TIDMSLI
RNS Number : 6219R
Standard Life Invs Property Inc Tst
25 August 2010
Standard Life Investments Property Income Trust Limited
Interim Report and Condensed Financial Statements
1 January 2010 to 30 June 2010
Financial Highlights
- Dividend yield of 6.9% based on 30 June 2010 share price
- Net Asset Value per share increased during the six month period
by 8.3% to 61.3p
- Open market value of property portfolio as at 30 June 2010:
GBP151.2m*
- Four properties purchased during the period for GBP35.9m
(excluding purchase costs)
· Two properties sold during the period for GBP25.6m (excluding
selling costs)
+------------------------+----------+--------------+---------+
| | 30 June | 31 |%Change |
| | 2010 | December | |
| | | 2009 | |
+------------------------+----------+--------------+---------+
+------------------------+-----------+--------------+--------+
| | | |
+------------------------------------+--------------+--------+
| | 30 June 2008 | |
+------------------------------------+--------------+--------+
| IFRS Net Asset Value | 62.4p | 57.6p | 8.3% |
| per share ** | | | |
+------------------------+-----------+--------------+--------+
| Published adjusted | | | |
| IFRS Net Asset | | | |
+------------------------+-----------+--------------+--------+
| Value per share *** | 61.3p | 56.6p | 8.3% |
+------------------------+-----------+--------------+--------+
| Share price | 63.75p | 64.5p |(1.2)% |
+------------------------+-----------+--------------+--------+
| Value of total assets |GBP176.8m | GBP169.2m | 4.5% |
| | | | |
+------------------------+-----------+--------------+--------+
| Loan to value **** | 40.1% | 39.2% | - |
+------------------------+-----------+--------------+--------+
| Cash balance | GBP23.7m | GBP30.8m | - |
| | | | |
+------------------------+-----------+--------------+--------+
| Dividends per share | 2.10p | 4.00p | - |
| ***** | | | |
+------------------------+-----------+--------------+--------+
| Special dividend | - | 0.25p | - |
+------------------------+-----------+--------------+--------+
* As valued by the Group's independent property valuer, Jones Lang LaSalle
Limited.
** Calculated under International Financial Reporting Standards.
*** Calculated under International Financial Reporting Standards, adjusted to
include the dividend declared in respect of the quarter ending 30 June 2010.
**** Calculated as bank borrowings less full cash balance as a percentage of the
open market value of the property portfolio as at 30 June 2010.
***** Dividends paid during six months ended 30 June 2010 (paid during twelve
months ended 31 December 2009)
Extracts of the Chairman's Statement
"Performance: Property Income and Total Return
The Company's property total return excluding cash, was 10.4% compared with the
IPD Monthly Index of 9.6%. The Company's property total return including cash
over the period was 8.8% The Company generated a property income return of 3.6%
on its properties which matched that of the IPD monthly index of 3.6% in respect
of the six months ended 30 June 2010.
Performance: Net Asset Value
The Company's published net asset value increased over the reporting period from
56.6p per share to 61.3p. As can be seen from the table below, the vast majority
of the uplift in published net asset value related to the increase in the
valuation of the Company's commercial property, including the impact of gearing,
which accounted for 8.0p of the increase in net asset value over the period. The
impact of the movement in the valuation of the interest rate swap which the
Company put in place to fix the borrowing rate at launch reduced the net asset
value by 2.2p. Other reserve movements reduced the net asset value by 1.1p.
+------------------------------------+---------+----------+
| | Pence | % of |
| | per | opening |
| | share | net |
| | | asset |
| | | value |
+------------------------------------+---------+----------+
| Published net asset value as at 31 | 56.6 | 100.0 |
| December 2009 | | |
+------------------------------------+---------+----------+
| Increase in valuation of property | 8.0 | 14.1 |
| portfolio | | |
+------------------------------------+---------+----------+
| Decrease in interest rate SWAP | (2.2) | (3.9) |
| valuation | | |
+------------------------------------+---------+----------+
| Other reserve movements | (1.1) | (1.9) |
+------------------------------------+---------+----------+
| Published net asset value as at 30 | 61.3 | 108.3 |
| June 2010 | | |
+------------------------------------+---------+----------+
The net asset value is calculated under International Financial Reporting
Standards ("IFRS") and includes a provision for the payment of the second
interim dividend of 1.10p per ordinary share for the quarter to 30 June 2010.
