Picton Property Income Limited Equity Research & Stock Reports

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09 Apr 24

Picton Property Income - Accretive portfolio repositioning

Picton Property Income has agreed the sale of Angel Gate, its second largest office asset, and largest portfolio void, with an agreed consideration above the Q323 valuation. The sale is part of its strategy to repurpose selective office assets and accretively recycle the capital. This sale supports NAV, and we expect a positive impact on earnings. Further repurposing asset management initiatives are being progressed.

Companies: Picton Property Income Limited

Edison

05 Mar 24

Themes for your ISA in 2024 - Picton Property Income

Premium

04/03/2024 - 27/03/2024

Themes of ideas for your ISA in 2024

Join us for a series of webinars throughout March to hear from fund managers running money all around the world in our March event series…

Companies: BGCGIBTBRWMSCFPCTNBERICHIBUKWBRGSAIERKWBBHBBGIATT

Kepler | Trust Intelligence

31 Jan 24

Picton Property Income - Capturing rent potential in Q3

Picton Property Income’s (PCTN’s) Q324 trading update details a range of positive leasing events that provided underpinning to income, reflected in its well-covered DPS. Together with progress on specific asset management initiatives this mitigated the impact of market-wide outward yield movements on NAV.

Companies: Picton Property Income Limited

Edison

17 Jan 24

Picton Property Income - Focused on growing earnings

Having previously updated on Picton Property Income’s H124 results, we are re-instating forecasts following the cessation of merger discussions with UKCM. In a challenging environment, H124 financial performance was resilient, supporting fully covered DPS. Meanwhile, the company continues to believe that there are strategic and financial benefits to combining complementary businesses, particularly within an internal management structure, including economies of scale and enhanced earnings.

Companies: Picton Property Income Limited

Edison

30 Nov 23

Picton Property Income - Resilient H124 with fully covered DPS

In a challenging market environment, Picton Property Income (PCTN) produced a resilient H124 financial performance, supporting fully covered DPS. This was underpinned by continued portfolio outperformance of the MSCI UK Quarterly Property Index, building on a long-term track record of upper quartile performance since inception. Rents continued to grow, asset management initiatives are in place, aimed at capturing reversionary income potential, and borrowings are mostly long term and fixed rate.

Companies: Picton Property Income Limited

Edison

11 Oct 23

Picton Property Income - Value-enhancing asset management

Ahead of interim results covering the six months to 30 September 2023, to be published in November, Picton Property Income has published a portfolio and asset management update. The company expects the continued progress with a range of initiatives, across all sectors, including leasing, asset enhancement and non-core disposal, to be accretive to NAV and income. Ahead of the results, our forecasts are unchanged.

Companies: Picton Property Income Limited

Edison

26 Sep 23

Picton Property Income

PCTN’s covered dividend and strong reversionary potential should lead to dividend growth…

Companies: Picton Property Income Limited

Kepler | Trust Intelligence

04 Jul 23

Picton Property Income - Earnings and outperformance maintained

For FY23 Picton Property Income (PCTN) published resilient underlying (EPRA) earnings, which together with strong rent collection supported a 4% increase in DPS paid. The impact of market-wide property yield widening on NAV was mitigated by portfolio outperformance and low gearing. Continuing occupier demand, rent growth and mostly long-term, fixed-rate borrowings are positive indicators for further progress.

Companies: Picton Property Income Limited

Edison

05 Jun 23

Picton Property Income ETV: Resilient FY23 with continued portfolio outperformance

Premium

24 Apr 23

Picton Property Income - Positive update ahead of results

Picton Property Income has published an encouraging trading update ahead of results for the year-ended 31 March 2023 (FY23), to be released on 25 May. This shows stabilising property valuations, mirroring broad market trends so far in 2023, and progress with a range of asset management initiatives. We will review our forecasts with the results.

Companies: Picton Property Income Limited

Edison

03 Feb 23

Picton Property Income - Growing income and portfolio outperformance

Picton Property Income’s (PCTN’s) Q323 report shows asset management and leasing activity continuing to grow rental income. This provided a partial offset to strong market-wide pressure on property valuations in response to higher interest rates, while moderate gearing mitigated the impact on NAV. Although the NAV total return was a negative 11.7%, PCTN appears to have delivered strong outperformance relative to MSCI indices and those immediate peers that have so far reported.

Companies: Picton Property Income Limited

Edison

07 Dec 22

Picton Property Income - Income is now the driver of returns

Positive leasing activity and rental growth drove Picton Property Income’s H123 income returns, softening the impact of weaker market-wide property values and continuing its long track record of property outperformance versus the index. Significant opportunities for further growth in income and fully covered DPS are protected by 95% of drawn debt being fixed rate. Low gearing provides protection against further weakness in property values and NAV.

Companies: Picton Property Income Limited

Edison

27 Jul 22

Picton Property Income - Strong returns continued through Q123

For the three months to 30 June (Q123), Picton Property Income has continued to generate attractive total returns, including valuation gains across each sector of its portfolio. The prospects for further progress from asset management are good, while a conservative balance sheet provides scope for accretive external growth opportunities that may arise.

Companies: Picton Property Income Limited

Edison

20 Jun 22

Picton Property Income - Record FY22 with positive outlook

Picton Property Income’s FY22 total earnings of £147m were the strongest since the company launched in 2005. Income gains and normalised rent collection underpinned DPS growth and while strong valuation uplifts mirrored broad market trends, Picton continued to build on its long-term record of portfolio outperformance. Returns are likely to moderate from the exceptional level of FY22, but Picton remains positive despite global economic and political challenges. The prospects for further uplifts i

Companies: Picton Property Income Limited

Edison