Edison issues flash on Picton Property Income (PCTN): Unlocking value to drive DPS growth

London, UK, 2 Mai 2024

Edison issues flash on Picton Property Income (PCTN): Unlocking value to drive DPS growth

Ahead of FY24 results to be published on 23 May, Picton Property Income has declared a Q424 DPS of 0.925p, a 5.7% increase on the previous quarter. The company intends to maintain fully covered dividends at the new level, an annualised run rate of 3.7p, well above the pre-pandemic DPS and the 3.5p paid in respect of FY24. The uplift reflects a continuing robust occupier market, supporting rental growth, as well as asset management activity, most notably the recent sale of Angel Gate. The sale was part of Picton’s strategy to accelerate the unlocking of value in its portfolio through the selective repurposing of office assets and accretively recycle the capital. Further repurposing asset management initiatives are being progressed.

We have not changed our forecasts for the Angel Gate sale and will review these when FY24 results are published later this month. The new DPS target is reflected in the FY25e DPS shown in the table above.  

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