Earnings and Dividends
On 19 March 2010 the Company announced a 10% increase in the level of quarterly
dividends for the year to 31 December 2010 with the first interim dividend
increased to 1.10p per share paid in May 2010.
The Board intends to have a progressive dividend policy based upon a covered
dividend. Revenue reserves, if required, are available to make up short term
shortfall in cover.
Borrowings and 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%. As a reminder to shareholders GBP72m of the Company's borrowings are at a
fixed rate of interest of 5.115% until 2013 and the rate on the remaining
GBP12.4m varies with LIBOR plus a margin. Currently the rate payable on the
GBP12.4m is 2.05% and this is being rolled over monthly.
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%. The covenant level is 65%.
Activity
The Company has been very active in the first six months of the financial year
with the purchase of four properties for a total consideration of GBP35.9m at
yields ranging between 7% and 8%.
As reported in the last set of accounts the Company accepted a bid of GBP19.2m,
considerably in excess of the year end valuation, for its Uxbridge property and
intends to invest the proceeds in other properties to enhance the Company's
revenue account. The Company also sold Century Plaza for GBP6.4m representing a
yield of 6.9% and in June agreed the sale of Bucknall St. London for GBP8.6m for
completion in September. Further details of the activity in the first half can
be found in the Investment Manager's Report.
Risks and Uncertainties
The Company's assets consist of direct investments in UK commercial property.
Its principal risks therefore relate to the commercial property market in
general but also the particular circumstances of the properties in which it is
invested and their tenants. The Directors with the Investment Manager have
established an ongoing process for identifying, evaluating and managing key
risks faced by the Company. The Investment Manager also seeks to mitigate these
risks through continual review of the portfolio, active asset management
initiatives and by carrying out due diligence work on potential tenants before
entering into new lease agreements. Other risks faced by the Company include
economic, strategic, regulatory, financial and operational risks. These risks
are mitigated and managed through continual review, policy setting and
enforcement of contractual obligations. More detailed explanations of these
risks and the way in which they are managed are provided in the 2009 Annual
Report.
These principal risks and uncertainties have not changed from those disclosed in
the 2009 Annual Report.
Share Price
The share price at 30 June 2010 of 63.75p per share represented a premium of
4.0% to the net asset value of 61.3p. At the date of writing the share price is
64.75p equivalent to a premium of 5.6% to the 30 June 2010 net asset value.
Dividend Yield
The current share price of 64.75p represents an attractive dividend yield of
6.8%. The current dividend yield compares with bank deposit rates of around 0.5%
and redemption yields on 10 year UK gilts of just under 2.9%.
Directors
John Hallam resigned on the 30 June 2010 as a non-executive director. The board
would like to thank John for all his efforts on behalf of the Company and wishes
him well for the future.
Sally Ann (Susie) Fernon was appointed to the board on 30 June 2010 as a
non-executive director. Susie was a banking and finance partner with KPMG for
over 10 years and is a director of a number of private property and listed
investment companies. Susie will chair the audit committee for the Company.
Investment Outlook
Property values have stabilised and continue to offer an attractive yield. The
first half of the year has benefited from a number of asset management
initiatives to generate both capital growth and enhance the revenue and this
will remain the Company's focus over the long term.
David Moore
Chairman
25 August 2010"
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.
· In accordance with 4.2.9R of the Financial Services Authority's
Disclosure and Transparency Rules, it is confirmed that this publication has not
been audited, or reviewed by the Company's auditors.
The Interim Report, for the six months ended 30 June 2010, 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 2010
Extracts from the Investment Manager's Report
"UK Commercial Property Market
The first half of 2010 saw a continuation of the recovery in pricing that
started in quarter 2 of 2009, although the pace of increase in values has slowed
over the six months, with capital values increasing by 3.9% in the first quarter
and 2.0% in the second (as measured by the IPD Monthly Index). Having fallen by
circa 45% in the downturn capital values have now risen by circa 15% from their
low point.
UK commercial property continues to provide a reasonable margin over government
bonds (320bps at end June 2010). The income yield from property also remains
favourable compared to 5 year swap rates and 3 month interbank rates - but the
continued unavailability of debt makes this less relevant as a driver of
valuers.
