Celebrations to continue at the Palace – The Property Chronicle
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Celebrations to continue at the Palace An analysis of the property investment company

The Analyst

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Edison Investment Research is a leading independent investment research firm. We aim, in these articles for The Property Chronicle, to bring to a wider audience the sort of analysis normally only available to big investing institutions. Each month one of our top analysts will scrutinise a listed company. It might be a pure real estate company, sometimes it might not. We will not be ‘tipping’ any shares but, hopefully, giving you the information and perspective to make your own judgement. -Neil Shah, Director of Research

Source: Company, Edison Investment Research. As at December 13th 2017. Note: *Adjusted EPRA earnings exclude revaluation gains, profits or losses on disposals of investment properties and surrender gains on early lease terminations.

Palace Capital is a property investment company listed on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE) and registered in the UK. It focuses on commercial property, mainly outside London. On a spectrum with very low-risk buy-and-hold REITs at one end and speculative developers at the other, Palace is in the middle: it has the flexibility to invest earnings in capital-enhancing asset management projects, unconstrained by the REIT property income distribution requirement (albeit the payout ratio is currently similar to a REIT’s), and is willing to assume some development risk where the potential returns are attractive, but also has a stable core portfolio producing sustainable rental income as well as providing opportunities for capital growth.

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