TIDMSLI
RNS Number : 0042Y
Standard Life Invs Property Inc Tst
26 August 2009
Standard Life Investments Property Income Trust Limited
Interim Report and Condensed Financial Statements
1 January 2009 to 30 June 2009
Financial Highlights
- Dividend of 2p per share declared in respect of the six months to 30 June
2009
- Dividend yield of 8.6% based on 30 June 2009 share price
-Published Net Asset Value per share decreased during the six month period by
18.2% to 50.5p
-Open market value of property portfolio as at 30 June 2009: GBP122.2m*
- One property purchased in April 2009 for GBP11.0m.
+-----------------------------+----------------+------------------+---------+
| | 30 June 2009 |31 December 2008 |%Change |
+-----------------------------+----------------+------------------+---------+
+-----------------------------+----------------+------------------+---------+
| | | |
+----------------------------------------------+------------------+---------+
| | | |
+----------------------------------------------+------------------+---------+
| IFRS Net Asset Value per | 51.5p | 62.7p |-17.9% |
| share | | | |
+-----------------------------+----------------+------------------+---------+
| Published adjusted IFRS Net | | | |
| Asset | | | |
+-----------------------------+----------------+------------------+---------+
| Value per share ** | 50.5p | 61.7p | -18.2% |
+-----------------------------+----------------+------------------+---------+
| Share price | 46.5p | 49.7p | -6.4% |
+-----------------------------+----------------+------------------+---------+
| Value of total assets | GBP155.4m | GBP169.0m | -8.0% |
+-----------------------------+----------------+------------------+---------+
| Loan to value *** | 42.8% | 32.4% | - |
+-----------------------------+----------------+------------------+---------+
| Cash balance **** | GBP32.1m | GBP44.5m | - |
+-----------------------------+----------------+------------------+---------+
| Dividends per share ***** | 2.00p | 6.76p | - |
+-----------------------------+----------------+------------------+---------+
* As valued by the Group's independent property valuer, Jones Lang Lasalle
Limited.
** Calculated under International Financial Reporting Standards, adjusted to
include the dividend declared in respect of the quarter ending 30 June 2009.
*** Calculated as bank borrowings less cash balance (excluding tenant deposits)
as a percentage of the open market value of the property portfolio.
**** Excluding rent deposits
***** Dividends paid during six months ended 30 June 2009 (paid during twelve
months to 31 December 2008)
Extracts of the Chairman's Statement
"For the first time in just over two years there are encouraging signs that
property yields are stabilising and even hardening in the transactions market
for the best properties. In June 2009 the IPD monthly index showed a capital
decline of 0.9% (the smallest monthly decline since September 2007), indeed five
sub-sectors experienced positive yield impact in June.
While the yield story is encouraging, rental levels continue to fall across
market sectors, and this will drive further falls in capital values. Although
the general economic conditions remain poor, and some companies are struggling
to pay rent, there are signs of increased occupational demand where some tenants
have identified opportunities to lock into good quality accommodation at below
trend cost.
The Company has performed relatively well against its competition with the share
price increasing to 46.5p at 30 June 2009 from its low point of 26.75p as at 29
March 2009. Over the year to 30 June 2009 the property portfolio income return
was 8.3%, 1% ahead of the IPD Monthly Index over the same period. Dividend cover
remains strong with the Company continuing to maintain a covered dividend.
Performance: Property Income and Total Return
The Company generated a property income return of 4.6% on its properties
compared with the IPD Monthly Index income return of 4.0% over the six months
ended 30 June 2009. The Company's total return on property was -5.6% compared
with the IPD Monthly Index return of -9.6%. The Board and Manager, however made
a deliberate decision to continue to hold substantial cash balances pending
investment and the Company's overall total return (including cash) was -3.8%.
Performance: Net Asset Value and Share Price
The Company's published net asset value fell over the reporting period from
61.7p per share to 50.5p. The fall in the valuation of commercial property,
including the impact of gearing, accounted for 13.8p per share of the reduction
in asset value. The movement in the valuation of the interest rate SWAP and also
in other reserves made a positive contribution.
+-------------------------------------------+------------+--------------+
| | Pence per |% of opening |
| | share | NAV |
+-------------------------------------------+------------+--------------+
| Published NAV as at 31 December 2008 | 61.7 | |
+-------------------------------------------+------------+--------------+
| Decrease in valuation of property | (13.8) | (22.4) |
| portfolio (including the impact of | | |
| gearing) | | |
+-------------------------------------------+------------+--------------+
| Increase in interest rate SWAP valuation | 2.0 | 3.2 |
+-------------------------------------------+------------+--------------+
| Other reserve movements | 0.6 | 1.0 |
+-------------------------------------------+------------+--------------+
| Published NAV as at 30 June 2009 | 50.5 | 81.8 |
+-------------------------------------------+------------+--------------+
The share price fell by 6.4% during the period and was 46.5p per share at 30
June 2009. The discount to net asset value narrowed to 7.9% having started the
year at 19.4%. The share price as at 24 August 2009 was 54.5 pence per share
representing a premium to net asset value of 7.9%.
Dividends
The Company announced a second interim dividend of 1.0p per share paid on 28
August 2009, making dividends of 2.0p per share for the six months ended 30 June
2009. Annualised dividends of 4.0p per share represent a dividend yield at 30
June 2009 of 8.6% and this compares favourably with bank deposit rates and
yields on UK gilts.
