RNS Number : 8522B
Standard Life Invs Property Inc Tst
22 August 2008
Standard Life Investments Property income Trust Limited
Interim Report and Condensed Financial Statements
1 January 2008 to 30 June 2008
Objective
To provide shareholders with an attractive level of income together with the prospect of income and capital growth.
Investment Policy
The Directors intend to achieve the investment objective by investing in a diversified portfolio consisting of UK commercial properties.
The majority of the portfolio will be invested in direct holdings within the three main sectors of Retail, Office, and Industrial, although
it may also invest in "other" commercial property such as hotels, nursing homes and student housing. Limited development and investment in
co-investment vehicles is permitted (maximum 10% of the portfolio).
In order to manage risk in the Company, without compromising flexibility, the following restrictions apply to the portfolio in normal
market conditions:
* No property will be greater by value than 15% of total assets.
* No tenant (excluding Government) shall be responsible for more that 20% of the Company's rent roll.
* The Loan to Value ratio (borrowings less cash divided by property portfolio value) will not exceed 65%.
Financial Highlights
* Dividends per share maintained at 6.76p
* Dividend yield of 10.1% based on period end share price
* Net Asset Value per share decreased by 9.0% to 101.6p
* Value of property portfolio �156.7m
* One property disposed over the period for �17.7m, one property purchased during the period for �7.9m.
30 June 2008 31 December 2007 %Change
IFRS Net Asset Value per share * 103.3p 113.3p -8.8%
Published adjusted IFRS Net Asset
Value per share ** 101.6p 111.6p -9.0%
Price per share 66.8p 77.8p -14.1%
Value of total assets �205.2m �219.4m -6.5%
Loan to Value *** 25.5% 27.9%
Cash position �44.4m �34.5m 28.7%
Dividends per share **** 3.38p 6.76p
* Calculated under International Financial Reporting Standards.
** Calculated under International Financial Reporting Standards, adjusted to include the last quarter's dividend.
*** Including cash offset.
**** Six months ended 30 June 2008 (year ended 31 December 2007)
Chairman's Statement
Since writing my last Chairman's Statement the economic environment for the UK economy continued to deteriorate and the impact of the
credit crunch is still affecting the banking sector's ability to lend as these financial institutions rebuild their capital positions.
Against this challenging background it is no surprise that the level of UK commercial property transactions has slowed and values have
fallen in the six months ended 30 June 2008. Given the investment policy, the Company continues to focus on properties that will generate
rental income to finance dividends to shareholders.
Income and Total Return
The Company's property portfolio held up relatively well in a very difficult market producing a total return of -3.7% for the six months
ended 30 June 2008 (IPD monthly index -6.0%). Over the reporting period the income return was in line with the IPD monthly index at 2.8%.
One of the main objectives of the Company is to provide an attractive level of income. The Company's income return on its property portfolio
was calculated after the impact of paying a �900,000 premium to DSG to secure a ten year extension of two leases at Clough Road, Hull.
The Company announced a second interim dividend of 1.69p per share payable on 29 August 2008, making dividends of 3.38p for the six
months ended 30 June 2008. Annualised dividends of 6.76p per share represent a dividend yield at 30 June 2008 of 10.1%, based upon the year
end share price.
The Company's unaudited net asset value per share was 101.6p at 30 June 2008 and represented a fall of 9.0% over the six months ended 30
June 2008.
Activity
The Company sold its largest property Wellington House, London, for �17.7m in the first quarter and bought an industrial unit in
Rainham, Thames Gateway, for �7.9m.
Outlook
The cash position at 30 June 2008 was �44.4m and the loan to value ratio was 25.5% after taking the Company's cash position into
account. The Company is therefore well placed to take advantage of attractive buying opportunities that present themselves. Although the
market sentiment is negative towards UK commercial property as an asset class at the present time the investment manager expects the UK
commercial property sector to provide high single digit returns over the next few years mainly resulting from the asset class's stable
income return and assuming economic recovery comes through in 2009.
