Picton Property Income (LSE: PCTN)

Last close As at 20/04/2024


3.20 (5.31%)

Market capitalisation


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.

Latest Insights

View More

Real Estate | Flash note

Picton Property Income — Accretive portfolio repositioning

Real Estate | Update

Picton Property Income — Capturing rent potential in Q3

Real Estate | Update

Picton Property Income — Focused on growing earnings


Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Andrew Dewhirst


  • Lena Wilson


  • Michael Morris


  • Saira Johnston


Balance Sheet

Forecast net cash (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 1.3 1.6 (14.8)
Relative (0.4) (3.4) (14.6)
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 16.3 12.4
2023A 36.3 30.3 (89.5) 3.9 16.3 11.2
2024E 36.6 30.0 8.9 3.8 16.7 13.2
2025E 37.8 30.9 22.0 4.0 15.9 11.0



Real Estate

South African industrial property fundamentals are strong


Real Estate

South African retail property funds remain resilient



IPO apocalypse



ESG, moving beyond the box tick

Subscribe to Edison

Get access to the very latest content matched to your personal investment style.

Sign up for free