Activity
The Company purchased an office building for GBP10.98m in Uxbridge at an initial
yield of 9.95%. Since purchase the leases have been regeared to extend the
average unexpired term and the vacant suite has been let. The capital value of
this property has increased by 5.6% net of restructuring costs since purchase,
as well as enhancing the revenue account.
Cash Position
As at 30 June 2009 the Company had borrowings of GBP84.4m and a cash position of
GBP32.1m (excluding rent deposits) therefore cash as a percentage of debt was
38.0%.
The Company remains very well positioned to take advantage of attractive
investment opportunities suited to its property portfolio.
Loan to Value Ratio
The Company announced on 1 July 2009 that it would be entering into a revised
loan agreement with The Royal Bank of Scotland plc that would provide for an
increase in the maximum allowed loan to value ratio from 55% to 65% and also a
revision to the calculation method to provide for full cash set off against
debt. The new loan documentation will calculate loan to value as borrowings less
any cash placed with the lender as a percentage of the market value of the
investment property. As at 30 June 2009 the loan to value ratio using the
revised method was 42.8%.
Investment Outlook
UK property remains attractive to overseas investors due to a combination of
lower prices and currency effects. Investors remain risk adverse and
consequently, prime assets with tenants on strong covenants and longer leases
are the most sought after assets. These type of assets are in limited supply and
agents report prices increasing for the first time since early 2007. Whilst the
remainder of 2009 is likely to be another challenging year for commercial
property, the prospects for 2010 and beyond look more promising. Income
preservation is likely to be key for investors going forward and hence prime
assets in the best locations with tenants on strong covenants and long leases
will be at a premium.
David Moore
Chairman
25 August 2009"
Directors' Responsibility Statement
The Directors are responsible for preparing the Interim 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; and
* the Interim Management Report includes a fair review of the information required
by 4.2.7R and 4.2.8R of the Financial Services Authority's Disclosure and
Transparency Rules.
The Interim Report, for the six months ended 30 June 2009, 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
25 August 2009
Extracts from the Investment Manager's Report
"UK Property Market
The first half of 2009 saw continued capital declines in UK commercial property
values, such that by end June 2009 the peak to trough fall stood at just over
44%. On the positive side the rate of decline has slowed, at -8.9% in quarter 1
and -4.7% in quarter 2 (IPD Monthly Index).
By the end of June 2009 there was evidence that the outward yield shift seen
since June 2007 was coming to an end, with falls in rental values taking over as
the main driver of capital falls. Indeed, in June 2009 the IPD Monthly index
actually saw inward yield movement in 5 sub-sectors.
The yield margin over gilts is at historically high levels. It is the income
yield on property that has brought many purchasers back to the market. In
particular, there has been an increase in demand for well let small assets (sub
GBP5m) from wealthy individuals seeking a greater return than cash, and for
large well let investments from overseas buyers who are attracted by the
currency exchange rates and the relative yield compared to their cost of debt.
Portfolio Valuation
The property assets held by the Company are valued on a quarterly basis by Jones
Lang La Salle Limited. As at 30 June 2009 the property portfolio was valued at
GBP122.2m and cash of GBP32.1m (excluding rent deposits) was held. This compares
to GBP123.0m and GBP44.5m respectively as at 31 December 2008. During the period
one property was acquired for GBP11.0m.
Portfolio performance
The primary objective of the Company is to provide an attractive level of
income, and the property portfolio has helped deliver that through an above
average income return. The income from the investment portfolio supports the
covered dividend policy of the Board, with a current dividend of 4p per share
per annum. The Company has also been able to provide a total return that
although negative over the period, has also been better than the IPD Monthly
Index.
The NAV performance has been negatively impacted by the effect of gearing. The
share price performance has been volatile during the period, with a dramatic
fall in March 09 in particular, which we believe was due to a particular seller
at that time. In quarter 1 the Company therefore offered a very poor total
return (dividends reinvested) of -60.2% against a sector average of offshore
income trusts of -52.8%. This improved dramatically over quarter 2 with a
general improvement in sentiment meaning the total return was 71.7% against a
sector average of 38.4% (returns sourced from Datastream).
Investment Activity
On 1 April 2009 the Company completed the GBP11.0m purchase of a 54,000sqft
Grade A office building built in 2001 and located in Uxbridge. The purchase
showed a net initial yield of 9.95% on the contracted income. Since purchase the
Company has regeared a number of the leases and let the vacant suite, as well as
removed the upward / downward rent review provisions in some of the leases. As
at the 30 June 2009 the property was valued at GBP13.5m, giving a capital uplift
of 5.6% after costs. The purchase added over GBP1m of income to the revenue
account as opposed to the return on cash previously being achieved.
The primary focus over the period has been to protect and enhance the income
stream from the investment portfolio.
The Company has renewed the lease of an office in Bristol GBP50k above ERV, and
settled a central London office rent review GBP55k above ERV. The Company has
also extended a lease on an industrial unit in Leeds and now agreed terms for a
new lease on that unit as well as the adjoining unit with the old sub tenant.
One of our central London office tenants wanted to downsize at the end of their
lease which the Company agreed terms on in order to secure rent. Since then the
Company has also let part of the vacated space to a new tenant.
The Company has suffered from several tenant failures, including MFI and Yates.
In both cases the cost outgoings have been minimised by leaving the lease vested
in the administrator whilst marketing the unit. The portfolio void level remains
low compared to the IPD monthly index (5.5% versus 12.1%) and the Company has
agreed terms to let two retail units in Wood Green London, which will further
reduce the void exposure. It has proved harder to find a tenant for the small
office building in Chelmsford, however it presents well and is close to the
station, and there has been a pick up in enquiries over recent weeks.
