Palace Capital (PCA): Dividend recovery ahead of expectations
March 2021 annual results were ahead of our expectations; notably, rent was £17.3m vs. our estimated £16.4m. FY20 rent stood at £18.3m, excluding a lease surrender premium, and there have been net disposals (modest in quantum and at premiums to book values) since FY20, further highlighting the good rental outcome. The dividend payout was 10.5p (vs. 10.0p estimated). While we are not raising our FY22 rent or profit estimates, we raise our FY22E dividend from 11.0p to 12.0p. New leases have been signed at above estimated rental (market) value (ERV) and the two leisure assets benefit both from long leases and from new leases signed on vacated space.Palace Capital is a property investment company that focuses on commercial real estate outside London. Co. invests in refurbishment and capital development programmes within the existing portfolio to unlock capital growth, as well as invests in commercial real estate in the U.K. Co.'s property portfolio includes investment properties located throughout England, predominantly regional investments outside London and comprises a diverse portfolio of commercial buildings.
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