Edison Investment Research Limited
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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