In order to protect the future income stream on an industrial building in Leeds
the tenant's lease break (exercisable in 2010) has been removed to give six
years term certain. Terms have also been agreed to remove a 2011 lease break on
a similar unit.
Bank Loan Facility
The Company has agreed with its lender, The Royal Bank of Scotland plc, revised
debt covenants that will give it greater flexibility to utilise the cash it
holds to maximise total returns. The loan to value covenant has been increased
to 65% from 55% and now includes a full cash offset in the calculation. The
Company now has greater headroom on the covenants and does not need to repay
debt. The revised margin of 150bps and 50bps arrangement fee increases the all
in cost of debt to nearly 6%, but this is still less than the income yield of
good quality property, which can be purchased at bottom of cycle prices.
Investment Outlook
As this report is being prepared at end of August there is a sense of optimism
pervading the market. Yields have begun to harden for long secure income streams
as demand has increased and supply of good quality investment stock remains
limited. To date the Banks have not flooded the market with distressed assets,
but instead appear prepared to work through the cycle with their borrowers.
There is some sign of an improved letting market with both office and industrial
inquiries increasing, but as with the investment market this improvement comes
from a very low base.
Rental values are likely to decline further through the rest of 2009 and 2010,
which will hold a recovery in capital values back. Although sentiment has
improved, there is little reason to expect a sudden and sustained improvement in
values, and over the next year to eighteen months it is the income return that
will dominate. The Company will look to make selective new purchases where they
provide scope for future capital growth and enhance the revenue account."
Property Investments as at 30 June 2009
+------------------------+---------------+--------------------------+--------+
| Capital Court | Uxbridge | Standard Office | 12-14m |
+------------------------+---------------+--------------------------+--------+
| Hollywood Green | London | Leisure | 10-12m |
| | | | |
+------------------------+---------------+--------------------------+--------+
| Clough Road Retail | Hull | Retail Warehouse | 6-8m |
+------------------------+---------------+--------------------------+--------+
| Ocean Trade Centre | Aberdeen | Industrial Park | 6-8m |
+------------------------+---------------+--------------------------+--------+
| Bucknall Street | London | Standard Office | 6-8m |
+------------------------+---------------+--------------------------+--------+
| Drakes Way | Swindon | Standard Industrial | 6-8m |
+------------------------+---------------+--------------------------+--------+
| Century Plaza | Edgware | High Street Retail | 4-6m |
+------------------------+---------------+--------------------------+--------+
| Chancellors Place | Chelmsford | Standard Office | 4-6m |
+------------------------+---------------+--------------------------+--------+
| Bathgate Retail Park | Bathgate | Retail Warehouse | 4-6m |
+------------------------+---------------+--------------------------+--------+
| Marsh Way | Rainham | Standard Industrial | 4-6m |
+------------------------+---------------+--------------------------+--------+
| White Bear Yard | London | Standard Office | 4-6m |
+------------------------+---------------+--------------------------+--------+
| Interfleet House | Derby | Office Park | 4-6m |
+------------------------+---------------+--------------------------+--------+
| Pit Hey Place | Skelmersdale | Distribution Warehouse | 2-4m |
+------------------------+---------------+--------------------------+--------+
| Farah Unit, Crittal | Witham | Standard Industrial | 2-4m |
| Road | | | |
+------------------------+---------------+--------------------------+--------+
| Esporta | Chislehurst | Leisure | 2-4m |
+------------------------+---------------+--------------------------+--------+
| Turin Court | Manchester | Standard Office | 2-4m |
+------------------------+---------------+--------------------------+--------+
| Windsor Court & Crown | Mansfield | Standard Industrial | 2-4m |
| Farm | | | |
+------------------------+---------------+--------------------------+--------+
| Phase II, Telelink | Swansea | Office Park | 2-4m |
+------------------------+---------------+--------------------------+--------+
| Coal Road | Leeds | Standard Industrial | 2-4m |
+------------------------+---------------+--------------------------+--------+
| De Ville Court | Weybridge | Standard Office | 2-4m |
+------------------------+---------------+--------------------------+--------+
| Queen Square | Bristol | Standard Office | 2-4m |
+------------------------+---------------+--------------------------+--------+
| Wardley Industrial | Manchester | Retail Warehouse | 2-4m |
| Estate | | | |
+------------------------+---------------+--------------------------+--------+
| Halfords | Paisley | Retail Warehouse | 2-4m |
+------------------------+---------------+--------------------------+--------+
| Eurolink Normanton | Leeds | Industrial Park | 1-2m |
+------------------------+---------------+--------------------------+--------+
| Easter Park | Bolton | Distribution Warehouse | 1-2m |
+------------------------+---------------+--------------------------+--------+
| Lister House | Leeds | Standard Office | 1-2m |
+------------------------+---------------+--------------------------+--------+
| Unit 14, Interlink | Bardon | Distribution Warehouse | 1-2m |
| Park | | | |
+------------------------+---------------+--------------------------+--------+
| Portrack Lane | Stockton on | Distribution Warehouse | 1-2m |
| | Tees | | |
+------------------------+---------------+--------------------------+--------+
Standard Life Investments Property Income Trust Limited
Unaudited Consolidated Income Statement
for the period ended 30 June 2009
+-----------------------------------------+--------+--------------+--------------+
| | | 01 Jan 09 to | 01 Jan 08 |
| | | | to |
+-----------------------------------------+--------+--------------+--------------+
| | | 30 Jun 09 | 30 Jun 08 |
+-----------------------------------------+--------+--------------+--------------+
