Net Asset Value(s)
July 27 2010 - 4:20AM
UK Regulatory
TIDMSLI
RNS Number : 9756P
Standard Life Invs Property Inc Tst
27 July 2010
STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
30 June 2010
Key Highlights
· Net asset value per ordinary share was 61.3p as at 30 June 2010, an
increase of 2.9% from 31 March 2010
· Cash held by the Trust of GBP23.7m as at 30 June 2010, but after full
cost of Aberdeen development uncommitted cash is GBP16.7m
· Property worth GBP5.3m purchased in Q2 and disposal worth GBP8.6m to be
completed in Q3
· Dividend yield of 6.9% using the share price as at 7 July 2010 of 63.75p
Net Asset Value
The unaudited net asset value per ordinary share of Standard Life Investments
Property Income Trust Limited at 30 June 2010 was 61.3 pence. This is an
increase of 2.9% percentage points over the net asset value of 59.6 pence per
share at 31 March 2010.
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 30 June 2010.
The net asset value incorporates the external portfolio valuation by Jones Lang
LaSalle at 30 June 2010. The property portfolio will next be valued by an
external valuer during September 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 March 2010 to 30 June 2010.
+--------------------------------------+----------+-----------+
| | Pence | % of |
| | per | opening |
| | share | NAV |
+--------------------------------------+----------+-----------+
| Net Asset Value per share as at 31 | 59.6 | - |
| March 2010 | | |
+--------------------------------------+----------+-----------+
| Unrealised gain following | | |
| revaluation of property portfolio | 2.8 | 4.8% |
| (including the effect of gearing) | | |
+--------------------------------------+----------+-----------+
| Decrease in interest rate swap | (0.8) | (1.3)% |
| valuations | | |
+--------------------------------------+----------+-----------+
| Other movement in reserves | (0.3) | (0.6)% |
+--------------------------------------+----------+-----------+
| Net Asset Value per share as at 30 | 61.3 | 2.9% |
| June 2010 | | |
+--------------------------------------+----------+-----------+
Cash position
As at 30 June 2010 the Company had borrowings of GBP84.4m and a cash position of
GBP23.7m (excluding rent deposits) therefore cash as a percentage of debt was
28.1%. The unallocated cash following the undrawn commitment at the development
in Aberdeen is GBP16.7m.
Loan to value ratio
As at 30 June 2010 the loan to value ratio (assuming all cash is placed with RBS
as an offset to the loan balance) was 40.1% (31 March 2010: 37.7%). The
covenant level is 65%.
Interest Rate Swaps
The interest rate swaps had a negative impact on the NAV of 0.8p per share
(1.3%) over the quarter, and the fair value is held at GBP(8.8)m as at 30 June
2010. This will reduce to GBPnil by Dec 2013, although not on a straight line
basis.
Total asset analysis as at 30 June 2010 (unaudited)
+-----------------------+---------+---------+
| | GBPm | % |
+-----------------------+---------+---------+
| Office | 57.7 | 32.6 |
+-----------------------+---------+---------+
| Retail | 27.5 | 15.5 |
+-----------------------+---------+---------+
| Industrial | 52.8 | 29.9 |
+-----------------------+---------+---------+
| Other | 13.2 | 7.5 |
+-----------------------+---------+---------+
| Total Property | 151.2 | 85.5 |
| Portfolio | | |
+-----------------------+---------+---------+
| Cash | 23.7 | 13.4 |
+-----------------------+---------+---------+
| Other Assets | 1.9 | 1.1 |
+-----------------------+---------+---------+
| Total Gross Assets | 176.8 | 100.0 |
+-----------------------+---------+---------+
Breakdown in valuation movements over the period 31 March 2010 to 30 June 2010
+-----------------------+----------+-----------+-------+
| |Exposure | Capital | GBPm |
| |as at 30 | Value | |
| | June | Movement | |
| |2010 (%) | on | |
| | | Standing | |
| | |Portfolio | |
| | | (%) | |
+-----------------------+----------+-----------+-------+
| External Valuation at | | |140.1 |
| 31/03/10 | | | |
+-----------------------+----------+-----------+-------+
| Sub Sector Analysis: | | | |
+-----------------------+----------+-----------+-------+
| RETAIL | | | |
+-----------------------+----------+-----------+-------+
| South East Retail | 6.5 | 3.7 | 0.3 |
+-----------------------+----------+-----------+-------+
| Retail Warehouses | 14.5 | 0.2 | 0.1 |
+-----------------------+----------+-----------+-------+
| | | | |
+-----------------------+----------+-----------+-------+
| OFFICES | | | |
+-----------------------+----------+-----------+-------+
| Central London | 17.7 | 7.9 | 1.9 |
| Offices | | | |
+-----------------------+----------+-----------+-------+
| South East Offices | 5.7 | 0.6 | 0.1 |
+-----------------------+----------+-----------+-------+
| Rest of UK Offices | 10.8 | 0.2 | 0.1 |
+-----------------------+----------+-----------+-------+
| | | | |
+-----------------------+----------+-----------+-------+
| INDUSTRIAL | | | |
+-----------------------+----------+-----------+-------+
| South East Industrial | 5.5 | (0.3) |(0.1) |
+-----------------------+----------+-----------+-------+
| Rest of UK Industrial | 29.4 | 0.7 | 0.3 |
+-----------------------+----------+-----------+-------+
| | | | |
+-----------------------+----------+-----------+-------+
| OTHER | 2.1 | 0.0 | 0.0 |
+-----------------------+----------+-----------+-------+
| | | | |
+-----------------------+----------+-----------+-------+
| Purchases during Q2 | | | 5.6 |
| 2010 | | | |
+-----------------------+----------+-----------+-------+
| Development during Q | | | 2.8 |
| 2 2010 | | | |
+-----------------------+----------+-----------+-------+
| | | | |
+-----------------------+----------+-----------+-------+
| External Valuation at | 100 | 8.0 |151.2 |
| 30/06/10 | | | |
+-----------------------+----------+-----------+-------+
Investment Manager Commentary
Although capital values increased over Q2 2010 the rate of increase slowed, with
many commentators expecting a slight fall in values over 2H 2010. On a more
positive note, the decline in rental values is also slowing, and in June stood
at -1.5% pa according to the IPD Monthly Index, as compared to -12.2% pa in
April 2009.
During the quarter the Company completed on the purchase of a B&Q unit in Bury
for GBP5.3m, and also instructed solicitors on a retail and office investment in
Victoria London for GBP8m. Contracts were also exchanged for the sale of an
office in Bucknall St London for GBP8.6m, with completion due 29 Sept 2010.
Several lease renewals were also completed, and solicitors instructed on the
letting of an industrial unit which the previous tenant vacated in June.
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:
+--------------------+--------------------+--------------------+
| 30/06/10 | 61.33p | |
+--------------------+--------------------+--------------------+
| 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 | |
+--------------------+--------------------+--------------------+
#1816665
This information is provided by RNS
The company news service from the London Stock Exchange
END
NAVPGURGMUPUURM
Abrdn Property Income (LSE:API)
Historical Stock Chart
From Jun 2024 to Jul 2024
Abrdn Property Income (LSE:API)
Historical Stock Chart
From Jul 2023 to Jul 2024
