Picton Prop Company Research (PCTN)

Picton Property Income (PCTN) has completed on the c £13m sale of an office asset designated for alternative use and announced a £10m share buyback programme. The news follows a strong Q325 performance, with asset management initiatives driving income and capital gains, further highlighting the company’s track record of adding value to its portfolio, even in times of market volatility. Q125 NAV per share increased 2.3% to 98.5p, while the accounting total return was 3.2% (and 5.4% for FY25-to-date). DPS was 111% covered. The portfolio offers significant reversionary potential to further drive income and realise value, while gearing is low (LTV of 25%) and all debt long term and fixed rate.