| | Note | GBP | GBP |
+-----------------------------------------+--------+--------------+--------------+
| Rental income | | 5,894,418 | 5,855,992 |
+-----------------------------------------+--------+--------------+--------------+
| Unrealised loss arising on adjustment | | (14,304,587) | (12,219,122) |
| to fair value of investment properties | | | |
+-----------------------------------------+--------+--------------+--------------+
| Realised loss on disposal of investment | | (27,391) | (533,888) |
| properties | | | |
+-----------------------------------------+--------+--------------+--------------+
| Investment management fees | 3 | (521,981) | (848,152) |
+-----------------------------------------+--------+--------------+--------------+
| Head lease payments | | - | (33,037) |
+-----------------------------------------+--------+--------------+--------------+
| Other direct property costs | | (423,579) | (344,702) |
+-----------------------------------------+--------+--------------+--------------+
| Directors' fees and subsistence | 3 | (51,268) | (52,262) |
+-----------------------------------------+--------+--------------+--------------+
| Valuer's fees | | (10,034) | (18,917) |
+-----------------------------------------+--------+--------------+--------------+
| Auditor's fees | | (32,263) | (18,000) |
+-----------------------------------------+--------+--------------+--------------+
| Other administration expenses | | (165,973) | (200,380) |
+-----------------------------------------+--------+--------------+--------------+
| Operating loss | | (9,642,658) | (8,412,468) |
+-----------------------------------------+--------+--------------+--------------+
| | | | |
+-----------------------------------------+--------+--------------+--------------+
| Finance costs - net | | | |
+-----------------------------------------+--------+--------------+--------------+
| Interest payable | | (2,362,673) | (2,696,994) |
+-----------------------------------------+--------+--------------+--------------+
| Interest receivable | | 391,583 | 1,219,280 |
+-----------------------------------------+--------+--------------+--------------+
| Loss for the period | | (11,613,748) | (9,890,182) |
+-----------------------------------------+--------+--------------+--------------+
| | | | |
+-----------------------------------------+--------+--------------+--------------+
| Other comprehensive income: | | | |
+-----------------------------------------+--------+--------------+--------------+
| Changes in fair value of effective cash | | 2,060,693 | 2,980,509 |
| flow hedges | | | |
+-----------------------------------------+--------+--------------+--------------+
| | | | |
+-----------------------------------------+--------+--------------+--------------+
| Total comprehensive loss for the period | | (9,553,055) | (6,909,673) |
+-----------------------------------------+--------+--------------+--------------+
| | | | |
+-----------------------------------------+--------+--------------+--------------+
| Loss per share for the period | | | |
+-----------------------------------------+--------+--------------+--------------+
| attributable to the equity holders of | | | |
| the Company: | | | |
+-----------------------------------------+--------+--------------+--------------+
| Basic and diluted | | (11.17) | (9.51) |
+-----------------------------------------+--------+--------------+--------------+
| | | pence | pence |
+-----------------------------------------+--------+--------------+--------------+
| | | | |
+-----------------------------------------+--------+--------------+--------------+
All items in the above Unaudited Consolidated Income Statement derive from
continuing operations.
Standard Life Investments Property Income Trust Limited
Unaudited Consolidated Balance Sheet
as at 30 June 2009
+----------------------------------------+--------+--------------+--------------+
| | | 30 Jun 09 | 31 Dec 08 |
+----------------------------------------+--------+--------------+--------------+
| | Note | GBP | GBP |
+----------------------------------------+--------+--------------+--------------+
| ASSETS | | | |
+----------------------------------------+--------+--------------+--------------+
| Non-current assets | | | |
+----------------------------------------+--------+--------------+--------------+
| Freehold investment properties | 4 | 105,767,650 | 107,006,879 |
+----------------------------------------+--------+--------------+--------------+
| Leasehold investment properties | 4 | 12,938,182 | 14,403,182 |
+----------------------------------------+--------+--------------+--------------+
| | | 118,705,832 | 121,410,061 |
+----------------------------------------+--------+--------------+--------------+
| Current assets | | | |
+----------------------------------------+--------+--------------+--------------+
| Trade and other receivables | | 4,028,439 | 2,534,822 |
+----------------------------------------+--------+--------------+--------------+
| Cash and cash equivalents | | 32,659,571 | 45,089,452 |
+----------------------------------------+--------+--------------+--------------+
| | | 36,688,010 | 47,624,274 |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| Total assets | | 155,393,842 | 169,034,335 |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| 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 | 5 | 2,597,083 | 1,717,458 |
+----------------------------------------+--------+--------------+--------------+
| Capital reserves | | (48,932,824) | (36,661,539) |
+----------------------------------------+--------+--------------+--------------+
| Other distributable reserves | | 93,674,719 | 93,916,114 |
+----------------------------------------+--------+--------------+--------------+
| Total equity | | 53,596,000 | 65,229,055 |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| LIABILITIES | | | |
+----------------------------------------+--------+--------------+--------------+
| Non-current liabilities | | | |
+----------------------------------------+--------+--------------+--------------+
| Bank borrowings | | 84,432,692 | 84,432,692 |
+----------------------------------------+--------+--------------+--------------+
| Interest rate swap | | 5,514,508 | 7,575,201 |
+----------------------------------------+--------+--------------+--------------+
