property Income Ld Daily Update: Picton Property Income Ld is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker PCTN. The last closing price for Picton Property Income Ld was 59.80p.
Picton Property Income Ld has a 4 week average price of 59.20p and a 12 week average price of 59.20p.
The 1 year high share price is 108.20p while the 1 year low share price is currently 49.70p.
There are currently 547,605,696 shares in issue and the average daily traded volume is 967,013 shares. The market capitalisation of Picton Property Income Ld is £330,753,840.38.
nickrl: What troubles me about AEWU is they've disposed of there biggest asset - yes at good price but they've lost the income stream so unless they tap into the cash they received can't see them raising the divi. I let that issue blight me at the time for dipping in so gone up too imo now. However, what im seeing in many of these is an up trend for a few weeks following good news then a slow drift back so will keep an eye on it.
nickrl: Can't fault there transparency on rental collection. They set the standard template others should adopt. As Sky says a tad too pricey still but given there relatively stable share price compared to others maybe that the price I have to accept to get some income without risking capital erosion.
danielbird193: Thanks, I hadn't spotted it was results day. I have been burying my head in the sand a bit in respect of my property exposure, but PCTN has always been a quality operator and that quality has shone through in the recent crisis. While they haven't been immune from the struggles of the wider commercial property sector, the fact that their NAV per share has held steady over the year we've just had shows real skill from management. In particular, selling assets above book value and using the proceeds to pay down debt seems to have been a sensible move in the current environment. The company's leverage ratio is modest and the fact they've maintained the dividend shows there isn't an imminent cash crunch. I continue to be a happy holder here.
speedsgh: Picton completes trio of lettings - HTTPS:// Picton today issues an update on the portfolio following the completion of a series of office leases, which add a total of £0.9 million of annual income to the headline rent roll. The transactions follow the completion of recent refurbishment works. Metro Building, Salford Quays - Let the 4th floor to HM Government on a 20-year lease subject to break in 2030 at £0.4 million per annum, which was in line with the December 2019 ERV. 180 West George Street, Glasgow - Let the 3rd floor on a 10-year lease, subject to break in 2025, at £0.2 million per annum, which was in line with the December 2019 ERV. Tower Wharf, Bristol - upsized an existing occupier and extended a lease which was due to expire in May 2020. This increased their floor space by 73% and secured a new 15-year lease, subject to break in 2030, at a rent of £0.5 million per annum, which was in line with the December 2019 ERV and £0.3 million ahead of the previous passing rent. The Company will provide a trading update in April 2020. Michael Morris, Chief Executive of Picton, commented: “To have recently concluded three significant long-term leases following our refurbishment of these spaces is encouraging. Our immediate priority is ensuring the health and safety of our occupiers, employees and other partners, as we seek to minimise the impact of the COVID-19 virus. We are continuing to work with our occupiers to help them navigate these uncertain times. We have a strong balance sheet with primarily long-dated debt, a low LTV of 22% and access to more than £41 million of funding in two undrawn debt facilities.”
speedsgh: Dividend Declaration - HTTPS:// Picton today announces an interim dividend payment in respect of the financial period from 1 October 2019 to 31 December 2019, of 0.875 pence per share. The dividend timetable is set out below: Ex-Dividend Date - 13 February 2020 Record Date - 14 February 2020 Pay Date - 28 February 2020 The dividend of 0.875 pence per share will be designated as a property income distribution ('PID').
speedsgh: Net Asset Value as at 31 December 2019 - HTTPS:// NAV growth and strengthened balance sheet through debt reduction * Net assets increased to GBP519.1 million (30 September 2019: GBP510.7 million). * NAV/EPRA NAV per share rose 1.7% to 95.2 pence (30 September 2019: 93.6 pence). * Total return for the quarter of 2.6% (30 September 2019: 1.6%). * LTV reduced to 22.4% (30 September 2019: 24.5%). Dividend declared * Dividend of 0.875 pence per share declared and to be paid on 28 February 2020 (30 September 2019: 0.875 pence per share). * Annualised dividend equivalent to 3.5 pence per share, delivering a dividend yield of 3.5%, based on 30 January 2020 share price. * Dividend cover for the quarter of 114% (30 September 2019: 114%). Further valuation uplift driven by asset management * Like-for-like increase in property portfolio valuation for the quarter of 1.4% (30 September 2019: 0.7%) driven primarily by industrial and regional office sector gains. * GBP3.3 million invested in over 10 refurbishment and repositioning projects. * Secured an average increase of 11% against the September ERV from nine lease events (renewals, regears and one rent review), with a combined annual rent of GBP3.0 million. * Completed nine lettings on average 3% ahead of the September ERV, with a combined annual rent of GBP0.5 million. * Agreed to pre-lease Shipton Way, Rushden, to Whistl UK Limited at an annual rent of GBP1.6 million who will become the Company's largest single occupier from October 2020, when the existing occupier vacates. * Completed the disposal of an office building in Croydon for GBP18.2 million. * Stable occupancy of 88% (30 September 2019: 88%). Nick Thompson, Chairman of Picton, commented: "We have delivered another positive uplift in net assets, whilst at the same time reducing borrowings and increasing the amount available under our revolving credit facilities to capitalise on any emerging opportunities." Michael Morris, Chief Executive of Picton, commented: "The asset management activity over the quarter, driven by a number of key leasing and regear transactions, has delivered further growth. Our primary focus is our refurbishment programme and corresponding leasing activity to drive both income and value."
