Edison Investment Research Limited
London, UK, 29 July 2019
Edison issues outlook on Picton Property Income (PCTN)
Picton aims to be one of the consistently best-performing diversified UK-focused property companies listed on the LSE. Its property portfolio has established a strong track record of outperformance versus the MSCI Quarterly Property Index over one, three, five and 10 years and, combined with the effective use of moderate gearing and efficient operation, NAV total returns have been strong, including growing, fully-covered dividends. Positive returns continued in Q120 and strong reversionary potential and asset management initiatives are positive indicators for continued returns.
Picton offers a current yield of 3.8% and trades at close to its last-reported NAV. Although it has a strong income focus, its dividend yield is lower than the peer average (c 5.6%), reflecting a fully covered position that provides scope to reinvest in the portfolio in ways designed to support occupancy and income growth with the specific goal of enhancing long-term total return.
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