| Redeemable preference shares | | 8,287,905 | 8,046,510 |
+----------------------------------------+--------+--------------+--------------+
| Leasehold obligations | | 17,682 | 17,682 |
+----------------------------------------+--------+--------------+--------------+
| | | 98,252,787 | 100,072,085 |
+----------------------------------------+--------+--------------+--------------+
| Current liabilities | | | |
+----------------------------------------+--------+--------------+--------------+
| Trade and other payables | | 3,544,555 | 3,732,695 |
+----------------------------------------+--------+--------------+--------------+
| Leasehold obligations | | 500 | 500 |
+----------------------------------------+--------+--------------+--------------+
| | | 3,545,055 | 3,733,195 |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| Total liabilities | | 101,797,842 | 103,805,280 |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
| Total equity and liabilities | | 155,393,842 | 169,034,335 |
+----------------------------------------+--------+--------------+--------------+
| | | | |
+----------------------------------------+--------+--------------+--------------+
Approved by the Board of Directors on 25 August 2009
Standard Life Investments Property Income Trust Limited
Unaudited Consolidated Statement of Changes in Equity
for the period ended 30 June 2008
+----------------+--+-----------+-----------+-------------+--------------+---------------+-------------+
| | | | | | | Other | Total |
+----------------+--+-----------+-----------+-------------+--------------+---------------+-------------+
| | | Share | Share | Retained | Capital | distributable | equity |
| | | | | | | | |
+----------------+--+-----------+-----------+-------------+--------------+---------------+-------------+
| | | capital | premium | earnings | reserves | reserves | |
| | | | | | | | |
+----------------+--+-----------+-----------+-------------+--------------+---------------+-------------+
| | | GBP | GBP | GBP | GBP | GBP | GBP |
+----------------+--+-----------+-----------+-------------+--------------+---------------+-------------+
| Opening | | 1,040,000 | 5,217,022 | 2,576,775 | 14,635,767 | 94,371,577 | 117,841,141 |
| balance 1 | | | | | | | |
| January 2008 | | | | | | | |
+----------------+--+-----------+-----------+-------------+--------------+---------------+-------------+
| Loss for the | | - | - | (9,890,182) | - | - | (9,890,182) |
| period | | | | | | | |
+----------------+--+-----------+-----------+-------------+--------------+---------------+-------------+
| Unrealised | | - | - | 12,219,122 | (12,219,122) | - | - |
| loss arising | | | | | | | |
| on adjustment | | | | | | | |
| to fair value | | | | | | | |
| of investment | | | | | | | |
| properties | | | | | | | |
+----------------+--+-----------+-----------+-------------+--------------+---------------+-------------+
| Realised loss | | - | - | 533,888 | (533,888) | - | - |
| on disposal of | | | | | | | |
| investment | | | | | | | |
| properties | | | | | | | |
+----------------+--+-----------+-----------+-------------+--------------+---------------+-------------+
| Transfer | | - | - | 227,732 | | (227,732) | - |
| between | | | | | | | |
| reserves* | | | | | | | |
+----------------+--+-----------+-----------+-------------+--------------+---------------+-------------+
| Movement on | | - | - | | 2,980,509 | - | 2,980,509 |
| revaluation | | | | | | | |
| of interest | | | | | | | |
| rate swap | | | | | | | |
+----------------+--+-----------+-----------+-------------+--------------+---------------+-------------+
| Dividends | | - | - | (3,515,200) | | - | (3,515,200) |
+----------------+--+-----------+-----------+-------------+--------------+---------------+-------------+
| Balance at 30 | | 1,040,000 | 5,217,022 | 2,152,135 | 4,863,266 | 94,143,845 | 107,416,268 |
| June 2008 | | | | | | | |
+----------------+--+-----------+-----------+-------------+--------------+---------------+-------------+
Unaudited Consolidated Statement of Changes in Equity
for the period ended 30 June 2009
+-----------------+-----------+-----------+--------------+--------------+---------------+--------------+----------+
| | | | | | Other | Total |
+-----------------+-----------+-----------+--------------+--------------+---------------+--------------+
| | Share | Share | Retained | Capital | distributable | equity |
| | | | | | | |
+-----------------+-----------+-----------+--------------+--------------+---------------+--------------+
| | capital | premium | earnings | reserves | reserves | |
| | | | | | | |
+-----------------+-----------+-----------+--------------+--------------+---------------+--------------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+-----------------+-----------+-----------+--------------+--------------+---------------+--------------+
| | | | | | | |
+-----------------+-----------+-----------+--------------+--------------+---------------+--------------+
| Opening balance | 1,040,000 | 5,217,022 | 1,717,458 | (36,661,539) | 93,916,114 | 65,229,055 |
| 1 January 2009 | | | | | | |
+-----------------+-----------+-----------+--------------+--------------+---------------+--------------+
| Loss for the | - | - | (11,613,748) | - | - | (11,613,748) |
| period | | | | | | |
+-----------------+-----------+-----------+--------------+--------------+---------------+--------------+
| Unrealised loss | - | - | 14,304,587 | (14,304,587) | - | - |
| arising on | | | | | | |
| adjustment to | | | | | | |
| fair value of | | | | | | |
| investment | | | | | | |
| properties | | | | | | |
+-----------------+-----------+-----------+--------------+--------------+---------------+--------------+
| Realised loss | - | - | 27,391 | (27,391) | - | - | |
| on disposal of | | | | | | | |
| investment | | | | | | | |
| properties | | | | | | | |
+-----------------+-----------+-----------+--------------+--------------+---------------+--------------+----------+
| Transfer | - | - | 241,395 | - | (241,395) | - |
| between | | | | | | |
| reserves* | | | | | | |
+-----------------+-----------+-----------+--------------+--------------+---------------+--------------+
| Movement on | - | - | - | 2,060,693 | - | 2,060,693 |
| revaluation | | | | | | |
| of interest | | | | | | |
| rate swap | | | | | | |
