Picton Property Income - Edison Group

Overview
Price performance
Financials
Research
Thematics

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 proactive management of the portfolio.

The commercial property market is cyclical, historically exhibiting substantial swings in capital values through cycles. Income returns have been significantly more stable, supporting rental growth across much of the market. Capital values are significantly down from the 2022 peak and should benefit from the expected decline in interest rates.

Latest Insights

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Real Estate |
Flash note

02.05.24

Picton Property Income — Unlocking value to drive DPS growth

Real Estate |
Flash note

09.04.24

Picton Property Income — Accretive portfolio repositioning

Real Estate |
Update

31.01.24

Picton Property Income — Capturing rent potential in Q3

Real Estate |
Update

17.01.24

Picton Property Income — Focused on growing earnings

Sector

Real Estate

Equity Analyst

Martyn King

Director, Financials

Key Management

Andrew Dewhirst

FD
Lena Wilson

Chairman
Michael Morris

CEO
Saira Johnston

CFO

Balance Sheet

Forecast net cash (£m)

211

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	2.3	1.4	(12.7)
Relative	(0.5)	(5.1)	(16.8)
52 week high/low	79.4p/60.3p

Financials

Ahead of FY24 results to be published on 23 May, Picton Property Income has declared a Q424 DPS of 0.925p, a 5.7% increase on the previous quarter. The company intends to maintain fully covered dividends at the new level, an annualised run rate of 3.7p, well above the pre-pandemic DPS and the 3.5p paid in respect of FY24. The uplift reflects a continuing robust occupier market, supporting rental growth, as well as asset management activity, most notably the recent sale of Angel Gate. The sale was part of Picton’s strategy to accelerate the unlocking of value in its portfolio through the selective repurposing of office assets and accretively recycle the capital. Further repurposing asset management initiatives are being progressed.

Y/E Mar	Revenue (£m)	EBITDA (£m)	PBT (£m)	EPS (p)	P/E (x)	P/CF (x)
2022A	35.4	29.7	147.0	3.9	17.0	12.9
2023A	36.3	30.3	(89.5)	3.9	17.0	11.7
2024E	36.6	30.0	8.9	3.8	17.4	13.7
2025E	37.8	30.9	22.0	4.0	16.6	11.5

Flash note

Real Estate

27.07.22

Picton Property Income — Strong returns continued through Q123

Outlook

Real Estate

20.06.22

Picton Property Income — Record FY22 with positive outlook

edison tv

Real Estate

14.06.22

Picton Property Income – executive interview

Flash note

Real Estate

27.05.22

Picton Property Income — Strong FY22 builds on long-term record

Update

Real Estate

04.04.22

Picton Property Income — Positive leasing events and refinancing

Update

Real Estate

31.01.22

Picton Property Income — Strong Q322 returns and dividend increase

research

23.11.21

Picton Property Income — Strong H122 with good growth potential

edison tv

Real Estate

23.11.21

Interview with Michael Morris, CEO of Picton Property Income

Update

Real Estate

01.10.21

Picton Property Income — Accretive industrial acquisition

Update

Real Estate

04.08.21

Picton Property Income — Strong start to FY22

edison tv

Real Estate

23.06.21

Picton Property Income – executive interview

Outlook

Real Estate

23.06.21

Picton Property Income — Positive outcome in a challenging year

Update

Real Estate

01.02.21

Picton Property Income — Strong Q3 NAV growth and further DPS uplift

Outlook

Real Estate

11.12.20

Picton Property Income — Resilient performance with positive returns

Update

Real Estate

04.08.20

Picton Property Income — Reinstating forecasts following robust Q121

Update

Real Estate

10.07.20

Picton Property Income — Defensively positioned with embedded potential

Flash note

Real Estate

01.06.20

Picton Property Income — Maintaining balance sheet strength and flexibility

Update

Real Estate

16.04.20

Picton Property Income — COVID-19 punctuated a positive Q420

Update

Real Estate

03.02.20

Picton Property Income — 2.6% third-quarter NAV total return

Update

Real Estate

27.11.19

Picton Property Income — Delivering income while investing for growth

edison tv

Real Estate

19.11.19

Executive interview – Picton Property Income

Update

Real Estate

01.10.19

Picton Property Income — Portfolio progress continuing

Outlook

Real Estate

29.07.19

Picton Property Income — Aiming for consistent outperformance

edison tv

Real Estate

29.05.19

Executive interview – Picton Property Income

research

Real Estate

29.01.19

Picton Property Income — Positive income-driven returns continuing

Update

Real Estate

20.11.18

Picton Property Income — Portfolio outperformance continuing

edison tv

Real Estate

19.11.18

Executive interview – Picton Property Income

Update

Real Estate

30.07.18

Picton Property Income — Capital and income returns continuing

Outlook

Real Estate

25.06.18

Picton Property Income — FY18 builds on successful track record

edison tv

Real Estate

14.06.18

Executive interview – Picton Property Income

Update

Real Estate

26.01.18

Picton Property Income — Strong total returns continue

Update

Real Estate

30.11.17

Picton Property Income — Diversified and consistent

edison tv

Real Estate

27.11.17

Executive interview – Picton Property Income

Update

Real Estate

17.08.17

Picton Property Income — Accretive reinvestment

Update

Real Estate

03.08.17

Picton Property Income — Progress continues

edison tv

Real Estate

13.07.17

Executive interview – Picton Property Income

Initiation

Real Estate

26.06.17

Picton Property Income — Consistent outperformance