The listed sector has continued to lag the direct property market. It is
generally considered to be a lead indicator of direct property pricing, and
supports the Standard Life Investment's house view that capital values will
decline slightly in the UK commercial property market in the second half of
2010, with moderate growth in 2011 and 2012. This should lead to high single
digit total returns over the next three years.
Portfolio Valuation
The property portfolio continues to be valued by Jones Lang LaSalle Ltd on a
quarterly basis. As at 30 June 2010 the property portfolio was valued at
GBP151.2m with cash of GBP23.7m (excluding rent deposits). This compares to
GBP136.8m and GBP30.8m respectively as at 31 December 2009. During the period
four purchases were made for a total of GBP35.9m including a pre let
development, and sales totaling GBP25.6m completed.
Portfolio performance
The primary objective of the Company is to provide an attractive level of
income, and the property portfolio has been constructed to achieve that. During
the first half of the year the income level has matched the IPD Monthly Index.
The Company has funded a pre-let development in Aberdeen, with the majority of
the development costs being paid through 2010. The property will become income
producing in January 2011, boosting the revenue account. We also expect to
invest the Company's cash into properties that will be accretive to value and
the revenue account.
Although income is the main focus we also seek to out perform the IPD Monthly
Index on a total return basis. This has been achieved in the first half of 2010,
and over three and five year periods. Over one year the Company is behind the
index as it did not benefit from the rapid recovery in long dated income in
quarter 4 of 2009. The index does not include cash however cash has had a
negative impact over the reporting period, but our decision to go long on cash
in mid 2007 has been beneficial over the longer time periods. We have made
significant investment over the last 12 months, but also undertook some sales in
the buoyant market at the end of 2009 / beginning of 2010 to rebalance the
portfolio and take profit. The underlying property performance was boosted by
the impact of gearing over the reporting period, which fed through into the net
asset value. Unfortunately the interest rate swap had a negative impact over the
period, and at end June 2010 it had a value of GBP(8.8)m from GBP(6.1)m at the
end of December 2009. The growth in net asset value over the reporting period
was 8.3%, and investors saw a share price return of 2.7% (dividend reinvested)
against the FTSE all share (6.2)% and FTSE EPRA/NAREIT UK of (13.3)% (source
datastream).
Investment Activity
The Company has had an active first half of 2010 with four purchases totaling
GBP35.9m completed and two sales worth a total of GBP25.6m completed, with a
third exchanged and due to complete at the end of September 2010 for GBP8.6m
Purchases
· Focus DIY Unit, Norwich, GBP5m, 8% initial yield
· Tesco Distribution Unit, Bolton, GBP14.1m, 8% initial yield
· Pre let development, Aberdeen, GBP11.7m, 8% initial yield
· B&Q Unit, Bury, GBP5.3m, 7% initial yield
Sales
· Capital Court, Uxbridge, GBP19.2m, 6.5%
· Century Plaza, Edgware, GBP6.4m, 6.9%
· Bucknall St, London, GBP8.6m, 6.5% (due to complete September 2010)
Development
The Company entered into a development funding of a pre-let office investment in
Aberdeen that is due to complete in January 2011. The total cost to the fund is
GBP11.7m, the majority of which will be incurred in 2010. The property will
become income producing in January 2011 at GBP1m p.a..
Asset management has remained an important focus over the last six months, with
lease renewals completed on three units, future break clauses removed on a
further two leases, and rent reviews completed with a small uplift above ERV on
two buildings.
The letting market has been difficult with deals taking a long time, however we
are beginning to see an increase in interest across the sectors, and indeed have
agreed terms on one unit that only became vacant on 24 June 2010.
Bank Loan Facility
There have been no changes to the facility over the reporting period. The GBP84m
of borrowings from RBS are termed out to December 2013, at a margin of 150bps
above one month LIBOR. GBP72m of the debt is subject to an interest rate swap at
a rate of 5.115%. The swap is out of the money by GBP8.8m as at 30 June 2010.
The Company's loan to value ratio of 40.1% and interest cover ratio of 223%
compare favourably to the main bank covenants of 65% and 170% respectively.