+-----------------+-----------+-----------+--------------+--------------+---------------+--------------+
| Dividends | - | - | (2,080,000) | - | - | (2,080,000) |
+-----------------+-----------+-----------+--------------+--------------+---------------+--------------+
| Balance at 30 | 1,040,000 | 5,217,022 | 2,597,083 | (48,932,824) | 93,674,719 | 53,596,000 |
| June 2009 | | | | | | |
+-----------------+-----------+-----------+--------------+--------------+---------------+--------------+----------+
*these are transfers to move redeemable preference share finance costs from the
retained earnings reserve to the other distributable reserve
Standard Life Investments Property Income Trust Limited
Unaudited Consolidated Cash Flow Statement
for the period ended 30 June 2009
+------------------------------------------------+------+--------------+-------------+
| | | 01 Jan | 01 Jan |
| | | 09 to | 08 to |
+------------------------------------------------+------+--------------+-------------+
| | | 30 Jun | 30 Jun |
| | | 09 | 08 |
+------------------------------------------------+------+--------------+-------------+
| | Note | GBP | GBP |
| | | | |
+------------------------------------------------+------+--------------+-------------+
| Cash flows from operating activities | | | |
+------------------------------------------------+------+--------------+-------------+
| Cash generated from operations | 7 | 3,007,563 | 3,633,930 |
+------------------------------------------------+------+--------------+-------------+
| Interest paid | | (2,121,278) | (1,077,478) |
+------------------------------------------------+------+--------------+-------------+
| Net cash generated from operating activities | | 886,285 | 2,556,452 |
+------------------------------------------------+------+--------------+-------------+
| | | | |
+------------------------------------------------+------+--------------+-------------+
| Cash flows from investing activities | | | |
+------------------------------------------------+------+--------------+-------------+
| Purchase of investment property | | (11,544,026) | (7,800,750) |
+------------------------------------------------+------+--------------+-------------+
| Capital expenditure on investment properties | | (56,332) | (52,742) |
+------------------------------------------------+------+--------------+-------------+
| Disposal of investment properties | | (27,391) | 17,466,112 |
+------------------------------------------------+------+--------------+-------------+
| Interest received | | 391,583 | 1,219,280 |
+------------------------------------------------+------+--------------+-------------+
| Net cash (used in) / generated from investing | | (11,236,166) | 10,831,900 |
| activities | | | |
+------------------------------------------------+------+--------------+-------------+
| | | | |
+------------------------------------------------+------+--------------+-------------+
| Cash flows from financing activities | | | |
+------------------------------------------------+------+--------------+-------------+
| Dividends paid to the Company's shareholders | 6 | (2,080,000) | (3,515,200) |
+------------------------------------------------+------+--------------+-------------+
| Net (decrease) / increase in cash and cash | | (12,429,881) | 9,873,152 |
| equivalents in the period | | | |
+------------------------------------------------+------+--------------+-------------+
| | | | |
+------------------------------------------------+------+--------------+-------------+
| Cash and cash equivalents at beginning of | | 45,089,452 | 35,171,457 |
| period | | | |
+------------------------------------------------+------+--------------+-------------+
| Cash and cash equivalents at end of period | | 32,659,571 | 45,044,609 |
+------------------------------------------------+------+--------------+-------------+
Standard Life Investments Property Income Trust Limited
Notes to the Unaudited Consolidated Financial Statements
for the period ended 30 June 2009
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 25 August
2009.The Audited Consolidated Financial Statements of the Company for the year
ended 31 December 2008 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 The Companies (Guernsey) Law, 2008, as amended. 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 2008. 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 2008.
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 GBP6,000,000 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 GBP1,500,000 and are redeemable by the
Company at a price of GBP1.7908. 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
2008:
21,769,609). This equates to 20.9% (31December 2008: 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 2009, GBP1,665,255 (31 December 2008: GBP9,800,976) 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 GBP64,791 (period ended 30 June 2008: GBP1,149,507) representing an
average rate of 1.6% (period ended 30 June 2008: 5.7%).
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 09 | 31 Dec 08 |
+-------------------------+-------------------------+-------------------------+
| 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 GBP51,268 (period
ended 30 June 2008: GBP52,262), being GBP50,000 (period ended 30 June 2008:
GBP50,000) in respect of emoluments and GBP1,268 (period ended 30 June 2008:
GBP2,262) in respect of expenses.
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,
payable quarterly in arrears. On 1 July 2008 a supplemental agreement to the
Investment Management Agreement was put in place to amend the fee basis to be
0.85% per annum of the total assets except where cash balances exceed 10% of the
total assets. The fee applicable to the amount of cash exceeding 10% of total
assets is altered to be 0.20% per annum, payable quarterly in arrears. The
Investment Manager has also agreed to reduce its charge to 0.75% of the total
assets of the Group until such time as the net asset value per share returns to
the launch level of 97p. This is applicable from the quarter ended 31 December
2008 onwards and does not affect the reduced fee of 0.20% on cash holdings above
10% of total assets. The total fees charged for the period amounted to
GBP521,981 (period ended 30 June2008: GBP848,152). The amount due and payable at
the period end amounted to GBP265,211 excluding VAT (period ended 30 June 2008
GBP418,805).
