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Picton Property Income

Portfolio outperformance continuing

Update | Financials | 20 Nov 2018

Picton had a good half year, maintaining a high level of occupancy and income, generating year-on-year growth in EPRA earnings and dividends, and reducing gearing further. The portfolio is strongly biased towards the better-performing industrial and regional office property markets and offers significant reversionary potential. Entry to the UK REIT regime will avoid negative effects from recent UK tax law changes, while the change in its listing status to that of a commercial company, from an investment company, improves administrative flexibility.

Picton Property Income

Executive interview – Picton Property Income

Edison TV: | Financials | 19 Nov 2018

Picton Property Income is an internally managed UK REIT that invests in a diversified portfolio of commercial property across the UK. It aims to provide investors with an attractive level of income and the potential for capital growth. Picton seeks to be one of the consistently best-performing diversified UK-focused property companies listed on the Main Market of the LSE, and has achieved property returns ahead of the MSCI IPD benchmark over one, three, five and 10 years.Chief executive Michael Morris discusses Picton’s interim results to 30 September 2018, its prospects, and the company’s entry into the UK REIT regime on 1 October 2018.

Picton Property Income

Capital and income returns continuing

Update | Financials | 30 Jul 2018

The Q119 NAV total return was 2.5%, with a high level of occupancy maintained and successful progress made with lease events. Picton’s portfolio has a strong bias towards industrial and regional office property markets, which remain robust with widespread rental growth. In addition, Picton’s portfolio continues to offer significant reversionary potential. Shareholders have approved conversion to REIT status, which is expected to take effect from 1 October 2018 and should enhance future profitability, with no material impact on investment and portfolio strategy.

Picton Property Income

FY18 builds on successful track record

Outlook | Financials | 25 Jun 2018

In a successful FY18, Picton Property Income again outperformed the MSCI IPD Quarterly Benchmark property return, as it has now done over one, three, five and 10 years. Moderate gearing enhanced the EPRA NAV total return to 14.9%. The industrial and office property markets, towards which Picton's portfolio has a strong bias, remain robust with widespread rental growth. In addition, Picton's portfolio continues to offer significant reversionary potential despite an already high level of occupancy. Plans to convert to UK REIT status later in the year should enhance future profitability, with no material impact on investment and portfolio strategy.

Picton Property Income

Strong total returns continue

Update | Financials | 26 Jan 2018

The valuation of Picton’s property portfolio showed a 2.1% like-for-like increase in the three months ending 31 December 2017 (Q318), primarily driven by asset management, continuing growth in expected rental values and yield compression on some assets. Including the dividend, NAV total return was 4.1%, with dividend cover increasing to 126%. The targeted DPS for the current year was increased by c 3% to an annualised 3.5p (a well covered 4.1% yield). Ongoing active asset management initiatives provide additional opportunities, with leasing progress continuing in Q4.

Picton Property Income

Diversified and consistent

Update | Financials | 30 Nov 2017

Picton’s stated ambition is to be consistently one of the best performing diversified property companies on the main market and the H118 performance supports that goal with continued property outperformance versus its benchmark as it has done over one, three, five and 10 years. This property performance translated into a 7.1% NAV total return during the period including dividends that prospectively represent an attractive and well covered 4% dividend yield. Despite Brexit uncertainties, management expects a positive supply and demand balance in regional industrial and office markets to drive further market rental growth. Ongoing active asset management initiatives provide additional opportunities.

Picton Property Income

Executive interview - Picton Property Income

Edison TV: | Financials | 27 Nov 2017

Picton Property Income is an internally managed investment company with a diversified portfolio of commercial property across the UK. The investment objective is to provide investors with an attractive level of income and the potential for capital growth. Picton has generated property returns ahead of the MSCI IPD Quarterly Benchmark over the past one, three, five and 10 years.

Picton Property Income

Accretive reinvestment

Update | Financials | 15 Aug 2017

Picton’s strategic objective is to grow both its asset base and income stream. It actively manages its portfolio and during FY17 and the early months of the current year completed the sale of GBP 62m of non-core assets at prices above book value, reducing central London office exposure and reducing debt. The GBP 23.15m acquisition of a Grade A office building in Bristol with significant potential from the letting of recently refurbished vacant space and rent reversion, meets the company’s strategic objectives and further rebalances the portfolio geographically. We have increased our EPRA EPS estimates by c 1% for FY18 and c 4% for FY19.

Picton Property Income

Progress continues

Update | Financials | 03 Aug 2017

Picton Property Income’s 25 July NAV update showed that asset management initiatives have continued to add value through a series of new and renewed leases, as well as two asset disposals at 37% above their March 2017 valuations. Like-for-like valuations in the office and industrial sectors, representing 75% of the portfolio, rose over 2% and earnings of GBP 5.3m gave 1.16x dividend cover, also contributing to NAV gains. Management continues to execute the strategy of investing in and actively managing a regional property portfolio to provide rising income and increasing capital value.

Picton Property Income

Executive interview - Picton Property Income

Edison TV: | Financials | 13 Jul 2017

Michael Morris, CEO of Picton Property Income, discusses the recent FY17 results, which showed a 6% increase in NAVPS and a 30% improvement in income profit. Michael discusses the main drivers of the increases in earnings and NAV during the year. He looks at how having an exposure to a weaker London market did not hinder returns during the year. Part of the reason for this was Picton’s sector focus and Michael explains that there is currently a bias towards industrial assets and away from retail. He goes on to look at how Picton’s performance compares with the main benchmark index over the short and longer term. Picton is an internally managed company and Michael talks through the advantages of this structure and its effect on long-term performance. Finally, he explains what the strategy of being “occupier-focused and opportunity-led” means in practice for Picton’s tenants and shareholders.

Picton Property Income

Consistent outperformance

Initiation | Financials | 26 Jun 2017

Picton Property Income is an internally managed property company, which has assembled a GBP 624m portfolio diversified by sector, geography and also income concentration. Long-term performance has been strong; its portfolio has outperformed the MSCI quarterly benchmark in the last one, three, five and 10 years. It has also often exceeded its targeted geared IRRs of 10-15%. Last year’s property return of 9.9% was more than double the benchmark. Improving occupancy, rental increases and falling interest costs from debt reduction in FY17 should underpin earnings growth in FY18-19, thereby supporting the dividend yield of over 4%. Despite this track record and yield, Picton trades at a discount to the sector average P/NAV, even after the share price recovery we have seen in the last year.