David Moore
Chairman
21 August 2008
Directors' Responsibility Statement
The Directors are responsible for preparing the Half-Yearly Financial Report in accordance with applicable law and regulations. The
Directors confirm that to the best of their knowledge:
* the condensed set of Financial Statements have been prepared in accordance with IAS 34 as adopted by the European Union; and
* the Interim Management Report includes a fair review of the general conditions required by 4.2.7R and 4.2.8R of the Financial
Services Authority's Disclosure and Transparency Rules.
* The Half-Yearly Financial Report, for the six months ended 30 June 2008, comprises an Interim Management Report in the form of the
Chairman's Statement, the Investment Manager's Report, the Directors' Responsibility Statement and a condensed set of Unaudited Consolidated
Financial Statements.
For and on behalf of the Directors of Standard Life Investments Property Income Trust Limited
David Moore
Chairman
21 August 2008
Investment Manager's Report
UK Property Market
The first six months of 2008 have seen a repeat of the second half of 2007 with capital falls in UK commercial property of 8.6%
outweighing the +2.8% income return to give a total return of -6.0%. Although the year started in a more positive fashion with the rate of
capital falls declining, they accelerated again in Q2 2008, due in part to the deteriorating economic environment.
Over the first half of the year it was the industrial sector that proved most resilient with a total return of -5.4%, against -5.8% and
-6.4% for offices and retail sectors respectively. Both the retail and office sectors in particular suffered from weaker expectations of
occupier demand and increased tenant failures feeding through to lower rental growth expectations, and increased provisions for bad debt.
The listed sector faired no better. Although it had a relatively strong first three months of 2008 with a minor recovery, this was
reversed in Q2, as the attached chart shows, giving a total return for the period (assuming dividends reinvested) of -21.16% on the FTSE All
share real estate index. The FTSE All Share index returned -11.16% over the same period.
Portfolio Valuation
From December 2007 the properties in the Investment Portfolio have been valued by Jones Lang LaSalle. Prior to that time the valuer was
DTZ Debenham Tie Leung, but they were replaced at the end of the term of their initial contract following a retendering exercise.
The portfolio valuation at the end of the period was �156.7m. A further �44.4m was held in cash at the period end. This compares to
�178.2m and �34.5m respectively as at end December 2007 and reflects that during the period the Company sold its largest asset, Wellington
House London, and purchased an industrial asset in the Thames Gateway.
The primary aim of the Company is to provide an attractive level of income, and the property portfolio supports this with a running
yield of 6.7% (IPD monthly index 5.7% 30 June 2008).
Investment Activity
Following the sale of a portfolio of six properties in Quarter 4 2007 for �44m the Company continued its strategy of selling properties
that had a specific risk to the income stream or capital value by selling Wellington House London for �17.7m in Quarter 1 2008. It also
bought an industrial unit in Rainham, Thames Gateway, for �7.9m in Quarter 1. Both transactions met the strategy of improving the duration
and certainty of the portfolio cashflow.
As the market continued to decline into Quarter 2 and the outlook weakened further, the Company decided to hold cash rather than invest
into the market, and also not to undertake further sales as the market pricing is not attractive.
Asset Management
The priority of the period has been to maintain and improve the income security to the Company. The Company negotiated the removal of
two break clauses in leases to DSG in Hull, securing the income until 2021. The Company has also had some successful lettings and lease
renewals at its industrial estate in Aberdeen, where the high oil prices have led to continued strong demand.
Loan to Value
The loan to value level at 30 June 2008 stood at 25.5% of the market value of investment properties.
Investment outlook
By the end of Quarter 1 2008 the outlook for the UK commercial property market looked to have improved with pricing close to fair value,
however over the second quarter market sentiment and our outlook deteriorated. This change in outlook reflects the outward shift in bond
yields, and increase in 5 year swap rates over the period making commercial property look relatively expensive. At the same time the
worsening economic environment has hit the occupier market, which up until now has remained relatively robust.
