Live News • Jun 30
Consortium Builds 6.24% Position in Picton Property Income as Shareholder Mix Shifts Rathbones Group has disclosed an interest of about 6.24 to 6.25% in Picton Property Income’s ordinary shares, linked to a consortium that also includes LondonMetric Property and Schroder Real Estate Investment Trust, with share transactions reported on 26 and 29 June 2026 at around 71p to 71.4p per share.
The consortium-linked stake building represents a clear shift in Picton Property Income’s shareholder base, which could influence future decisions on governance, capital allocation or any corporate proposals that come to a vote.
Picton Property Income shares trade at about £0.71, with the stock down 8.6% over the past 90 days, putting this consortium activity against the backdrop of a weaker recent share performance.
This kind of coordinated institutional presence can increase the likelihood of more active engagement on strategy or corporate structure, which introduces both potential opportunity and the risk of outcomes that not all shareholders will agree with. New Risk • May 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 22% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Declared Dividend • Apr 30
Dividend of UK£0.0095 announced Dividend of UK£0.0095 is the same as last year. Ex-date: 7th May 2026 Payment date: 29th May 2026 Dividend yield will be 4.9%, which is lower than the industry average of 5.6%. Announcement • Apr 30
Picton Announces an Interim Dividend Payment in Respect of the Financial Period from 1 January 2026 to 31 March 2026, Payable on 29 May 2026 Picton announced an interim dividend payment in respect of the financial period from 1 January 2026 to 31 March 2026, maintained at 0.95 pence per share. Ex-Dividend Date: 7 May 2026; Record Date: 8 May 2026; Pay Date: 29 May 2026. Buy Or Sell Opportunity • Apr 17
Now 21% overvalued Over the last 90 days, the stock has fallen 2.0% to UK£0.82. The fair value is estimated to be UK£0.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 54%. Revenue is forecast to decline by 26% in a year. Earnings are forecast to decline by 25% in the next year. Announcement • Mar 24
LondonMetric Property Plc (LSE:LMP) and Schroder Real Estate Investment Trust Limited (LSE:SREI) proposed to acquire Picton Property Income Limited (LSE:PCTN). LondonMetric Property Plc (LSE:LMP) and Schroder Real Estate Investment Trust Limited (LSE:SREI) proposed to acquire Picton Property Income Limited (LSE:PCTN) on March 4, 2026. The transaction would be structured as an all-share offer, under which shareholders of Picton would receive both new LondonMetric shares and new SREIT shares in proportions to be determined by the Consortium to reflect the respective interests of each of LondonMetric and SREIT in the underlying assets of Picton. Panel on Takeovers and Mergers (the "Panel") has granted a dispensation from the requirements of Rule 2.6(a) of the Code in relation to Picton's formal sale process, such that potential offerors participating in that process are not subject to the 28 day deadline. Accordingly, so long as LondonMetric and SREIT continue to participate in the formal sale process, the Consortium will not be subject to the 28 day deadline.
Capel Irwin, Michael Nicholson and Henry Nicholls of Peel Hunt LLP acted as financial advisor for LondonMetric Property Plc. Ed Matthews, Thomas Bective, and Jee Lee of Jefferies International Limited acted as financial advisor for LondonMetric Property Plc. Jonty Edwards, William Simmonds and Paul Pulze of J.P. Morgan Securities plc acted as financial advisor for Schroder Real Estate Investment Trust Limited. Buy Or Sell Opportunity • Mar 10
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to UK£0.82. The fair value is estimated to be UK£0.68, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 54%. Revenue is forecast to decline by 26% in a year. Earnings are forecast to decline by 25% in the next year. Declared Dividend • Feb 01
Dividend of UK£0.0095 announced Shareholders will receive a dividend of UK£0.0095. Ex-date: 5th February 2026 Payment date: 27th February 2026 Dividend yield will be 4.6%, which is lower than the industry average of 5.6%. Announcement • Jan 29
Picton Property Income Limited Announces Interim Dividend Payment in Respect of the Financial Period from 1 October 2025 to 31 December 2025, Payable on February 27, 2026 Picton Property Income Limited announced an interim dividend payment in respect of the financial period from 1 October 2025 to 31 December 2025, maintained at 0.95 pence per share. The dividend timetable is set out below: ex dividend date: February 5, 2026, Record date: February 6, 2026. Payable on February 27, 2026. Price Target Changed • Jan 14
Price target decreased by 9.4% to UK£0.80 Down from UK£0.88, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of UK£0.82. Stock is up 33% over the past year. The company is forecast to post earnings per share of UK£0.058 for next year compared to UK£0.069 last year. Buy Or Sell Opportunity • Jan 13