+--------------------------------------+--------------+--------------+--------------+
| 4. FREEHOLD AND LEASEHOLD INVESTMENT | 30 Jun 09 | 30 Jun 09 | 30 Jun 09 |
| PROPERTIES | | | |
+--------------------------------------+--------------+--------------+--------------+
| | Freehold | Leasehold | Total |
+--------------------------------------+--------------+--------------+--------------+
| | GBP | GBP | GBP |
+--------------------------------------+--------------+--------------+--------------+
| Market value as at 31 December 2008 | 108,595,000 | 14,385,000 | 122,980,000 |
+--------------------------------------+--------------+--------------+--------------+
| Capital expenditure and property | 11,600,358 | - | 11,600,358 |
| additions | | | |
+--------------------------------------+--------------+--------------+--------------+
| Unrealised loss arising on adjustment to fair | | |
| value of | | |
+-----------------------------------------------------+--------------+--------------+
| investment properties | (13,489,587) | (815,000) | (14,304,587) |
+--------------------------------------+--------------+--------------+--------------+
| Movement in lease incentive debtor | 1,949,229 | - | 1,949,229 |
+--------------------------------------+--------------+--------------+--------------+
| Market value at 30 June 2009 | 108,655,000 | 13,570,000 | 122,225,000 |
+--------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------+--------------+--------------+--------------+
| Adjustment for lease incentives | (3,537,350) | - | (3,537,350) |
+--------------------------------------+--------------+--------------+--------------+
| Discounted present value of minimum | - | 18,182 | 18,182 |
| lease payments | | | |
+--------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------+--------------+--------------+--------------+
| Fair value at 30 June 2009 | 105,117,650 | 13,588,182 | 118,705,832 |
+--------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------+--------------+--------------+--------------+
| | 31 Dec 08 | 31 Dec 08 | 31 Dec 08 |
+--------------------------------------+--------------+--------------+--------------+
| | Freehold | Leasehold | Total |
+--------------------------------------+--------------+--------------+--------------+
| | GBP | GBP | GBP |
+--------------------------------------+--------------+--------------+--------------+
| Market value as at 31 December 2007 | 142,650,000 | 35,550,000 | 178,200,000 |
+--------------------------------------+--------------+--------------+--------------+
| Capital expenditure and property | (93,430) | 7,825,782 | 7,732,352 |
| additions | | | |
+--------------------------------------+--------------+--------------+--------------+
| Carrying value of disposed | (160,000) | (23,836,023) | (23,996,023) |
| investment properties | | | |
+--------------------------------------+--------------+--------------+--------------+
| Unrealised loss arising on adjustment to fair | | |
| value of | | |
+-----------------------------------------------------+--------------+--------------+
| investment properties | (34,891,229) | (5,090,782) | (39,982,011) |
+--------------------------------------+--------------+--------------+--------------+
| Movement in lease incentive debtor | 1,089,659 | (63,977) | 1,025,682 |
+--------------------------------------+--------------+--------------+--------------+
| Market value at 31 December 2008 | 108,595,000 | 14,385,000 | 122,980,000 |
+--------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------+--------------+--------------+--------------+
| Adjustment for lease incentives | (1,588,121) | - | (1,588,121) |
+--------------------------------------+--------------+--------------+--------------+
| Discounted present value of minimum | - | 18,182 | 18,182 |
| lease payments | | | |
+--------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------+--------------+--------------+--------------+
| Fair value at 31 December 2008 | 107,006,879 | 14,403,182 | 121,410,061 |
+--------------------------------------+--------------+--------------+--------------+
| | | | |
+--------------------------------------+--------------+--------------+--------------+
Investment properties were revalued at the period end by Jones Lang LaSalle
Limited, 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 Limited at the period end was GBP122,225,000 (31 December
2008: GBP122,980,000), however an adjustment has been made for lease incentives
of GBP3,537,350 (31 December 2008: GBP1,588,121) that are already accounted for.
+--------------------------------------------------+--------------+--------------+
| 5. RETAINED EARNINGS | 30 Jun 09 | 31 Dec 08 |
+--------------------------------------------------+--------------+--------------+
| | GBP | GBP |
+--------------------------------------------------+--------------+--------------+
| Opening balance as at 1 January | 1,717,458 | 2,576,775 |
+--------------------------------------------------+--------------+--------------+
| Loss for the period/year | (11,613,748) | (38,269,120) |
+--------------------------------------------------+--------------+--------------+
| Transfer from other distributable reserves | 241,395 | 455,463 |
+--------------------------------------------------+--------------+--------------+
| Unrealised loss arising on adjustment to fair | | |
| value of | | |
+--------------------------------------------------+--------------+--------------+
| investment properties transferred to capital | 14,304,587 | 39,982,011 |
| reserve | | |
+--------------------------------------------------+--------------+--------------+
| Realised loss on disposal of investment | 27,391 | 4,002,729 |
| properties transferred to capital reserve | | |
+--------------------------------------------------+--------------+--------------+
| Dividends paid | (2,080,000) | (7,030,400) |
+--------------------------------------------------+--------------+--------------+
| Closing balance | 2,597,083 | 1,717,458 |
+--------------------------------------------------+--------------+--------------+
This is a distributable reserve.
