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
  0.50 0.54% 92.50 784,515 16:14:58
Bid Price Offer Price High Price Low Price Open Price
92.00 92.50 92.50 91.50 92.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 47.73 31.41 5.70 16.2 507
Last Trade Time Trade Type Trade Size Trade Price Currency
17:21:54 O 3,276 92.50 GBX

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Date Time Title Posts
17/9/201909:23Undervalued, High-yielding Property Co...447
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Trade Time Trade Price Trade Size Trade Value Trade Type
2019-10-23 17:28:3392.503,2763,030.30O
2019-10-23 16:05:3292.50378349.63O
2019-10-23 15:35:0192.50319,436295,478.30UT
2019-10-23 15:29:5692.406761.91O
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DateSubject
23/10/2019
09:20
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 92p.
Picton Property Income Ld has a 4 week average price of 86.10p and a 12 week average price of 85.10p.
The 1 year high share price is 100p while the 1 year low share price is currently 78.60p.
There are currently 547,605,696 shares in issue and the average daily traded volume is 772,078 shares. The market capitalisation of Picton Property Income Ld is £506,535,268.80.
29/7/2019
09:39
speedsgh: Dividend Declaration - HTTP://uk.advfn.com/stock-market/london/PCTN/share-news/Picton-Prop-Inc-Ltd-Dividend-Declaration/80413359?xref=newsalert Picton (LSE: PCTN), today announces an interim dividend payment in respect of the financial period from 1 April 2019 to 30 June 2019, of 0.875 pence per share. The dividend timetable is set out below: Ex-Dividend Date - 8 Aug 2019 Record Date - 9 Aug 2019 Pay Date - 30 Aug 2019 The dividend of 0.875 pence per share will be designated as a property income distribution ('PID').
29/7/2019
09:38
speedsgh: Net Asset Value as at 30 June 2019 - HTTP://uk.advfn.com/stock-market/london/PCTN/share-news/Picton-Prop-Inc-Ltd-Net-Asset-Values/80413355?xref=newsalert 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."
12/6/2019
18:04
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://www.investegate.co.uk/picton-prop-inc-ltd--pctn-/prn/proposed-placing/20190612070000P5ED3/ 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.
23/1/2019
10:08
speedsgh: Net Asset Value as at 31 December 2018 - HTTPS://www.investegate.co.uk/picton-prop-inc-ltd--pctn-/prn/net-asset-value-s-/20190123070000PA536/ 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.”
13/11/2018
11:00
speedsgh: 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.
25/7/2018
19:10
speedsgh: PCTN scheduled to enter UK REIT regime on 1/10/18... Net Asset Value as at 30 June 2018 - HTTPS://www.investegate.co.uk/picton-prop-inc-ltd--pctn-/prn/net-asset-value/20180725070000P553E/ 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.”
24/4/2018
10:22
speedsgh: Net Asset Value as at 31 March 2018 - HTTP://uk.advfn.com/stock-market/london/picton-property-PCTN/share-news/Picton-Property-Income-Ltd-Net-Asset-Values/77243354 Continued NAV growth > Net Assets increased to £487.4 million (31 Dec 2017: £477.4 million). > NAV/EPRA NAV per share rose 2.1% to 90.4 pence (31 Dec 2017: 88.6 pence). > Total return for the quarter of 3.1% (31 Dec 2017: 4.1%). > Net gearing reduced to 26.7% (31 Dec 2017: 27.4%). Dividend declared and improved cover > Dividend of 0.875 pence per share declared and to be paid on 31 May 2018 (31 Dec 2017: 0.875 pence per share). > Annual dividend equivalent to 3.5 pence per share, delivering a dividend yield of 4.0%, based on 20 April 2018 share price. > Dividend cover for the quarter of 128% (31 Dec 2017: 126%). Portfolio growth and improved occupancy > Like-for-like increase in property portfolio valuation for the quarter of 1.4% (31 Dec 2017: 2.1%). > Exchanged contracts to dispose of a non-core asset for £3.85 million, 5% ahead of the December valuation. > Completed five lettings, nine lease renewals / regears and one rent review, on average 4.5% ahead of the December ERV, with a combined annual rent of £1.9 million. > Occupancy increased to 96% (31 Dec 2017: 95%). Nick Thompson, Chairman of Picton, commented: “Picton has had another good quarter and end to its financial year. We remain well placed, delivering further growth in net assets, strong dividend cover and having further reduced our gearing.” Michael Morris, Chief Executive of Picton Capital, said: “Our focus on leasing and tenant retention has been the main driver behind the increase in portfolio valuation during the period and our improvement in occupancy reflects this. We have also been helped by the weighting of our portfolio towards the industrial and office sectors, given the recent well publicised difficulties in the retail sector.”
