£501.6m market cap
91.6p last close
Picton Property Income is an internally managed UK REIT that invests in a diversified portfolio of commercial property across the UK. It is total return driven with a strong income focus and aims to generate attractive returns through pro-active management of the portfolio.
Investment summary
Picton Property Income is an internally managed UK REIT that invests in a diversified portfolio of commercial property across the UK. It aims to be one of the consistently best-performing, diversified, UK-focused property companies on the Main Market of the LSE. IT has outperformed the MSCI Quarterly Property Index over one, three, five and 10 years, and in the most recent reporting period (the six months ended 30 September 2019) it delivered an ungeared property total return of 3.5% compared with the Index return of 0.8%. To achieve this, Picton pursues a total return-focused strategy while giving a heavy focus to income returns. In this interview, chief executive Michael Morris discusses the interim results and the outlook.
Y/E Mar |
Revenue (£m) |
EBITDA (£m) |
PBT (£m) |
EPS (p) |
P/E (x) |
P/CF (x) |
|---|---|---|---|---|---|---|
| 2018A | 38.4 | N/A | 64.7 | 4.2 | 21.8 | 14.1 |
| 2019A | 38.3 | N/A | 31.4 | 4.3 | 21.3 | 14.2 |
| 2020E | 35.2 | N/A | 26.0 | 3.9 | 23.5 | 17.0 |
| 2021E | 37.3 | N/A | 24.7 | 4.2 | 21.8 | 15.2 |
Industry outlook
The supply demand balance for regional office and industrial property remains generally firm, and a positive yield spread between the regions and London offers potential for further narrowing. Rents and capital values in the retail sector have continued to weaken.
Last updated on 19/11/2019
Sector |
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| Financials & real estate |
Share price graph
Balance sheet |
|
|---|---|
| Forecast net debt (£m) | 175.3 |
| Forecast gearing ratio (%) | 34 |
Price performance
% |
1m |
3m |
12m |
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| *% relative to local index | |||||||||||||||
Key management |
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|---|---|
| Nicholas Thompson | Chairman |
| Michael Morris | CEO |
| Andrew Dewhirst | FD |
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