Edison Investment Research Limited: Picton Property Income (PTCN): Resilient performance with positive returns

London, UK, 14 December 2020

Picton Property Income (PTCN): Resilient performance with positive returns

In the challenging environment created by COVID-19, H121 results were resilient and we have increased our full-year FY21 forecast. Sector positioning, asset management and robust rent collection all contributed to performance. Portfolio returns were well ahead of the MSCI UK Quarterly Property Index and NAV total return was positive, underpinning the first steps in restoring the level of DPS towards pre-COVID-19 levels.

The prospective FY21e yield of 3.6% compares favourably with risk-free alternatives (below 0.3% for 10-year UK government debt), and we expect material DPS growth. The 16% discount to H121 EPRA NAV compares with a five-year average of 3% and anticipates capital value weakness.

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