Picton Property Income Limited Edison outlook on Picton Property Income (PCTN)
June 25 2018 - 6:52AM
RNS Non-Regulatory
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Picton Property Income Limited
25 June 2018
London, UK, 25 June 2018
Edison issues outlook on Picton Property Income (PCTN)
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.
While Picton has a strong income focus, it also chooses to
reinvest into the portfolio in ways designed to support occupancy
and income growth, with the specific goal of enhancing long-term
total return. The growing and well covered DPS represents a
relatively attractive dividend yield of c 4%, while there are
significant opportunities to grow income further from the current
portfolio. Despite a strong historic record of relative
outperformance, Picton trades at around its EPRA NAV with a P/NAV
that is broadly in line with peers.
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