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 5.3% to UK£0.82. The fair value is estimated to be UK£0.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 54%. Revenue is forecast to decline by 24% in 2 years. Earnings are forecast to decline by 8.7% in the next 2 years. Reported Earnings • Nov 18
First half 2026 earnings released: EPS: UK£0.029 (vs UK£0.021 in 1H 2025) First half 2026 results: EPS: UK£0.029 (up from UK£0.021 in 1H 2025). Revenue: UK£25.5m (down 5.1% from 1H 2025). Net income: UK£15.1m (up 32% from 1H 2025). Profit margin: 59% (up from 43% in 1H 2025). Revenue is forecast to decline by 7.6% p.a. on average during the next 3 years, while revenues in the REITs industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Declared Dividend • Oct 30
Fourth quarter dividend of UK£0.0095 announced Shareholders will receive a dividend of UK£0.0095. Ex-date: 6th November 2025 Payment date: 28th November 2025 Dividend yield will be 4.8%, which is lower than the industry average of 5.6%. Announcement • Oct 29
Picton Property Income Limited Announces an Interim Dividend for the Financial Period from 1 July 2025 to 30 September 2025, Payable on 28 November 2025 Picton Property Income Limited announces an interim dividend payment in respect of the financial period from 1 July 2025 to 30 September 2025, maintained at 0.95 pence per share. Ex-Dividend Date: 6 November 2025. Record Date: 7 November 2025. Pay Date: 28 November 2025. The dividend of 0.95 pence per share will be designated as a property income distribution ('PID'). Buy Or Sell Opportunity • Oct 27
Now 21% undervalued Over the last 90 days, the stock has risen 1.1% to UK£0.80. The fair value is estimated to be UK£1.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 8.9% per annum. Earnings are forecast to grow by 5.5% per annum over the same time period. Board Change • Oct 24
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Helen Beck was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Aug 22
Consensus EPS estimates increase by 18% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from UK£0.049 to UK£0.058. Revenue forecast steady at UK£38.7m. Net income forecast to shrink 1.7% next year vs 15% growth forecast for REITs industry in the United Kingdom . Consensus price target of UK£0.88 unchanged from last update. Share price was steady at UK£0.76 over the past week. Declared Dividend • Aug 01
Fourth quarter dividend of UK£0.0095 announced Shareholders will receive a dividend of UK£0.0095. Ex-date: 7th August 2025 Payment date: 29th August 2025 Dividend yield will be 4.9%, which is lower than the industry average of 5.6%. Announcement • Jul 31
Picton Property Income Limited Declares Interim Dividend for the Financial Period from 1 April 2025 to 30 June 2025, Payable on 29 August 2025 Picton Property Income Limited announces an interim dividend payment in respect of the financial period from 1 April 2025 to 30 June 2025, maintained at 0.95 pence per share. The dividend timetable is set out below: Ex-Dividend Date: 7 August 2025. Record Date: 8 August 2025. Pay Date: 29 August 2025. The dividend of 0.95 pence per share will be designated as a property income distribution ('PID'). Major Estimate Revision • Jun 12
Consensus revenue estimates increase by 13% The consensus outlook for fiscal year 2026 has been updated. 2026 revenue forecast increased from UK£39.1m to UK£44.1m. EPS estimate unchanged from UK£0.049 at last update. REITs industry in the United Kingdom expected to see average net income growth of 77% next year. Consensus price target up from UK£0.81 to UK£0.88. Share price rose 4.0% to UK£0.81 over the past week. Price Target Changed • Jun 05
Price target increased by 8.0% to UK£0.88 Up from UK£0.81, the current price target is an average from 2 analysts. New target price is 12% above last closing price of UK£0.78. Stock is up 15% over the past year. The company is forecast to post earnings per share of UK£0.049 for next year compared to UK£0.069 last year. Announcement • Jun 03
Picton Property Income Limited, Annual General Meeting, Jul 30, 2025 Picton Property Income Limited, Annual General Meeting, Jul 30, 2025. Location: stanford building, 27a floral street, wc2e 9ez, london United Kingdom Price Target Changed • Jun 03
Price target increased by 7.7% to UK£0.83 Up from UK£0.78, the current price target is an average from 2 analysts. New target price is 7.7% above last closing price of UK£0.78. Stock is up 14% over the past year. The company is forecast to post earnings per share of UK£0.049 for next year compared to UK£0.069 last year. Recent Insider Transactions • May 29
Non-Executive Chair recently bought UK£219k worth of stock On the 23rd of May, Francis Salway bought around 295k shares on-market at roughly UK£0.74 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Francis' only on-market trade for the last 12 months. Reported Earnings • May 23
