PCTN Picton Property Income Ld

 
TIDMPCTN 
 
28 January 2021 
 
                        Picton Property Income Limited 
                   ("Picton", the "Company" or the "Group") 
                          LEI: 213800RYE59K9CKR4497 
 
                       Dividend Declaration and Increase 
 
Picton today announces a 14% increase in its interim dividend to 0.8 pence per 
share in respect of the financial period from 1 October 2020 to 31 December 
2020. 
 
Background 
 
In April 2020, recognising the uncertainty caused by the Covid-19 pandemic, the 
associated lockdown and the consequent potential impact to cash flow, the 
Company announced a 29% reduction in the quarterly dividend payment from 0.875 
pence to 0.625 pence. 
 
Having had time to assess the initial impact of the pandemic, the Board decided 
in November to increase the dividend by 12% to 0.7 pence per share, reflecting 
progress with rent collection, asset management projects and various leasing 
initiatives. 
 
Rent collection data for 2020 is as follows: 
 
  * Received 95% of the September and June quarters' rent and 90% of the March 
    quarter's rent. 
  * Currently 87% of the December quarter's rent has been collected, when 
    including 11% on agreed monthly payment plans. This figure is comparable to 
    the corresponding rent collection during the previous two quarters. 
 
In respect of the remaining rent outstanding, ongoing discussions and active 
management opportunities are expected to further improve the income or capital 
position of the portfolio. 
 
Picton maintains a strong balance sheet with the LTV currently at 21%. 
 
Dividend Increase 
 
Recognising the ongoing levels of rent collection and leasing progress, as well 
as the distribution requirements of the REIT regime, the Board has concluded 
that it is appropriate to further increase the level of distribution from the 
current position. At this revised level the Company will retain the flexibility 
to manage the property portfolio, support its occupiers through the ongoing 
crisis and help to create longer term value for shareholders. 
 
Consequently, the quarterly dividend will be increased by 14% (3.2 pence from 
2.8 pence annualised) with immediate effect. 
 
The dividend timetable is set out below: 
 
  * Ex-Dividend Date - 4 Feb 2021 
  * Record Date - 5 Feb 2021 
  * Pay Date - 26 Feb 2021 
 
The dividend of 0.8 pence per share will be designated as a Property Income 
Distribution ('PID'). 
 
Nick Thompson, Chairman of Picton Property Income commented: 
 
"We are pleased to be in the position where we can take another positive step 
forward. This decision means our distributions are now at more than 91% of pre 
pandemic levels. Hopefully as the vaccine roll out gathers pace and this 
current lockdown ends, more normalised conditions will return, enabling further 
growth." 
 
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET 
ABUSE REGULATION (EU) NO. 596/2014 
 
For further information: 
 
Tavistock 
 
Jeremy Carey/James Verstringhe, 020 7920 3150, 
james.verstringhe@tavistock.co.uk 
 
Picton 
 
Michael Morris, 020 7011 9980, michael.morris@picton.co.uk 
 
Note to Editors 
 
Picton, established in 2005, is a UK REIT. It owns and actively manages a £675 
million diversified UK commercial property portfolio, invested across 46 assets 
and with around 350 occupiers (as at 31 December 2020). Through an occupier 
focused, opportunity led approach to asset management, Picton aims to be one of 
the consistently best performing diversified UK focused property companies 
listed on the main market of the London Stock Exchange. 
 
For more information please visit: www.picton.co.uk 
 
                                     ENDS 
 
 
 
END 
 
 

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