Standard Life Investments
25 August 2010"
Property Investments as at 30 June 2010
+--------------------+--------------+-----------------+--------+
| Tesco Distribution | Bolton | Industrial - | 14-16m |
| | | Rest of UK | |
+--------------------+--------------+-----------------+--------+
| Northern & Shell | London | Offices - South | 10-12m |
| Tower | | East | |
+--------------------+--------------+-----------------+--------+
| Hollywood Green | London | Retail - South | 8-10m |
| | | East | |
+--------------------+--------------+-----------------+--------+
| Bucknall Street | London | Offices - | 8-10m |
| | | London West End | |
+--------------------+--------------+-----------------+--------+
| Clough Road Retail | Hull | Retail | 6-8m |
| | | Warehouses | |
+--------------------+--------------+-----------------+--------+
| Drakes Way | Swindon | Industrial - | 6-8m |
| | | Rest of UK | |
+--------------------+--------------+-----------------+--------+
| Ocean Trade Centre | Aberdeen | Industrial - | 6-8m |
| | | Rest of UK | |
+--------------------+--------------+-----------------+--------+
| White Bear Yard | London | Offices - | 6-8m |
| | | London West End | |
+--------------------+--------------+-----------------+--------+
| Crostons Retail | Bury | Retail | 4-6m |
| Park | | Warehouses | |
+--------------------+--------------+-----------------+--------+
| Bathgate Retail | Bathgate | Retail | 4-6m |
| Park | | Warehouses | |
+--------------------+--------------+-----------------+--------+
| Eleven Business | Norwich | Retail | 4-6m |
| Park | | Warehouses | |
+--------------------+--------------+-----------------+--------+
| Gateway Business | Aberdeen | Industrial - | 4-6m |
| Park | | Rest of UK | |
+--------------------+--------------+-----------------+--------+
| Chancellors Place | Chelmsford | Offices - South | 4-6m |
| | | East | |
+--------------------+--------------+-----------------+--------+
| Marsh Way | Rainham | Industrial - | 4-6m |
| | | South East | |
+--------------------+--------------+-----------------+--------+
| Interfleet House | Derby | Offices - Rest | 4-6m |
| | | of UK | |
+--------------------+--------------+-----------------+--------+
| Pit Hey Place | Skelmersdale | Industrial - | 2-4m |
| | | Rest of UK | |
+--------------------+--------------+-----------------+--------+
| Farah Unit, | Witham | Industrial - | 2-4m |
| Crittal Road | | South East | |
+--------------------+--------------+-----------------+--------+
| Turin Court | South | Offices - Rest | 2-4m |
| | Manchester | of UK | |
+--------------------+--------------+-----------------+--------+
| Windsor Court & | Mansfield | Industrial - | 2-4m |
| Crown Farm | | Rest of UK | |
+--------------------+--------------+-----------------+--------+
| Phase II, Telelink | Swansea | Offices - Rest | 2-4m |
| | | of UK | |
+--------------------+--------------+-----------------+--------+
| Esporta | Chislehurst | Leisure | 2-4m |
| | | | |
+--------------------+--------------+-----------------+--------+
| Coal Road | Leeds | Industrial - | 2-4m |
| | | Rest of UK | |
+--------------------+--------------+-----------------+--------+
| De Ville Court | Weybridge | Offices - South | 2-4m |
| | | East | |
+--------------------+--------------+-----------------+--------+
| 31/32 Queen Square | Bristol | Offices - Rest | 2-4m |
| | | of UK | |
+--------------------+--------------+-----------------+--------+
| Easter Park | Bolton | Industrial - | 2-4m |
| | | Rest of UK | |
+--------------------+--------------+-----------------+--------+
| Halfords | Paisley | Retail | 2-4m |
| | | Warehouses | |
+--------------------+--------------+-----------------+--------+
| Eurolink Normanton | Leeds | Industrial - | 1-2m |
| | | Rest of UK | |
+--------------------+--------------+-----------------+--------+
| Wardley Industrial | Manchester | Retail | 1-2m |
| Estate | | Warehouses | |
+--------------------+--------------+-----------------+--------+
| Lister House | Leeds | Offices - Rest | 1-2m |
| | | of UK | |
