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
  -0.80 -0.92% 86.50 783,199 16:35:21
Bid Price Offer Price High Price Low Price Open Price
86.40 86.90 87.80 86.40 87.20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 45.66 22.38 4.10 21.1 474
Last Trade Time Trade Type Trade Size Trade Price Currency
16:55:04 O 492 86.451 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 87.30p.
Picton Property Income Ld has a 4 week average price of 83.40p and a 12 week average price of 72.10p.
The 1 year high share price is 101.40p 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 1,070,611 shares. The market capitalisation of Picton Property Income Ld is £473,678,927.04.
nickrl: 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.
speedsgh: 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 - HTTPS:// 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.
spectoacc: 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" :)
spectoacc: As always, spoilt for choice, but PCTN reminds me a lot of UCKM. Large (half a billion quid of property), low LTV (half what some have), but poxy yield. A 12% increase of squat is still squat :) 4.5% yield now I reckon? Claim very low retail exposure but helped by reclassifying one asset from High St Retail to West End Office. Either canny property management, or canny classification. 49% industrial, ought to be on a better yield IMO. I like PCTN - and UKCM - both seem conservative and "cheap" in any normal scenario. But neither stack up that well against everything else on offer atm.
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: 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: 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."
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