6. DIVIDENDS
The interim dividends paid to date in 2009 are as follows (2008: GBP3,515,200) :
GBP1,040,000 (1p per ordinary share) paid in February relating to the quarter
ending 31 December 2008
GBP1,040,000 (1p per ordinary share) paid in May relating to the quarter ending
31 March 2009
GBP2,080,000
A further dividend of GBP1,040,000 (2008: GBP1,757,600) in respect of the
quarter to 30 June 2009 was approved in August 2009.
These Unaudited Consolidated Financial Statements do not reflect this dividend,
however, the published net asset value as at 30 June 2009 does.
+--------------------------------------------------+--------------+-------------+
| 7. CASH GENERATED FROM OPERATIONS | 01 Jan 09 | 01 Jan 08 |
| | to | to |
+--------------------------------------------------+--------------+-------------+
| | 30 Jun 09 | 30 Jun 08 |
+--------------------------------------------------+--------------+-------------+
| | GBP | GBP |
+--------------------------------------------------+--------------+-------------+
| Loss for the period | (11,613,748) | (9,890,182) |
+--------------------------------------------------+--------------+-------------+
| | | |
+--------------------------------------------------+--------------+-------------+
| Movement in trade and other receivables | (1,493,617) | (95,252) |
+--------------------------------------------------+--------------+-------------+
| Movement in trade and other payables | (188,140) | (611,360) |
+--------------------------------------------------+--------------+-------------+
| Interest payable | 2,362,673 | 2,696,994 |
+--------------------------------------------------+--------------+-------------+
| Interest receivable | (391,583) | (1,219,280) |
+--------------------------------------------------+--------------+-------------+
| Unrealised loss arising on adjustment to fair | 14,304,587 | 12,219,122 |
| value of investment properties | | |
+--------------------------------------------------+--------------+-------------+
| Realised loss on disposal of investment | 27,391 | 533,888 |
| properties | | |
+--------------------------------------------------+--------------+-------------+
| Cash generated from operations | 3,007,563 | 3,633,930 |
+--------------------------------------------------+--------------+-------------+
| | | |
+--------------------------------------------------+--------------+-------------+
8 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 09 to 30 Jun 09 | Retail | Office | Industrial | Other | Total |
| | | | | | |
+--------------------------+-------------+-------------+-------------+-------------+--------------+
| | GBP | GBP | GBP | GBP | GBP |
+--------------------------+-------------+-------------+-------------+-------------+--------------+
| Rental income | 959,056 | 2,165,957 | 2,109,680 | 659,725 | 5,894,418 |
+--------------------------+-------------+-------------+-------------+-------------+--------------+
| Unrealised loss arising | | | | | |
| on adjustment | | | | | |
+--------------------------+-------------+-------------+-------------+-------------+--------------+
| to fair value of | (5,194,489) | (2,133,410) | (4,546,185) | (2,430,503) | (14,304,587) |
| investment properties | | | | | |
+--------------------------+-------------+-------------+-------------+-------------+--------------+
| Realised loss on | - | (27,391) | - | - | (27,391) |
| disposal of investment | | | | | |
| properties | | | | | |
+--------------------------+-------------+-------------+-------------+-------------+--------------+
| Property related | (102,861) | (153,728) | (164,248) | (12,775) | (433,613) |
| expenditure | | | | | |
+--------------------------+-------------+-------------+-------------+-------------+--------------+
| Segment result | (4,338,294) | (148,572) | (2,600,753) | (1,783,553) | (8,871,173) |
+--------------------------+-------------+-------------+-------------+-------------+--------------+
| | | | | | |
+--------------------------+-------------+-------------+-------------+-------------+--------------+
| Non-property related | | | | | (771,485) |
| expenditure | | | | | |
+--------------------------+-------------+-------------+-------------+-------------+--------------+
| Operating loss | | | | | (9,642,658) |
+--------------------------+-------------+-------------+-------------+-------------+--------------+
| Finance costs - net | | | | | (1,971,090) |
+--------------------------+-------------+-------------+-------------+-------------+--------------+
| Loss for the period | | | | | (11,613,748) |
+--------------------------+-------------+-------------+-------------+-------------+--------------+
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 08 to 30 Jun 08 | Retail | Office | Industrial | Other | Total |
| | | | | | |
+-------------------------+-------------+-------------+-------------+-------------+--------------+
| | GBP | GBP | GBP | GBP | GBP |
+-------------------------+-------------+-------------+-------------+-------------+--------------+
| 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 | (3,522,451) | (3,483,713) | (4,190,645) | (1,022,313) | (12,219,122) |
| investment properties | | | | | |
+-------------------------+-------------+-------------+-------------+-------------+--------------+
| Realised loss on | - | (533,888) | - | - | (533,888) |
| disposal of inv prop | | | | | |
+-------------------------+-------------+-------------+-------------+-------------+--------------+
| Property related | 3,795 | (48,025) | (250,771) | (101,655) | (396,656) |
| expenditure | | | | | |
+-------------------------+-------------+-------------+-------------+-------------+--------------+
| Segment result | (2,249,179) | (2,165,197) | (2,452,910) | (426,388) | (7,293,674) |
+-------------------------+-------------+-------------+-------------+-------------+--------------+
| Non-property related | | | | | (1,118,794) |
| expenditure | | | | | |
+-------------------------+-------------+-------------+-------------+-------------+--------------+
| Operating profit | | | | | (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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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