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 already c 25% down on the 2022 peak and should benefit from the expected decline in interest rates.
Real Estate |
Flash note
Real Estate |
Update
Real Estate |
Update
Real Estate |
Update
Andrew Dewhirst
FD
Lena Wilson
Chairman
Michael Morris
CEO
Saira Johnston
CFO
Forecast net cash (£m)
211
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | (4.1) | (7.2) | (21.7) |
Relative | (5.0) | (10.0) | (21.4) |
52 week high/low | 79.4p/60.3p |
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.
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 | 15.5 | 11.7 |
2023A | 36.3 | 30.3 | (89.5) | 3.9 | 15.5 | 10.7 |
2024E | 36.6 | 30.0 | 8.9 | 3.8 | 15.9 | 12.5 |
2025E | 37.8 | 30.9 | 22.0 | 4.0 | 15.1 | 10.4 |