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Edison Investment Research Lim (PCTN)


Thursday 24 June, 2021

Edison Investment Research Lim

Picton Property Income (PCTN): Positive outcome in a challenging year

Edison Investment Research Limited
Picton Property Income (PCTN): Positive outcome in a challenging year

24-Jun-2021 / 07:00 GMT/BST


London, UK, 24 June 2021


Picton Property Income (PCTN): Positive outcome in a challenging year

FY21 results underlined the resilience of Picton Property Income's business model and strategy. Its property portfolio showed further strong outperformance, driven by sector positioning and asset management, and with moderate gearing providing a benefit, EPRA NAV total return was a positive 6.6%. Strong reversionary potential and financial flexibility for accretive acquisitions are positive indicators for future progress.


Based on the current annualised rate of quarterly DPS (3.2p) the yield is 3.7%. This compares favourably with risk-free alternatives and we expect further DPS growth in FY22 and FY23. The discount to end-FY21 EPRA NTA is 8%, above the five-year average of 3%. 

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