Picton Property Income | Winterflood Research

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Interim results to 30 September 2020

On 12 November Picton Property Income published its interim results for the six months to 30 September 2020, which was accompanied by a call with its managers. The fund, which is internally managed, invests across the main sectors of the UK real estate market and aims to be one of the consistently best performing diversified UK REITs. It has delivered top quartile outperformance against the MSCI UK Quarterly Property Index over the last one, three, five and ten years. The fund is managed by Michael Morris, Chief Executive, Andrew Dewhirst, Finance Director, and Jay Cable, Head of Asset Management.

In the six months to 30 September 2020, the fund’s EPRA NAV per share remained flat at 93p, while the NAV total return was +0.7%. The total property return for the period was +1.5%, representing an outperformance of the MSCI UK Quarterly Property Index return of -1.6%. At 30 September the property portfolio was valued at £661.6m, representing a 0.5% like-for-like decline over the six months, principally reflecting the impact of Covid-19 and driven by Retail & Leisure assets and Central London Offices.

EPRA earnings per share were 1.8p, down slightly from 1.9p in the first half of the previous financial year. Total dividends of 1.25p per share were paid in the period, down from 1.75p in the six months to 30 September 2019. Dividend cover was 148%, including the one-off additional income that was secured during the period. Excluding the additional income, dividend cover was 129%. Post the period-end the annualised dividend has been increased by 12% to 2.8p per share.

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