+--------------------+--------------+-----------------+--------+
| Unit 14, Interlink | Bardon | Industrial - | 1-2m |
| Park | | Rest of UK | |
+--------------------+--------------+-----------------+--------+
| Portrack Lane | Stockton | Industrial - | 1-2m |
| | on Tees | Rest of UK | |
+--------------------+--------------+-----------------+--------+
Standard Life Investments Property Income Trust Limited
Unaudited Consolidated Statement of Comprehensive Income
for the period ended 30 June 2010
+----------------------------------+------+-------------+--------------+
| | | 01 Jan | 01 Jan |
| | | 10 to | 09 to |
+----------------------------------+------+-------------+--------------+
| | | 30 Jun | 30 Jun |
| | | 10 | 09 |
+----------------------------------+------+-------------+--------------+
| | Note | GBP | GBP |
| | | | |
+----------------------------------+------+-------------+--------------+
| Rental income | | 5,633,089 | 5,894,418 |
+----------------------------------+------+-------------+--------------+
| Valuation gain / (loss) on | 4 | 7,310,916 | (14,304,587) |
| investment properties | | | |
+----------------------------------+------+-------------+--------------+
| Realised gain / (loss) on | | 1,812,387 | (27,391) |
| disposal of investment | | | |
| properties | | | |
+----------------------------------+------+-------------+--------------+
| Investment management fees | 3 | (624,712) | (521,981) |
+----------------------------------+------+-------------+--------------+
| Other direct property operating | | (555,401) | (423,579) |
| expenses | | | |
+----------------------------------+------+-------------+--------------+
| Directors' fees and subsistence | 3 | (51,402) | (51,268) |
+----------------------------------+------+-------------+--------------+
| Valuer's fees | | (23,099) | (10,034) |
+----------------------------------+------+-------------+--------------+
| Auditor's fees | | (16,000) | (32,263) |
+----------------------------------+------+-------------+--------------+
| Other administration expenses | | (92,402) | (165,973) |
+----------------------------------+------+-------------+--------------+
| Operating profit / (loss) | | 13,393,376 | (9,642,658) |
+----------------------------------+------+-------------+--------------+
| | | | |
+----------------------------------+------+-------------+--------------+
| Finance income | | 41,874 | 391,583 |
+----------------------------------+------+-------------+--------------+
| Finance costs | | (2,762,832) | (2,362,673) |
+----------------------------------+------+-------------+--------------+
| Gain / (loss) for the period | | 10,672,418 | (11,613,748) |
+----------------------------------+------+-------------+--------------+
| | | | |
+----------------------------------+------+-------------+--------------+
| Other comprehensive income | | | |
+----------------------------------+------+-------------+--------------+
| Valuation (loss) / gain on cash | | (2,519,448) | 2,060,693 |
| flow hedges | | | |
+----------------------------------+------+-------------+--------------+
| | | | |
+----------------------------------+------+-------------+--------------+
| Total comprehensive gain / | | 8,152,970 | (9,553,055) |
| (loss) for the period | | | |
+----------------------------------+------+-------------+--------------+
| | | | |
+----------------------------------+------+-------------+--------------+
| Gain / (loss) per share for the | | | |
| period | | | |
+----------------------------------+------+-------------+--------------+
| attributable to the equity | | | |
| holders of the Company: | | | |
+----------------------------------+------+-------------+--------------+
| Basic and diluted | | 9.33 | (11.17) |
+----------------------------------+------+-------------+--------------+
| | | pence | pence |
+----------------------------------+------+-------------+--------------+
| | | | |
+----------------------------------+------+-------------+--------------+
All items in the above Unaudited Consolidated Statement of Comprehensive Income
derive from continuing operations.