Full year 2025 earnings: EPS exceeds analyst expectations Full year 2025 results: EPS: UK£0.069 (up from UK£0.009 loss in FY 2024). Revenue: UK£54.0m (down 1.2% from FY 2024). Net income: UK£37.3m (up UK£42.1m from FY 2024). Profit margin: 69% (up from net loss in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 55%. Revenue is expected to decline by 14% p.a. on average during the next 2 years, while revenues in the REITs industry in the United Kingdom are expected to grow by 1.5%. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. New Risk • May 22
New major risk - Revenue and earnings growth Earnings have declined by 35% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 35% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Declared Dividend • May 08
Dividend increased to UK£0.0095 Dividend of UK£0.0095 is 2.7% higher than last year. Ex-date: 15th May 2025 Payment date: 30th May 2025 Dividend yield will be 4.9%, which is lower than the industry average of 5.6%. Announcement • May 07
Picton Property Income Limited Announces an Interim Dividend for the Financial Period from 1 January 2025 to 31 March 2025, Payable on 30 May 2025 Picton Property Income Limited announced a 2.7% increase in its dividend, effective May 2025. The interim dividend payment in respect of the financial period from 1 January 2025 to 31 March 2025, will be 0.95 pence per share (1 October 2024 to 31 December 2024: 0.925 pence per share). Ex-dividend date is 15 May 2025. Record date is 16 May 2025. Pay date is 30 May 2025. Price Target Changed • May 07
Price target increased by 12% to UK£0.81 Up from UK£0.72, the current price target is an average from 2 analysts. New target price is 5.5% above last closing price of UK£0.77. Stock is up 13% over the past year. The company is forecast to post earnings per share of UK£0.044 next year compared to a net loss per share of UK£0.0088 last year. Price Target Changed • Jan 30
Price target decreased by 12% to UK£0.72 Down from UK£0.82, the current price target is an average from 2 analysts. New target price is 14% above last closing price of UK£0.64. Stock is down 3.6% over the past year. The company is forecast to post earnings per share of UK£0.075 next year compared to a net loss per share of UK£0.0088 last year. Declared Dividend • Jan 30
Dividend of UK£0.0092 announced Shareholders will receive a dividend of UK£0.0092. Ex-date: 6th February 2025 Payment date: 28th February 2025 Dividend yield will be 5.8%, which is about the same as the industry average. Announcement • Jan 29
Picton Property Income Limited Announces an Interim Dividend Payment in Respect of the Financial Period from 1 October 2024 to 31 December 2024, Payable on 28 February 2025 Picton Property Income Limited announced an interim dividend payment in respect of the financial period from 1 October 2024 to 31 December 2024, maintained at 0.925 pence per share. The dividend timetable is set out: Ex-Dividend Date is 6 February 2025; Record Date is 7 February 2025; Pay Date is 28 February 2025. Announcement • Jan 27
Picton Property Income Limited Announces Board and Committee Changes Picton announced the appointment of Francis Salway as its new Chair. Francis will join the Board in a non-executive capacity as Chair and Chair of the Nomination Committee on 1 February 2025, succeeding Lena Wilson, who will step down from the Board on 31 January 2025, as announced on 4 October 2024. Francis brings a wealth of property expertise and experience to the Board. He was Chief Executive of Land Securities plc, between 2004 and 2012, having joined the board in 2001, and prior to that was Investment Director at Standard Life Investments. He is currently a non-executive director of Watkin Jones plc, the UK's leading residential-for-rent developer, and a non-executive director of Cadogan Group Limited, which owns and manages the Cadogan Estate in Chelsea. Francis was a non-executive director of Next plc from 2010 to 2021, latterly as Senior Independent Director. From 2012, he was Chair of Town & Country Housing, a housing association, and, following its amalgamation with Peabody in 2019, also a non-executive director of Peabody both until 2021. Announcement • Dec 12
An undisclosed buyer agreed to acquire Charlotte Terrace at Hammersmith Road, W14 from Picton Property Income Limited (LSE:PCTN) for £13.1 million. An undisclosed buyer agreed to acquire Charlotte Terrace at Hammersmith Road, W14 from Picton Property Income Limited (LSE:PCTN) for £13.1 million on December 10, 2024. A cash consideration of £13.1 million will be paid by the buyer. As part of consideration, £13.1 million is paid towards assets of Charlotte Terrace at Hammersmith Road, W14. The disposal price of £13.1 million reflects a 5% premium to the external valuation as at 30 September 2024.
