Net Asset Value(s)
April 20 2010 - 5:11AM
UK Regulatory
TIDMSLI
RNS Number : 4574K
Standard Life Invs Property Inc Tst
20 April 2010
STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
31 March 2010
Key Highlights
· Net asset value per ordinary share was 59.6p as at 31 March 2010, an
increase of 5.2% from 31 December 2009
· Cash held by the Trust of GBP31.6m as at 31 March 2010, but after recent
purchase of B&Q Bury and full cost of Aberdeen development uncommitted cash is
GBP16.6m.
· Property worth GBP22.6m purchased in Q1 (and a further GBP5.3m in April)
and disposals worth GBP23.4m undertaken .
· Dividend yield of 7.1% using the share price as at 13 April 2010 of
62.25p
Net Asset Value
The unaudited net asset value per ordinary share of Standard Life Investments
Property Income Trust Limited at 31 March 2010 was 59.6 pence. This is an
increase of 5.2% percentage points over the net asset value of 56.6 pence per
share at 31 December 2009.
The net asset value is calculated under International Financial Reporting
Standards ("IFRS") and includes a provision for payment of an interim dividend
of 1.10p per ordinary share for the quarter to 31 March 2010.
The net asset value incorporates the external portfolio valuation by Jones Lang
LaSalle at 31 March 2010. The property portfolio will next be valued by an
external valuer during June 2010 and the next quarterly net asset value will be
published thereafter.
Breakdown of NAV movement
Set out below is a breakdown of the change to the unaudited net asset value per
share calculated under IFRS over the period 31 December 2009 to 31 March 2010.
+--------------------------------------+----------+-----------+
| | Pence | % of |
| | per | opening |
| | share | NAV |
+--------------------------------------+----------+-----------+
| Net Asset Value per share as at 31 | 56.6 | - |
| December 2009 | | |
+--------------------------------------+----------+-----------+
| Unrealised gain following | | |
| revaluation of property portfolio | 5.2 | 9.1% |
| (including the effect of gearing) | | |
+--------------------------------------+----------+-----------+
| Decrease in interest rate swap | (1.4) | (2.5)% |
| valuations | | |
+--------------------------------------+----------+-----------+
| Other movement in reserves | (0.8) | (1.4)% |
+--------------------------------------+----------+-----------+
| Net Asset Value per share as at 31 | 59.6 | 5.2% |
| March 2010 | | |
+--------------------------------------+----------+-----------+
Cash position
As at 31 March 2010 the Company had borrowings of GBP84.4m and a cash position
of GBP31.6m (excluding rent deposits) therefore cash as a percentage of debt was
37.4%. The unallocated cash following the purchase of B&Q Bury and undrawn
commitment at the development in Aberdeen is GBP16.6m.
Loan to value ratio
As at 31 March 2010 the loan to value ratio (assuming all cash is placed with
RBS as an offset to the loan balance) was 37.7% (31 December 2009: 39.2%). The
covenant level is 65%.
Interest Rate Swaps
The interest rate swaps had a negative impact on the NAV of 1.4p per share
(2.5%) over the quarter, and the fair value is held at GBP(7.8)m as at 31 March
2010. This will reduce to GBPnil by Dec 2013, although not on a straight line
basis.
Total asset analysis as at 31 March 2010 (unaudited)
+-----------------------+---------+---------+
| | GBPm | % |
+-----------------------+---------+---------+
| Office | 52.8 | 30.4 |
+-----------------------+---------+---------+
| Retail | 21.9 | 12.6 |
+-----------------------+---------+---------+
| Industrial | 52.6 | 30.2 |
+-----------------------+---------+---------+
| Other | 12.8 | 7.4 |
+-----------------------+---------+---------+
| Total Property | 140.1 | 80.6 |
| Portfolio | | |
+-----------------------+---------+---------+
| Cash | 31.6 | 18.2 |
+-----------------------+---------+---------+
| Other Assets | 2.0 | 1.2 |
+-----------------------+---------+---------+
| Total Gross Assets | 173.7 | 100.0 |
+-----------------------+---------+---------+
Breakdown in valuation movements over the period 31 December 2009 to 31 March
2010
+-----------------------+----------+-----------+--------+
| |Exposure | Capital | GBPm |
| |as at 31 | Value | |
| | March | Movement | |
| |2010 (%) | on | |
| | | Standing | |
| | |Portfolio | |
| | | (%) | |
+-----------------------+----------+-----------+--------+
| External Valuation at | | | 136.8 |
| 31/12/09 | | | |
+-----------------------+----------+-----------+--------+
| Sub Sector Analysis: | | | |
+-----------------------+----------+-----------+--------+
| RETAIL | | | |
+-----------------------+----------+-----------+--------+
| Retail Warehouses | 15.6 | 1.2 | 0.2 |
+-----------------------+----------+-----------+--------+
| | | | |
+-----------------------+----------+-----------+--------+