Standard Life Investments Property Income Trust Limited
Unaudited Consolidated Balance Sheet
as at 30 June 2010
+----------------------------------+------+--------------+--------------+
| | | 30 Jun | 31 Dec |
| | | 10 | 09 |
+----------------------------------+------+--------------+--------------+
| | Note | GBP | GBP |
| | | | |
+----------------------------------+------+--------------+--------------+
| ASSETS | | | |
+----------------------------------+------+--------------+--------------+
| Non-current assets | | | |
+----------------------------------+------+--------------+--------------+
| Freehold investment properties | 4 | 109,665,176 | 108,475,658 |
+----------------------------------+------+--------------+--------------+
| Leasehold investment properties | 4 | 25,056,594 | 24,316,594 |
+----------------------------------+------+--------------+--------------+
| Under construction investment | 4 | 5,900,000 | - |
| property | | | |
+----------------------------------+------+--------------+--------------+
| Lease incentives | | 1,859,583 | 3,878,541 |
+----------------------------------+------+--------------+--------------+
| | | 142,481,353 | 136,670,793 |
+----------------------------------+------+--------------+--------------+
| | | | |
+----------------------------------+------+--------------+--------------+
| Investment property held for | 5 | 8,575,000 | - |
| sale | | | |
+----------------------------------+------+--------------+--------------+
| | | | |
+----------------------------------+------+--------------+--------------+
| Current assets | | | |
+----------------------------------+------+--------------+--------------+
| Trade and other receivables | | 2,005,042 | 1,608,329 |
+----------------------------------+------+--------------+--------------+
| Cash and cash equivalents | | 23,738,734 | 30,796,998 |
+----------------------------------+------+--------------+--------------+
| | | 25,743,776 | 32,405,327 |
+----------------------------------+------+--------------+--------------+
| | | | |
+----------------------------------+------+--------------+--------------+
| Total assets | | 176,800,129 | 169,076,120 |
+----------------------------------+------+--------------+--------------+
| | | | |
+----------------------------------+------+--------------+--------------+
| EQUITY | | | |
+----------------------------------+------+--------------+--------------+
| Capital and reserves | | | |
| attributable | | | |
+----------------------------------+------+--------------+--------------+
| to Company's equity holders | | | |
+----------------------------------+------+--------------+--------------+
| Share capital | | 6,671,438 | 6,671,438 |
+----------------------------------+------+--------------+--------------+
| Share premium | | - | 5,217,022 |
+----------------------------------+------+--------------+--------------+
| Retained earnings | 6 | 5,778,870 | 6,662,276 |
+----------------------------------+------+--------------+--------------+
| Capital reserves | | (39,451,907) | (46,055,762) |
+----------------------------------+------+--------------+--------------+
| Other distributable reserves | | 98,394,465 | 93,433,322 |
+----------------------------------+------+--------------+--------------+
| Total equity | | 71,392,866 | 65,928,296 |
+----------------------------------+------+--------------+--------------+
| | | | |
+----------------------------------+------+--------------+--------------+
| LIABILITIES | | | |
+----------------------------------+------+--------------+--------------+
| Non-current liabilities | | | |
+----------------------------------+------+--------------+--------------+
| Bank borrowings | | 84,091,918 | 84,043,766 |
+----------------------------------+------+--------------+--------------+
| Interest rate swaps | | 5,765,499 | 3,032,234 |
+----------------------------------+------+--------------+--------------+
| Redeemable preference shares | | 8,785,181 | 8,529,302 |
+----------------------------------+------+--------------+--------------+
| Leasehold obligations | | 6,094 | 6,094 |
+----------------------------------+------+--------------+--------------+
| | | 98,648,692 | 95,611,396 |
+----------------------------------+------+--------------+--------------+
| Current liabilities | | | |
+----------------------------------+------+--------------+--------------+
| Trade and other payables | | 3,896,924 | 4,460,964 |
+----------------------------------+------+--------------+--------------+
| Interest rate swaps | | 2,861,147 | 3,074,964 |
+----------------------------------+------+--------------+--------------+
| Leasehold obligations | | 500 | 500 |
+----------------------------------+------+--------------+--------------+
| | | 6,758,571 | 7,536,428 |
+----------------------------------+------+--------------+--------------+
| | | | |
+----------------------------------+------+--------------+--------------+
| Total liabilities | | 105,382,263 | 103,147,824 |