The expected completion of the transaction is January 2025. Announcement • Nov 30
Picton Property Income Limited to Report First Half, 2025 Results on Nov 12, 2025 Picton Property Income Limited announced that they will report first half, 2025 results on Nov 12, 2025 Announcement • Nov 14
Picton Property Income Limited to Report Fiscal Year 2025 Results on May 22, 2025 Picton Property Income Limited announced that they will report fiscal year 2025 results on May 22, 2025 Declared Dividend • Nov 01
Fourth quarter dividend of UK£0.0092 announced Shareholders will receive a dividend of UK£0.0092. Ex-date: 7th November 2024 Payment date: 29th November 2024 Dividend yield will be 5.3%, which is lower than the industry average of 5.6%. Announcement • Oct 30
Picton Property Income Limited Announces Interim Dividend Payment in Respect of the Financial Period from 1 July 2024 to 30 September 2024, Payable on 29 November 2024 Picton Property Income Limited announced an interim dividend payment in respect of the financial period from 1 July 2024 to 30 September 2024, maintained at 0.925 pence per share. The dividend timetable is set out: Ex-Dividend Date is 7 November 2024; Record Date is 8 November 2024; Pay Date is 29 November 2024. Announcement • Oct 04
Picton Property Income Limited Announces Board and Committee Changes Picton Property Income Limited announced that Lena Wilson is to step down as Chair and Non-Executive Director on 31 January 2025. This follows her recently announced appointment as Chair of First Group plc and expected increase in time commitment. The Board will commence a search for a suitable successor, with the transition and appointment process being led by Mark Batten, the Company's Senior Independent Director, acting as Interim Chair of the Nomination Committee. Declared Dividend • Aug 02
Fourth quarter dividend of UK£0.0092 announced Shareholders will receive a dividend of UK£0.0092. Ex-date: 8th August 2024 Payment date: 30th August 2024 Dividend yield will be 4.8%, which is lower than the industry average of 5.6%. Announcement • Jul 31
Picton Property Income Limited Announces an Interim Dividend Payment in Respect of the Financial Period from 1 April 2024 to 30 June 2024, Payable on 30 August 2024 Picton Property Income Limited announced an interim dividend payment in respect of the financial period from 1 April 2024 to 30 June 2024, maintained at 0.925 pence per share. Dividend payable on 30 August 2024, record date of 9 August 2024 and Ex-Dividend Date of 8 August 2024. Announcement • Jul 23
Picton Property Income Limited Appoints Helen Beck as an Independent Non-Executive Director, Effective 1 August 2024 Picton Property Income Limited announced the appointment of Helen Beck as an independent non-executive director of the company with effect from 1 August 2024. Helen will become Chair of the Remuneration Committee and a member of the Audit and Risk, Nomination and Property Valuation committees. Helen has more than 25 years' experience in financial services, particularly in remuneration design, regulation and human resources. She was formerly a partner of Deloitte and, before that, was Global Head of Reward at Standard Bank, Head of McLagan Europe (part of Aon) and held roles in human resources at Fidelity International. Helen has been a non-executive director of Funding Circle Holdings plc since June 2021, where she chairs the Remuneration Committee and is a member of the Nomination, Audit and Risk and ESG committees. Until 18 April 2024, she was a Non-Executive Director of Ashmore Group plc. Board Change • Jun 05
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Non-Executive Director Richard Jones was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • May 28
Now 20% undervalued Over the last 90 days, the stock has risen 2.8% to UK£0.65. The fair value is estimated to be UK£0.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • May 03
Dividend increased to UK£0.0092 Dividend of UK£0.0092 is 5.7% higher than last year. Ex-date: 9th May 2024 Payment date: 31st May 2024 Dividend yield will be 5.4%, which is lower than the industry average of 5.6%. Announcement • May 01
Picton Property Income Limited Announces Interim Dividend for the Financial Period from 1 January 2024 to 31 March 2024, Payable on 31 May 2024 Picton Property Income Limited announced a 5.7% increase in its dividend, effective May 2024. The interim dividend payment in respect of the financial period from 1 January 2024 to 31 March 2024, will be 0.925 pence per share (1 October 2023 to 31 December 2023: 0.875 pence per share). Ex-Dividend Date: 9 May 2024; Record Date: 10 May 2024 and Pay Date: 31 May 2024. Announcement • Apr 19