The listed sector normally proves a lead indicator to the direct market, and we expect to see a recovery here first. In line with the
Standard Life Investments "Focus on Change" philosophy, we are looking at the triggers of a market recovery for where the turning point in
this cycle will be. Although at a market level we do not believe the time is right to re-enter the direct property market, we are beginning
to see attractive property specific opportunities appear as some sellers are forced to accept below market value. The Company is well placed
to take advantage of opportunities given its high cash levels, but remains cautious in appraising opportunities.
Jason Baggaley
For Standard Life Investments
Investment Managers
Investment Manager's Report
Property Investments as at 30 June 2008
Hollywood Green London Leisure 16-18m
Clough Road Retail Hull Retail Warehouse 14-16m
Park White Bear Yard London Standard Office 8-10m
Drakes Way 2-4 Swindon Standard Industrial 8-10m
Bucknall Street London Standard Office 8-10m
Ocean Trade Centre Aberdeen Industrial Park 8-10m
Bathgate Retail Park Bathgate Retail Warehouse 6-8m
Century Plaza Edgware High Street Retail 6-8m
Chancellors Place Chelmsford Standard Office 6-8m
Marsh Way Rainham Standard Industrial 6-8m
Foxhills Industrial Park Scunthorpe Distribution 4-6m
Warehouse
Interfleet House Derby Office Park 4-6m
Pit Hey Place Skelmersdale Distribution 4-6m
Warehouse
Farah Unit, Crittal Road Witham Standard Industrial 4-6m
Turin Court Manchester Standard Office 4-6m
Windsor Court & Crown Farm Mansfield Standard Industrial 4-6m
Phase II, Telelink Swansea Office Park 4-6m
Esporta Chislehurst Leisure 4-6m
Coal Road Leeds Standard Industrial 2-4m
De Ville Court 31 / 32 Weybridge Standard Office 2-4m
Queen Square Bristol Standard Office 2-4m
Halfords Paisley Retail Warehouse 2-4m
Wardley Industrial Estate Manchester Industrial Park 2-4m
Eurolink Normanton Leeds Industrial Park 2-4m
Easter Park Bolton Distribution 2-4m
Warehouse
Lister House Leeds Standard Office 2-4m
Unit 14, Interlink Park Bardon Distribution 1-2m
Warehouse
Portrack Lane Stockton on Tees Distribution 1-2m
Warehouse
Standard Life Investments Property Income Trust Limited
Unaudited Consolidated Income Statement
for the period ended 30 June 2008
01 Jan 08 to 01 Jan 07 to
30-Jun-08 30-Jun-07
Note � �
Rental income 5,855,992 7,635,900
Unrealised (loss) / gain arising on (12,219,122) 1,772,856
adjustment to fair value of investment
properties
Realised loss on disposal of investment (533,888) -
properties
Investment management fees 3 (848,152) (1,023,772)
Head lease payments (33,037) (142,484)
Other direct property costs (344,702) (188,889)
Directors' fees and subsistence (52,262) (41,992)
Valuation fees (18,917) (42,500)
Audit fees (18,000) (22,000)
Other administration expenses (200,380) (127,870)
Operating (loss) / profit (8,412,468) 7,819,249
Finance costs - net
Interest payable (2,696,994) (2,964,522)
Interest receivable 1,219,280 80,933
(Loss) / profit for the period (9,890,182) 4,935,660
(Loss) / earnings per share for the
period
attributable to the equity holders of
the Company
Basic and diluted (9.51) 4.75
pence pence
All items in the above Consolidated Income Statement derive from continuing operations.