speedsgh: Half Year Results - HTTPS:// Picton announces its half year results for the period to 30 September 2019. Continued Growth in Net Assets * Profit after tax of £14.5 million * Total return of 2.8% * Increase in EPRA net asset value per share of 0.9%, to 94 pence per share Strengthened Balance Sheet * Raised £7.1 million of new equity at a 1.9% premium to the March net asset value * Repaid £7.6 million of borrowings * Loan to value ratio reduced to 24.5% * Dividend cover of 107% Outperforming Property Portfolio * Total property return of 3.2%, outperforming the MSCI UK Quarterly Property Index of 0.8% * Total property return and income return outperforming MSCI over 1, 3, 5 and 10 years * Like-for-like valuation increase of 1.2%, driven by industrial and office sectors * 14 lettings completed with a rent roll of £1.5 million per annum * 20 lease renewals completed with a rent roll of £1.2 million per annum * 12 rent reviews completed securing an uplift in rent of £0.5 million per annum Investing for Income and Capital Growth * £2.8 million invested in refurbishment projects * Occupancy of 88% * 79% of the void space under refurbishment * £9.4 million of reversionary potential Picton Chairman, Nicholas Thompson, commented: “During the last six months we have been able to further strengthen our balance sheet, increasing net assets and maintaining a covered dividend. Our June fundraising has enabled us to continue to invest into our portfolio, enhancing the quality of our assets for occupiers and shareholders alike.” Michael Morris, Chief Executive of Picton, commented: “There has been an encouraging level of activity in the portfolio over the past six months. With an estimated £9.4 million of reversionary potential to be unlocked, we believe there is significant upside to come from refurbishment and leasing initiatives.”...
speedsgh: Portfolio Update - HTTPS:// Picton (LSE: PCTN), is pleased to provide an update on the portfolio following a period of significant activity since its June NAV update. Progress has been made across all sectors with the completion of 20 asset management initiatives including lettings, lease renewals, regears and rent reviews. These have a combined annual rent of £2.4 million per annum and were agreed on average 4% ahead of the June 2019 estimated rental values (ERVs). In addition, the Company has started to deploy the capital raised in June, having completed two refurbishment projects, where occupiers have been identified and terms agreed in principle. Projects have commenced at a further seven assets, all of which are aimed at enhancing occupancy and rental income. A further update will be provided in the Company’s interim results to 30 September 2019 which are expected to be released in November. Michael Morris, Chief Executive of Picton, commented: “We have been encouraged by the level of portfolio activity over the traditionally quieter summer period, especially given the current political backdrop. Since raising capital to invest in the portfolio in June, we have made significant progress on the identified projects and have already both attracted and retained new and existing occupiers, improving the income profile. We are continuing to invest in our portfolio and unlock future opportunities to improve occupancy and rental income.” The principal activity across sectors is as follows......
speedsgh: Net Asset Value as at 30 June 2019 - HTTP:// Picton (LSE: PCTN) announces its Net Asset Value for the quarter ended 30 June 2019. Highlights during the quarter included: NAV growth and enhanced balance sheet through fundraising * Net Assets increased to GBP508.4 million (31 March 2019: GBP499.4 million). * NAV/EPRA NAV per share rose 0.3% to 93.0 pence (31 March 2019: 92.7 pence). * Raised GBP7.1 million of new equity at a 1.9% premium to the March NAV. * LTV reduced to 24.1% (31 March 2019: 24.7%) * Total return for the quarter of 1.3% (31 March 2019: 1.2%). Dividend declared * Dividend of 0.875 pence per share declared and to be paid on 30 August 2019 (31 March 2019: 0.875 pence per share). * Annualised dividend equivalent to 3.5 pence per share, delivering a dividend yield of 3.7%, based on 25 July 2019 share price. * Dividend cover for the quarter of 100% (31 March 2019: 113%). Valuation uplift primarily driven by asset management initiatives * Like-for-like increase in property portfolio valuation for the quarter of 0.5% (31 March 2019: 0.2%) driven primarily by industrial sector gains. * Completed seven lease renewals / regears and uplifts secured on three rent reviews, on average 7% ahead of the March ERV, with a combined annual rent of GBP1.6 million. * Completed four lettings on average 5% ahead of the March ERV, with a combined annual rent of GBP0.6 million. * Active management completed to remove or extend four break options, securing GBP1.2 million of income the majority of which was at risk in the next 12 months. * Stable occupancy of 90%, with a number of refurbishment projects underway (31 March 2019: 90%). Nick Thompson, Chairman of Picton, commented: "We have delivered another positive set of results during a quarter in which we also raised equity on a non-dilutive basis. This equity has been used initially to reduce borrowing from our revolving credit facilities ahead of it being deployed in a timely and cost-efficient manner into asset enhancing projects." Michael Morris, Chief Executive of Picton, commented: "Overall the portfolio has responded well to our various asset management initiatives and fluctuations in the market. During the period, we have invested nearly GBP1 million into refurbishment and repositioning projects, which will now enable us to improve income. Furthermore, leasing transactions over the quarter have completed ahead of the independently derived rental valuations and we are continuing to make good progress on several value-enhancing asset management initiatives, which all bodes well for the future."
speedsgh: 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 - HTTPS:// 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... USE OF PROCEEDS 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.
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