Picton Posts Sixth Straight NAV Gain as Strategic Review Puts Spotlight on Discounted Shares

The latest announcement is out from Picton Property Income ( (GB:PCTN) ).

Picton Property Income reported its sixth consecutive quarterly increase in net asset value per share, with NAV/EPRA NTA up 0.9% to 102.4p and a total return of 1.8% for the three months to 31 December 2025, underpinned by a 0.6% like-for-like portfolio valuation uplift and disciplined capital management. The group continued to invest in and reposition its portfolio, deploying £2.5 million into upgrades and asset acquisitions, securing new lettings and lease renewals at premia to estimated rental values, and crystallising upside at key industrial assets, albeit at the cost of lower occupancy, which fell to 83%. Picton maintained a conservative balance sheet with a 22.9% loan-to-value ratio, fully fixed long-term debt at 3.7%, and an undrawn £50 million revolving credit facility, while its share buyback programme remained value accretive, repurchasing £6.0 million of stock at a 25% discount to NAV before being paused following the launch of a strategic review. The company declared a quarterly dividend of 0.95p per share, providing a covered, annualised yield of 4.6% on the current share price, and enters 2026 with a £1.6 million leasing pipeline agreed subject to contract as the board evaluates strategic options, including potential corporate activity, to maximise shareholder value in the context of a share price still trading at a material discount to NAV.

The most recent analyst rating on (GB:PCTN) stock is a Hold with a £88.00 price target. To see the full list of analyst forecasts on Picton Property Income stock, see the GB:PCTN Stock Forecast page.

Spark’s Take on GB:PCTN Stock

According to Spark, TipRanks’ AI Analyst, GB:PCTN is a Neutral.

Picton Property Income’s overall stock score is primarily supported by its strong valuation metrics, including a low P/E ratio and high dividend yield, which suggest potential undervaluation. However, financial performance is mixed, with strong profitability offset by revenue and cash flow volatility. Technical indicators are neutral, providing no clear directional bias.

To see Spark’s full report on GB:PCTN stock, click here.

More about Picton Property Income

Picton Property Income is a UK real estate investment trust listed on the main market of the London Stock Exchange and included in several EPRA indices. Established in 2005, it owns and actively manages a £699 million diversified UK commercial property portfolio of 46 assets with around 300 occupiers, currently weighted towards the industrial sector, and aims to deliver upper-quartile total returns and higher income than the wider UK property market while pursuing a net zero carbon target by 2040.

Average Trading Volume: 1,397,045

Technical Sentiment Signal: Buy

Current Market Cap: £423.9M

See more insights into PCTN stock on TipRanks’ Stock Analysis page.