Qsquare (Brighton) Ltd completed the acquisition of Office asset, Angel Gate, London from Picton Property Income Limited (LSE:PCTN). Qsquare (Brighton) Ltd agreed to acquire Office asset, Angel Gate, London from Picton Property Income Limited (LSE:PCTN) for £29.6 million on April 2, 2024. Under the terms of agreement, the purchaser, QSquare (Brighton) Ltd, will fulfil the consideration in cash and the sale consideration is 5% ahead of the December 31, 2023 valuation of £28.1 million. Currently the property is approximately 50% occupied and represents the Company's largest single void, with an annual net rental income of £0.7 million. Following completion of the transaction, Picton's office exposure will reduce from 30% to 28% and portfolio occupancy will increase from 90% to 91%. The Company will consider options for the remaining proceeds of £13.2 million following completion of the disposal, dependent upon prevailing market conditions and investment opportunities. The Company intends to use part of the proceeds to repay its revolving credit facility ('RCF') of £16.4 million, currently costing 6.8% per annum. Following this repayment, based on the December 31, 2023 valuation of Picton's property portfolio, the Company's proforma LTV will reduce from 28% to 25% and the weighted average interest rate will reduce from 3.9% to 3.7%. The average maturity of the debt will also increase to eight years with 100% of the drawn debt fixed. The firm put Angel Gate up for sale through CBRE in January as an office-to-residential conversion opportunity. Saira Johnston joined the board as a new chief financial officer of Picton from Gravis Capital Management. The transaction is expected to close April 9, 2024. Gerald Eve LLP provided due diligence to Qsquare (Brighton) Ltd.
Qsquare (Brighton) Ltd completed the acquisition of Office asset, Angel Gate, London from Picton Property Income Limited (LSE:PCTN) on April 17, 2024. Buy Or Sell Opportunity • Mar 14
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.1% to UK£0.65. The fair value is estimated to be UK£0.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Meanwhile, the company became loss making. Announcement • Mar 08
Picton Property Income Limited Announces Resignation of Maria Bentley from the Board as Non-Executive Director and Chair of the Remuneration Committee, Effective July 30,2024 Picton Property Income Limited announces that Maria Bentley informed the Company of her intention to step down from the Board as non-executive director and Chair of the Remuneration Committee on 30 July 2024. The Board will immediately commence a search for a suitable successor and a further update will be provided in due course. Announcement • Mar 04
Picton Property Income Limited to Report First Half, 2025 Results on Nov 12, 2024 Picton Property Income Limited announced that they will report first half, 2025 results on Nov 12, 2024 Buy Or Sell Opportunity • Feb 25
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.0% to UK£0.65. The fair value is estimated to be UK£0.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Feb 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.1% to UK£0.64. The fair value is estimated to be UK£0.80, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.8% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Feb 01
Dividend of UK£0.0088 announced Dividend of UK£0.0088 is the same as last year. Ex-date: 8th February 2024 Payment date: 29th February 2024 Dividend yield will be 5.2%, which is lower than the industry average of 5.6%. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 1 highly experienced director. Non-Executive Chairman Lena Wilson was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 30
Picton Property Income Limited Announces Interim Dividend for the Financial Period from 1 October 2023 to 31 December 2023, Payable on 29 February 2024 Picton announces an interim dividend payment in respect of the financial period from 1 October 2023 to 31 December 2023, maintained at 0.875 pence per share. Ex-Dividend Date is 8 February 2024. Record Date is 9 February 2024. Pay Date is 29 February 2024. The dividend of 0.875 pence per share will be designated as a property income distribution ('PID'). Announcement • Nov 22