| OFFICES | | | |
+-----------------------+----------+-----------+--------+
| Central London | 17.7 | 5.3 | 1.3 |
| Offices | | | |
+-----------------------+----------+-----------+--------+
| South East Offices | 6.1 | 3.9 | 0.3 |
+-----------------------+----------+-----------+--------+
| Rest of UK Offices | 13.8 | 5.4 | 0.8 |
+-----------------------+----------+-----------+--------+
| | | | |
+-----------------------+----------+-----------+--------+
| INDUSTRIAL | | | |
+-----------------------+----------+-----------+--------+
| South East Industrial | 6.0 | 2.1 | 0.2 |
+-----------------------+----------+-----------+--------+
| Rest of UK Industrial | 31.6 | 2.2 | 0.6 |
+-----------------------+----------+-----------+--------+
| | | | |
+-----------------------+----------+-----------+--------+
| OTHER | 9.2 | 5.8 | 0.7 |
+-----------------------+----------+-----------+--------+
| | | | |
+-----------------------+----------+-----------+--------+
| Purchases during Q1 | | | 22.6 |
| 2010 | | | |
+-----------------------+----------+-----------+--------+
| Sales during Q1 2010 | | |(23.4) |
+-----------------------+----------+-----------+--------+
| | | | |
+-----------------------+----------+-----------+--------+
| External Valuation at | 100 | 2.4 | 140.1 |
| 31/03/10 | | | |
+-----------------------+----------+-----------+--------+
Investment Manager Commentary
Capital values continued to increase in Q1 2010, although at a slower rate than
in Q4 2009. The IPD Monthly index showed capital growth of 3.9% for the 3 months
to 31 March 2010, giving a total return of 5.7%. The Company's property
investments provided a total return of 6.3% for the quarter, with a 4.5% capital
gain.
During the quarter the Company completed the sale of Capital Court Uxbridge
(GBP19.2m, a yield of 6.6%) and Century Plaza Edgware (GBP6.4m, 7.0%) and the
purchase of a Focus retail warehouse in Norwich (GBP5m, 8%), a logistics unit
let to Tesco in Bolton (GBP14.06m, 8%), completed the funding agreement and site
purchase for a pre let in Aberdeen with a total commitment of GBP11.7m (8%) and
in April the Company bought a retail warehouse unit let to B&Q for GBP5.3m, 7%).
The purchases are accretive to the revenue account and help to further diversify
the Company's income source.
The Company announced its intention to pay a quarterly dividend of 1.1p per
share in 2010, showing a 10% increase from 2009, to reflect the income expected
from the purchases made and the pre let development.
All Enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Ltd
Trafalgar Court
Les Banques
GY1 3Q1
Tel: 01481 745324
Fax: 01481 745085
APENDIX 1
Historical adjusted IFRS NAVs per Ordinary Share are as follows:
+--------------------+--------------------+--------------------+
| 31/03/10 | 59.56p | |
+--------------------+--------------------+--------------------+
| 31/12/09 | 56.63p | |
+--------------------+--------------------+--------------------+
| 30/09/09 | 51.28p | |
+--------------------+--------------------+--------------------+
| 30/06/09 | 50.53p | |
+--------------------+--------------------+--------------------+
| 31/03/09 | 52.49p | |
+--------------------+--------------------+--------------------+
| 31/12/08 | 61.65p | |
+--------------------+--------------------+--------------------+
| 30/09/08 | 87.24p | |
+--------------------+--------------------+--------------------+
| 30/06/08 | 101.59p | |
+--------------------+--------------------+--------------------+
| 31/03/08 | 102.71p | |
+--------------------+--------------------+--------------------+
| 31/12/07 | 111.60p | |
+--------------------+--------------------+--------------------+
| 30/09/07 | 130.70p | |
+--------------------+--------------------+--------------------+
| 30/06/07 | 137.16p | |
+--------------------+--------------------+--------------------+
| 31/03/07 | 134.42p | |
+--------------------+--------------------+--------------------+
| 31/12/06 | 132.68p | |
+--------------------+--------------------+--------------------+
| 30/09/06 | 129.51p | |
+--------------------+--------------------+--------------------+
| 30/06/06 | 130.20p | |
+--------------------+--------------------+--------------------+
| 31/03/06 | 124.28p | |
+--------------------+--------------------+--------------------+
| 31/12/05 | 116.46p | |
+--------------------+--------------------+--------------------+
| 30/09/05 | 107.12p | |
+--------------------+--------------------+--------------------+
| 30/06/05 | 103.88p | |
+--------------------+--------------------+--------------------+
| 31/03/05 | 101.34p | |
+--------------------+--------------------+--------------------+
| 31/12/04 | 99.00p | |
+--------------------+--------------------+--------------------+
#1777201
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