Standard Life Investments Property Income Trust Limited
Unaudited Consolidated Balance Sheet
as at 30 June 2008
30-Jun-08 31-Dec-07
Note � �
ASSETS
Non-current assets
Freehold investment properties 5 139,421,931 142,151,538
Leasehold investment properties 5 15,707,562 39,800,604
Interest rate swap 2,717,874 ----------------
157,847,367 181,952,142
Current assets
Trade and other receivables 2,325,912 2,230,660
Cash and cash equivalents 45,044,609 35,171,457
47,370,521 37,402,117
Total assets 205,217,888 219,354,259
EQUITY
Capital and reserves attributable
to Company's equity holders
Share capital 1,040,000 1,040,000
Share premium 5,217,022 5,217,022
Retained earnings 6 2,152,135 2,576,775
Capital reserves 4,863,266 14,635,767
Other distributable reserves 94,143,845 94,371,577
Total equity 107,416,268 117,841,141
LIABILITIES
Non-current liabilities
Bank borrowings 84,432,692 84,432,692
Interest rate swap - 262,635
Redeemable preference shares 7,818,779 7,591,047
Leasehold obligations 7,062 4,029,314
92,258,533 96,315,688
Current liabilities
Trade and other payables 5,542,587 4,912,163
Leasehold obligations 500 285,267
5,543,087 5,197,430
Total liabilities 97,801,620 101,513,118
Total equity and liabilities 205,217,888 219,354,259
Approved by the Board of Directors on 21 August 2008
Standard Life Investments Property Income Trust Limited
Unaudited Consolidated Statement of Changes in Equity
for the period ended 30 June 2007
Other
Share Share Retained Capital distributable
capital premium earnings reserves reserves Total equity
� � � � � �
Opening balance 1 January 2007 1,040,000 5,217,022 (4,146,647) 35,961,779 94,801,259 132,873,413
as previously reported
Prior period adjustment:
Taxation - - 6,895,522 - - 6,895,522
Opening balance 1 January 2007 1,040,000 5,217,022 2,748,875 35,961,779 94,801,259 139,768,935
as restated
Profit for the period - - 4,935,660 - - 4,935,660
Unrealised gain arising on - - (1,772,856) 1,772,856 - -
adjustment to fair value of
investment properties
Transfer between reserves* - - 214,841 - (214,841) -
Movement on revaluation - - - 3,213,947 - 3,213,947
of interest rate swap
Dividends - - (3,515,200) - - (3,515,200)
Balance at 30 June 2007 1,040,000 5,217,022 2,611,320 40,948,582 94,586,418 144,403,342
*this is a transfer to move redeemable preference share finance costs from the retained earnings reserve to the other distributable
reserves
Standard Life Investments Property Income Trust Limited
Unaudited Consolidated Statement of Changes in Equity
for the period ended 30 June 2008
Other
Share Share Retained Capital distributable
capital premium earnings reserves reserves Total equity
Note � � � � � �
Opening balance 1 January 2008 1,040,000 5,217,022 2,576,775 14,635,767 94,371,577 117,841,141
Loss for the period - - (9,890,182) - (9,890,182)
Unrealised loss arising on 5 - - 12,219,122 (12,219,122) - -
adjustment to fair value of
investment properties
Realised loss on disposal of - - 533,888 (533,888) - -
investment properties
Transfer between reserves* - - 227,732 (227,732) -
Movement on revaluation - - (2,980,509) - 2,980,509
of interest rate swap
Dividends 7 - - (3,515,200) - (3,515,200)
Balance at 30 June 2008 1,040,000 5,217,022 2,152,135 4,863,266 94,143,845 107,416,268
*this is a transfer to move redeemable preference share finance costs from the retained earnings reserve to the other distributable
reserves
Standard Life Investments Property Income Trust Limited
Unaudited Consolidated Cash Flow Statement
for the period ended 30 June 2008
01 Jan 08 to 01 Jan 07 to
30 Jun 08 30 Jun 08
Note � �
Cash flows from operating activities
Cash generated from operations 8 3,633,930 6,222,353
Interest paid (1,077,478) (2,749,681)
Net cash generated from operating 2,556,452 3,472,672
activities
Cash flows from investing activities
Purchase of investment property (7,800,750) -
Capital expenditure on investment (52,742) (170,472)
properties
Proceeds from disposal of investment 8 17,466,112 -