Picton Confirms that it Has Been Informed by UKCM's shareholder Phoenix Life Does Not Support the Possible Merger on the Terms Proposed On 8 November 2023, Picton Property Income Limited (LSE:PCTN) and UK Commercial Property REIT Limited (LSE:UKCM) ("UKCM") announced that they were in discussions regarding a possible all-share merger of the two companies on an EPRA NTA for EPRA NTA basis (the "Possible Merger"). The Board of Picton notes announcement by UKCM and confirms that Picton has been informed by UKCM that its largest shareholder, Phoenix Life Limited, which controls approximately 43% of UKCM's share capital, does not support the Possible Merger on the terms proposed. Picton is considering the feedback that it has received from shareholders in Picton and UKCM, following the announcements on 8 November. A further announcement will be made in due course. Reported Earnings • Nov 19
First half 2024 earnings released: UK£0.003 loss per share (vs UK£0.019 loss in 1H 2023) First half 2024 results: UK£0.003 loss per share (improved from UK£0.019 loss in 1H 2023). Revenue: UK£26.7m (up 6.7% from 1H 2023). Net loss: UK£1.41m (loss narrowed 87% from 1H 2023). Revenue is expected to fall by 12% p.a. on average during the next 3 years compared to a 3.8% decline forecast for the REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Price Target Changed • Nov 14
Price target decreased by 17% to UK£0.75 Down from UK£0.90, the current price target is provided by 1 analyst. New target price is 9.8% above last closing price of UK£0.68. Stock is down 20% over the past year. The company is forecast to post earnings per share of UK£0.04 next year compared to a net loss per share of UK£0.16 last year. Announcement • Oct 31
Picton Property Income Limited Announces Dividend from 1 July 2023 to 30 September 2023, Payable on 30 November 2023 Picton announced an interim dividend payment in respect of the financial period from 1 July 2023 to 30 September 2023, maintained at 0.875 pence per share. Ex-Dividend Date is 9 November 2023. Record Date is 10 November 2023. Pay Date is 30 November 2023. Announcement • Oct 13
Picton Property Income Limited Announces Executive Changes Picton Property Income Limited announced the appointment of Saira Johnston as chief financial officer, effective 1 April 2024. The company also confirms that Andrew Dewhirst has now informed the company of his decision to retire at the end of March 2024, having worked alongside the rest of the Board to appoint a suitable successor. He will step down from the Board, but remain with the company until June 2024 to ensure an effective transition, particularly around year end reporting. Saira will start in March 2024 as CFO Designate until Andrew retires. Saira has spent over 20 years working in the real estate sector where she has held senior finance positions, most recently as CFO of Gravis Capital Management Limited, which has an established business of managing listed real estate and infrastructure assets. Previous roles were at Moorfield Group, CBRE Global Investors/ING Real Estate and Morgan Stanley Real Estate Funds. Announcement • Oct 12
Picton Property Income Limited Announces Board Changes Picton Property Income Limited announced the appointment of Saira Johnston to the board, effective 1 April 2024. The company also confirms that Andrew Dewhirst has now informed the company of his decision to retire at the end of March 2024, having worked alongside the rest of the Board to appoint a suitable successor. He will step down from the Board, but remain with the company until June 2024 to ensure an effective transition, particularly around year end reporting. Saira will start in March 2024 as CFO Designate until Andrew retires. Saira has spent over 20 years working in the real estate sector where she has held senior finance positions, most recently as CFO of Gravis Capital Management Limited, which has an established business of managing listed real estate and infrastructure assets. Previous roles were at Moorfield Group, CBRE Global Investors/ING Real Estate and Morgan Stanley Real Estate Funds. Announcement • Oct 01
Picton Property Income Limited Announces Appointment of Katharine Thompson as Company Secretary, Effective October 1, 2023 Picton Property Income Limited announced the appointment of Katharine Thompson as Company Secretary, effective 1 October 2023, succeeding Northern Trust International Fund Administration Services (Guernsey) Limited (NTIFAS(G)L). The Company's existing contract with NTIFAS(G)L will terminate on 30 September 2023. Buying Opportunity • Aug 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 5.5%. The fair value is estimated to be UK£0.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years, while earnings per share has been flat. Announcement • Jul 26