24/1/2018
09:52
speedsgh: Net Asset Value and Corporate Update - HTTPS://www.investegate.co.uk/picton-prop-inc-ltd--pctn-/prn/net-asset-value-and-corporate-update/20180124070000P6820/ Continued NAV growth - Increase in Net Assets to £477.4 million (30 Sept 2017: £463.8 million). - NAV/EPRA NAV per share rose 3.1% to 88.6 pence (30 Sept 2017: 85.9 pence). - Total return for the quarter of 4.1% (30 Sept 2017: 3.5%). - Reduction in net gearing to 27.4% (30 Sept 2017: 28.2%). Improved dividend cover - Increased quarterly dividend of 0.875 pence per share declared (30 Sept 2017: 0.85 pence per share) - see separate announcement of today’s date. - Annual dividend equivalent to 3.5 pence per share, delivering a dividend yield of 4.0%, based on 22 January 2018 share price. - Dividend cover for the quarter of 126% (30 Sept 2017: 119%). Portfolio growth and stable occupancy - Like-for-like increase in property portfolio valuation for the quarter of 2.1% (30 Sept 2017: 1.9%). - Completed the disposal of one non-core asset for £0.6 million, in line with the September valuation. - Completed five lettings, seven rent reviews and five lease renewals, securing additional annual income of £0.26 million, on average 1.9% ahead of the September ERV. - Occupancy maintained at 95% (30 Sept 2017: 95%). DIVIDEND DECLARATION A separate announcement has been released today (24 January 2018) declaring a dividend of 0.875 pence per share in respect of the period 1 October 2017 to 31 December 2017 (1 July 2017 to 30 September 2017: 0.85 pence). Post-tax dividend cover over the quarter was 126% (30 Sept 2017: 119%). REIT CONVERSION In 2018, the Company intends to bring forward proposals to enter the UK REIT regime as set out in the 2017 Half Year Report. This follows the changes to the taxation of non-resident landlord companies announced in the November Budget. At the same time it will seek to change its technical listing status to that of a commercial company. It is expected that following publication of the Company’s audited full year results in June, it will seek shareholder consent at a General Meeting with a view to effect the changes by 1 October 2018.
30/12/2017
12:53
ugandalad: Anyone have views on the significance of the post whichI've uplifted from a Citywire email this morning purporting to emanated from HL. It appears to be 6 days old so not impacted the share price much yet. I assume because of the source it's true. quoteI have been told by HL that as from Jan 18 it will not be possible to buy any further shares in Picton either by them or any other UK stockbroker because of their failure to issue a KID which a requirement by the new rules (‘PRIIPs).. This sounds quite odd but HL have been quite clear on the matter (see below); "The new regulation requires that issuers of certain types of investments (known as ‘Packaged Retail Investment and Insurance Products’ or ‘PRIIPs’) must issue a Key Information Document (or KID) if they are available to private investors. Without a KID, private investors will not be able to make any further purchases, although they can continue to hold the PRIIPs they already own. They can also sell at any stage. The issuer of Picton Property Income Limited Ord NPV have not confirmed that they intend to publish a KID. This means that from 1 January 2018 you may not be able to buy any more of this stock. As well as the dealing instructions you give us, the new regulation applies to automated trades we place on your behalf (such as dividend reinvestments, limit orders and regular savings instructions). Therefore, from the start of next year we may also need to turn off any automated trades we would otherwise have placed in this stock. Please be assured that we will continue liaising with investment providers on this matter and if yours does publish a KID we shall let you know. However, if they fail to publish a KID then from 1 January 2018 you will not be able to buy any more of this stock." I wonder where this leaves current Picton shareholders who want to have more shares either through reinvestment of dividends or simply as a new investment- why is there a reluctance from Picton to issue the KID? Unquote
23/10/2017
08:26
speedsgh: Net Asset Value as at 30 September 2017 and Interim Dividend Declaration - HTTP://www.picton.co.uk/investors/rns-announcements/rns-item/3389302 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%).
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