Positive results in a difficult year
Edison Investment Research Limited
June 24, 2021 / 07:00 GMT / BST
London, UK, June 24, 2021
Picton Property Income (PCTN): Positive results in a difficult year
The FY21 results underscored the resilience of Picton Property Income’s business model and strategy. Its real estate portfolio again posted strong outperformance, driven by sector positioning and asset management, and with moderate leverage providing an advantage, EPRA NAV’s total return was positive by 6.6%. Strong reversionary potential and financial flexibility for accretive acquisitions are positive indicators for future progress.
Based on the current annualized quarterly DPS rate (3.2p), the yield is 3.7%. This compares favorably to the risk-free alternatives and we expect further DPS growth in FY 22 and FY 23. The end-of-EPRA NTA discount at the end of FY 21 is 8%, at the end of FY21. above the five-year average of 3%.
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