Picton Property Income Limited Announces an Interim Dividend Payment in Respect of the Financial Period from 1 April 2023 to 30 June 2023, Payable on 31 August 2023 Picton Property Income Limited announced an interim dividend payment in respect of the financial period from 1 April 2023 to 30 June 2023, maintained at 0.875 pence per share. Dividend payable on 31 August 2023, record date of 4 August 2023 and Ex-Dividend Date of 3 August 2023. Buying Opportunity • Jul 17
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 6.3%. The fair value is estimated to be UK£0.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years, while earnings per share has been flat. Buying Opportunity • Jun 23
Now 23% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be UK£0.91, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years, while earnings per share has been flat. Reported Earnings • May 26
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: UK£0.17 loss per share (down from UK£0.27 profit in FY 2022). Revenue: UK£51.8m (up 11% from FY 2022). Net loss: UK£89.5m (down 161% from profit in FY 2022). Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 13%. Revenue is forecast to decline by 14% p.a. on average during the next 2 years, while revenues in the REITs industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 4% per year. Major Estimate Revision • Feb 05
Consensus EPS estimates fall by 19% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -UK£0.16 to -UK£0.191 per share. Revenue forecast of UK£37.0m unchanged since last update. REITs industry in the United Kingdom expected to see average net income decline 43% next year. Consensus price target of UK£0.90 unchanged from last update. Share price was steady at UK£0.81 over the past week. Announcement • Jan 31
Picton Property Income Limited Declares Interim Dividend for the Financial Period from 1 October 2022 to 31 December 2022, Payable on 28 February 2023 Picton Property Income Limited announces an interim dividend payment in respect of the financial period from 1 October 2022 to 31 December 2022, maintained at 0.875 pence per share. The dividend timetable is set out below: Ex-Dividend Date: 9 February 2023, Record Date is 10 February 2023, and Pay Date is 28 February 2023. The dividend of 0.875 pence per share will be designated as a property income distribution (‘PID’). Price Target Changed • Nov 16
Price target decreased to UK£0.97 Down from UK£1.20, the current price target is an average from 2 analysts. New target price is 16% above last closing price of UK£0.84. Stock is down 15% over the past year. The company is forecast to post earnings per share of UK£0.13 for next year compared to UK£0.27 last year. Buying Opportunity • Sep 20
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 7.7%. The fair value is estimated to be UK£1.09, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 68%. For the next 3 years, revenue is forecast to decline by 4.2% per annum. Earnings is also forecast to decline by 41% per annum over the same time period. Buying Opportunity • Sep 01
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be UK£1.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 68%. For the next 3 years, revenue is forecast to decline by 4.2% per annum. Earnings is also forecast to decline by 41% per annum over the same time period. Price Target Changed • Aug 04
Price target decreased to UK£1.08 Down from UK£1.20, the current price target is an average from 2 analysts. New target price is 20% above last closing price of UK£0.90. Stock is down 6.6% over the past year. The company is forecast to post earnings per share of UK£0.13 for next year compared to UK£0.27 last year. Buying Opportunity • Jul 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be UK£1.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 68%. For the next 3 years, revenue is forecast to decline by 4.5% per annum. Earnings is also forecast to decline by 41% per annum over the same time period. Major Estimate Revision • Jun 21
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast fell from UK£38.5m to UK£37.5m. EPS estimate rose from UK£0.06 to UK£0.13. Net income forecast to shrink 52% next year vs 3.8% growth forecast for REITs industry in the United Kingdom . Consensus price target of UK£1.20 unchanged from last update. Share price was steady at UK£0.94 over the past week. Reported Earnings • May 27
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: EPS: UK£0.27 (up from UK£0.062 in FY 2021). Revenue: UK£46.5m (up 7.4% from FY 2021). Net income: UK£147.0m (up 335% from FY 2021). Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) exceeded analyst estimates by 30%. Over the next year, revenue is expected to shrink by 16% compared to a 1.0% decline forecast for the reits industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Major Estimate Revision • Feb 01