properties
Interest received 1,219,280 80,932
Net cash generated / (used) in investing 10,831,900 (89,540)
activities
Cash flows from financing activities
Dividends paid to the Company's 7 (3,515,200) (3,515,200)
shareholders
Net increase / (decrease) in cash and 9,873,152 (132,068)
cash equivalents in the period
Cash and cash equivalents at beginning 35,171,457 5,214,503
of period
Cash and cash equivalents at end of 45,044,609 5,082,435
period
Standard Life Investments Property Income Trust Limited
Notes to the Unaudited Consolidated Financial Statements
for the year ended 30 June 2008
1. GENERAL INFORMATION
Standard Life Investments Property Income Trust Limited ("the Company") and its subsidiary (together the "Group") carries on the
business of property investment through a portfolio of freehold and leasehold investment properties located in the United Kingdom. The
Company is a limited liability company incorporated and domiciled in Guernsey, Channel Islands. The Company has its primary listing on the
London Stock Exchange with a secondary listing on the Channel Islands Stock Exchange. The address of the registered office is Trafalgar
Court, Les Banques, St Peter Port, Guernsey. These Unaudited Condensed Consolidated Financial Statements have been approved for issue by the
Board of Directors on 21 August 2008. The Audited Consolidated Financial Statements of the Company for the year ended 31 December 2007 are
available upon request from the registered office.
2. ACCOUNTING POLICIES
Basis of preparation
The Unaudited Condensed Consolidated Financial Statements of the Group have been prepared in accordance with and comply with IAS 34, and
all applicable requirements of Guernsey Company Law. They do not contain all of the information required for full annual statements and
should be read in conjunction with the Audited Consolidated Financial Statements of the Company for the year ended 31 December 2007. Except
as noted below, the same accounting policies and methods of computation are followed in these interim financial statements as compared with
the Audited Consolidated Financial Statements prepared for the year ended 31 December 2007.
3. RELATED PARTY DISCLOSURES
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the
other party in making financial or operational decisions.
Redeemable preference shares
On 19 December 2003 the Company issued 6,000,000 25p redeemable zero dividend preference shares for �6,000,000 to The Standard Life
Assurance Company. On 10 July 2006 these shares were transferred to Standard Life Assurance Limited. These shares have a nominal value of
�1,500,000 and are redeemable by the Company at a price of �1.7908 . These shares do not carry any voting rights.
Ordinary share capital
Standard Life Investment Funds Limited held 21,769,609 of the issued ordinary shares
throughout the period on behalf of its Unit Linked Property Funds (31 December 2007:
21,769,609). This equates to 20.9% (31December 2007: 20.9%) of the ordinary share capital, however, Standard Life Investments Funds
Limited is not considered to exercise control of the Group. Those parties related to the Investment Manager waived their rights to
commission on the initial purchase of these shares in order to maintain the fairness of the transaction to all parties.
Cash held on deposit with related parties
As at 30 June 2008, �41,120,949 (31 December 2007: �30,971,442) was invested in Standard Life Investments (Global Liquidity Funds) plc,
a liquidity fund that is rated Aaa by Moody's. The interest earned on this investment during the period was �1,149,507 (period ended 30 June
2007: �16,465) representing an average rate of 5.7% (period
ended 30 June 2007: 5.3%).
Standard Life plc is the ultimate controlling party of the Investment Manager, Standard Life Investments (Corporate Funds) Limited.
Standard Life Investments Global Liquidity Funds) plc is an entity that is also managed within the Standard Life plc group.
Directors
The Directors hold the following number of Ordinary Shares in the Company:
30 Jun 08 31 Dec 07
David Moore 15,000 15,000
Richard Barfield 30,000 30,000
John Hallam 15,000 15,000
Shelagh Mason 15,000 15,000
Paul Orchard-Lisle 25,000 25,000
No Director has any interest in any transactions which are or were unusual in their nature or condition or significant to the business
of the Group and which were effected by any member of the Group since its date of incorporation. Total fees relating to the Directors in the
period under review were �52,262 (period ended 30 June 2007: �41,992), being �50,000 (period ended 30 June 2007: �40,000) in respect of
emoluments and �2,262 (period ended 30 June 2007: �1,992) in respect of travel and subsistence.
Investment Manager
On 19 December 2003 Standard Life Investments (Corporate Funds) Limited ("the Investment Manager") was appointed as Investment Manager
to manage the property assets of the Group.
Under the terms of the Investment Management Agreement the Investment Manager is entitled to receive a fee at the annual rate of 0.85%
of the total assets except where cash balances exceed 10% of total assets the fee on cash is 0.20%. Total fees charged for the period ended
30 June 2008 amounted to �848,152 (period ended 30 June 2007: �1,023,772).
The amount due and payable at 30 June 2008 amounted to �418,805 (31 December 2007: �523,515).
4. TAXATION 30-Jun-08 30-Jun-07
� �
Unrealised (loss) / gain to be recovered through use (511,433) 2,122,156
of asset
Accumulated Schedule A loss (7,710,112) (5,555,011)
Taxable unrealised gain after utilised Schedule A - -
losses
At the balance sheet date provision has been made for deferred tax on all temporary
differences between the tax bases of assets
and liabilities and their carrying amounts for financial reporting
purposes.
5. FREEHOLD AND LEASEHOLD 30-Jun-08 30-Jun-08 30-Jun-08
INVESTMENT PROPERTIES
Freehold Leasehold Total
� � �
Market value as at 31 December 142,650,000 35,550,000 178,200,000
2007
Capital expenditure 7,703,492 - 7,703,492
Carrying value of disposed - (18,000,000) (18,000,000)
investment property
Unrealised loss arising on adjustment to fair value
of
investment properties (10,369,122) (1,850,000) (12,219,122)
Movement in lease incentive 1,030,630 _________- 1,030,630
debtor
Market value at 30 June 2008 141,015,000 15,700,000 156,715,000
Adjustment for lease (1,593,069) - (1,593,069)
incentives
- 7,562 7,562
Discounted present value of 139,421,931 15,707,562 155,129,493
minimum lease payments Fair
value at 30 June 2008
31-Dec-07 31-Dec-07 31-Dec-07
Freehold Leasehold Total
� � �
Market value as at 31 December 196,165,000 43,190,000 239,355,000
2006
Capital expenditure 176,339 3,650 179,989
Carrying value of disposed (38,755,000) (3,710,000) (42,465,000)
investment properties
Unrealised loss arising on adjustment to fair value
of
investment properties (15,185,665) (3,964,097) (19,149,762)
Movement in lease incentive 249,326 30,447 279,773
debtor
Market value at 31 December 142,650,000 35,550,000 178,200,000
2007
Adjustment for lease (498,462) (63,977) (562,439)
incentives
Discounted present value of _________- 4,314,581 4,314,581
minimum lease payments Fair
value at 31 December 2007
142,151,538 39,800,604 181,952,142
Investment properties were revalued at the period end by Jones Lang LaSalle, Chartered Surveyors on the basis of the market value for
existing use.
The market values of leasehold investment properties have been adjusted to reflect the discounted present value of minimum lease
payments to reflect their fair value in accordance with IFRS. The market value for existing use provided by Jones Lang LaSalle at the period
end was �156,715,000 (31 December 2007: �178,200,000), however an adjustment has been made for lease incentives of �1,593,069 (31 December
2007: �562,439) that are already accounted for.