Consensus EPS estimates increase by 45% The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from UK£35.6m to UK£36.8m. EPS estimate increased from UK£0.14 to UK£0.21 per share. Net income forecast to shrink 8.9% next year vs 23% growth forecast for REITs industry in the United Kingdom . Consensus price target of UK£1.20 unchanged from last update. Share price fell 3.8% to UK£1.02 over the past week. Price Target Changed • Nov 24
Price target increased to UK£1.15 Up from UK£1.03, the current price target is an average from 3 analysts. New target price is 17% above last closing price of UK£0.98. Stock is up 34% over the past year. The company is forecast to post earnings per share of UK£0.14 for next year compared to UK£0.062 last year. Reported Earnings • Nov 14
First half 2022 earnings released: EPS UK£0.099 (vs UK£0.007 in 1H 2021) First half 2022 results: Revenue: UK£22.6m (up 4.5% from 1H 2021). Net income: UK£53.9m (up UK£50.2m from 1H 2021). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Aug 05
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from UK£0.077 to UK£0.091. Revenue forecast unchanged at UK£34.4m. Net income forecast to grow 35% next year vs 26% growth forecast for REITs industry in the United Kingdom. Consensus price target of UK£1.03 unchanged from last update. Share price rose 5.3% to UK£0.96 over the past week. Major Estimate Revision • Jun 25
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from UK£0.037 to UK£0.077. Revenue forecast unchanged at UK£33.9m. Net income forecast to grow 24% next year vs 24% growth forecast for REITs industry in the United Kingdom. Consensus price target of UK£0.93 unchanged from last update. Share price was steady at UK£0.87 over the past week. Reported Earnings • May 28
Full year 2021 earnings released: EPS UK£0.062 (vs UK£0.041 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: UK£43.3m (down 5.1% from FY 2020). Net income: UK£33.8m (up 50% from FY 2020). Profit margin: 78% (up from 49% in FY 2020). Net asset value (NAV) per share: UK£0.97 (up 4.3% from FY 2020). The current share price is 12% lower than NAV per share. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 26
New 90-day high: UK£0.88 The company is up 23% from its price of UK£0.71 on 27 November 2020. The British market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£1.01 per share. Executive Departure • Feb 02
Non-Executive Chairman of the Board Nicholas Thompson has left the company On the 1st of February, Nicholas Thompson's tenure in the role of Non-Executive Chairman of the Board ended. As of September 2020, Nicholas personally held 133.37k shares (UK£83k worth at the time). A total of 3 executives have left over the last 12 months. Is New 90 Day High Low • Feb 01
New 90-day high: UK£0.83 The company is up 33% from its price of UK£0.63 on 03 November 2020. The British market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£1.08 per share. Is New 90 Day High Low • Jan 15
New 90-day high: UK£0.81 The company is up 30% from its price of UK£0.62 on 16 October 2020. The British market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£1.06 per share. Major Estimate Revision • Dec 12
Analysts increase EPS estimates to UK£0.019 The 2021 consensus revenue estimate increased from UK£31.4m to UK£32.5m. The company is forecast to report a profit instead of a loss, with analysts raising their EPS forecasts from -UK£0.028 to UK£0.019 for the same period. The REITs industry in the United Kingdom is expected to see an average net income growth of 40% next year. The consensus price target of UK£0.85 was unchanged from the last update. Share price is down by 6.5% to UK£0.74 over the past week. Reported Earnings • Nov 17
First half 2021 earnings released: EPS UK£0.007 The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: UK£21.7m (down 7.5% from 1H 2020). Net income: UK£3.68m (down 75% from 1H 2020). Profit margin: 17% (down from 62% in 1H 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 10
New 90-day high: UK£0.73 The company is up 12% from its price of UK£0.65 on 12 August 2020. The British market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.84 per share. Is New 90 Day High Low • Oct 16
New 90-day low: UK£0.62 The company is down 10.0% from its price of UK£0.69 on 17 July 2020. The British market is down 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the REITs industry, which is down 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is UK£0.84 per share. 