6. RETAINED EARNINGS 30-Jun-08 31-Dec-07
� �
Opening balance as at 1 January 2,576,775 2,748,875
Loss for the period/year (9,890,182) (14,132,897)
Transfer from other distributable reserves 227,732 429,682
Unrealised loss arising on adjustment to fair
value of
investment properties transferred to capital 12,219,122 19,149,762
reserve
Realised loss on disposal of investment properties 533,888 1,411,753
transferred to capital reserve
Dividends paid (3,515,200) (7,030,400)
Closing balance 2,152,135 2,576,775
This is a distributable reserve.
7. DIVIDENDS
The interim dividends paid to date in 2008 are as follows (2007: �3,515,200) :
�1,757,600 (1.69p per ordinary share) paid in February relating to the quarter ending 31 December 2007
�1,757,600 (1.69p per ordinary share) paid in May relating to the quarter ending 31 March 2008
�3,515,200
A further dividend of �1,757,600 (2007: �1,757,600) in respect of the quarter to 30 June 2008 was approved in August 2008.
These Unaudited Consolidated Financial Statements do not reflect this dividend, however, the published net asset value as at 30
June 2008 does.
8. CASH GENERATED FROM OPERATIONS 01 Jan 08 to 01 Jan 07 to
30-Jun-08 30-Jun-07
� �
(Loss) / profit for the period (9,890,182) 4,935,660
Movement in trade and other receivables (95,252) 799,476
Movement in trade and other payables (611,360) (623,517)
Interest payable 2,696,994 2,964,522
Interest receivable (1,219,280) (80,932)
Unrealised loss / (gain) arising on adjustment 12,219,122 (1,772,856)
to fair value of investment properties
Realised loss on disposal of investment 533,888 _______
properties Cash generated from operations
3,633,930 6,222,353
In the Unaudited Consolidated Cash Flow Statement, proceeds from sale of investment property:
Carrying value of disposed investment property (note 18,000,000 -
5)
Realised loss on disposal of investment property (533,888) __________-
Proceeds from disposal of investment property 17,466,112 __________-
9 SEGMENTAL REPORTING
The Group is organised into four main business segments determined in accordance with the type of investment property:
Retail - mainly shops and retail warehouse parks
Office - mainly in large cities
Industrial - distribution warehouses and industrial units
Other - leisure centres and cinema complexes
Segmental analysis by business segment
01 Jan 08 to 30 Jun 08 Retail Office Industrial Other Total
� � � � �
Rental income 1,269,477 1,900,429 1,988,506 697,580 5,855,992
Unrealised loss arising on
adjustment
to fair value of investment (3,522,451) (3,483,713) (4,190,645) (1,022,313) (12,219,122)
properties
Realised loss on disposal of - (533,888) - - (533,888)
investment properties
Property related expenditure 3,795 (48,025) (250,771) (101,655) (396,656)
Segment result (2,249,179) (2,165,197) (2,452,910) (426,388) (7,293,674)
Non-property related (1,118,794)
expenditure
Operating loss (8,412,468)
Finance costs - net (1,477,714)
Loss for the period (9,890,182)
There were no transactions between the business segments.
Property related expenditure relates to head lease payments, valuation fees and other direct property costs.
01 Jan 07 to 30 Jun 07 Retail Office Industrial Other Total
� � � � �
Rental income 1,190,855 3,796,710 1,956,511 691,824 7,635,900
Unrealised loss arising on
adjustment
to fair value of investment 1,050,000 1,186,080 (483,224) 20,000 1,772,856
properties
Property related expenditure (53,906) (283,330) (34,137) (2,500) (373,873)
Segment result 2,186,949 4,699,460 1,439,150 709,324 9,034,883
Non-property related (1,215,634)
expenditure
Operating profit 7,819,249
Finance costs - net (2,883,589)
Profit for the period 4,935,660
There were no transactions between the business segments.
Property related expenditure relates to head lease payments, valuation fees and other direct property costs.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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