+----------------------------------+------+--------------+--------------+
| | | | |
+----------------------------------+------+--------------+--------------+
| Total equity and liabilities | | 176,800,129 | 169,076,120 |
+----------------------------------+------+--------------+--------------+
| | | | |
+----------------------------------+------+--------------+--------------+
Approved by the Board of Directors on 25 August 2010
Standard Life Investments Property Income Trust Limited
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 | 1,040,000 | 5,217,022 | 1,717,458 | (36,661,539) | 93,916,114 | 65,229,055 |
| balance 1 | | | | | | |
| January | | | | | | |
| 2009 | | | | | | |
+-------------+-----------+-----------+--------------+--------------+---------------+--------------+
| Loss for | - | - | (11,613,748) | - | - | (11,613,748) |
| the period | | | | | | |
+-------------+-----------+-----------+--------------+--------------+---------------+--------------+
| Valuation | - | - | - | 2,060,693 | - | 2,060,693 |
| gain on | | | | | | |
| cash flow | | | | | | |
| hedges | | | | | | |
+-------------+-----------+-----------+--------------+--------------+---------------+--------------+
| Valuation | - | - | 14,304,587 | (14,304,587) | - | - |
| loss on | | | | | | |
| investment | | | | | | |
| property | | | | | | |
+-------------+-----------+-----------+--------------+--------------+---------------+--------------+
| Realised | - | - | 27,391 | (27,391) | - | - |
| loss on | | | | | | |
| disposal of | | | | | | |
| investment | | | | | | |
| properties | | | | | | |
+-------------+-----------+-----------+--------------+--------------+---------------+--------------+
| Transfer | - | - | 241,395 | - | (241,395) | - |
| between | | | | | | |
| reserves* | | | | | | |
+-------------+-----------+-----------+--------------+--------------+---------------+--------------+
| Dividends | - | - | (2,080,000) | - | - | (2,080,000) |
+-------------+-----------+-----------+--------------+--------------+---------------+--------------+
| Balance at | 1,040,000 | 5,217,022 | 2,597,083 | (48,932,824) | 93,674,719 | 53,596,000 |
| 30 June | | | | | | |
| 2009 | | | | | | |
+-------------+-----------+-----------+--------------+--------------+---------------+--------------+
*these are transfers to move redeemable preference share finance costs from the
retained earnings reserve to the other distributable reserves
Unaudited Consolidated Statement of Changes in Equity
for the period ended 30 June 2010
+-------------+-----------+-------------+-------------+--------------+---------------+-------------+
| | | | | | Other | Total |
+-------------+-----------+-------------+-------------+--------------+---------------+-------------+
| | Share | Share | Retained | Capital | distributable | equity |
| | | | | | | |
+-------------+-----------+-------------+-------------+--------------+---------------+-------------+
| | capital | premium | earnings | reserves | reserves | |
| | | | | | | |
+-------------+-----------+-------------+-------------+--------------+---------------+-------------+
| | GBP | GBP | GBP | GBP | GBP | GBP |
+-------------+-----------+-------------+-------------+--------------+---------------+-------------+
| | | | | | | |
+-------------+-----------+-------------+-------------+--------------+---------------+-------------+
| Opening | 6,671,438 | 5,217,022 | 6,662,276 | (46,055,762) | 93,433,322 | 65,928,296 |
| balance 1 | | | | | | |
| January | | | | | | |
| 2010 | | | | | | |
+-------------+-----------+-------------+-------------+--------------+---------------+-------------+
| Gain for | - | - | 10,672,418 | - | - | 10,672,418 |
| the period | | | | | | |
+-------------+-----------+-------------+-------------+--------------+---------------+-------------+
| Valuation | - | - | - | (2,519,448) | - | (2,519,448) |
| loss on | | | | | | |
| cash flow | | | | | | |
| hedge | | | | | | |
+-------------+-----------+-------------+-------------+--------------+---------------+-------------+
| Valuation | - | - | (7,310,916) | 7,310,916 | - | - |
| gain on | | | | | | |
| investment | | | | | | |
| property | | | | | | |
+-------------+-----------+-------------+-------------+--------------+---------------+-------------+
| Realised | - | - | (1,812,387) | 1,812,387 | - | - |
| gain on | | | | | | |
| disposal of | | | | | | |
| investment | | | | | | |
| properties | | | | | | |
+-------------+-----------+-------------+-------------+--------------+---------------+-------------+
| Transfer | - | - | 255,879 | - | (255,879) | - |
| between | | | | | | |
| reserves* | | | | | | |
+-------------+-----------+-------------+-------------+--------------+---------------+-------------+
| Transfer | | (5,217,022) | | | 5,217,022 | |
| between | | | | | | |
| reserves** | | | | | | |
+-------------+-----------+-------------+-------------+--------------+---------------+-------------+
| Dividends | - | - | (2,688,400) | - | - | (2,688,400) |
+-------------+-----------+-------------+-------------+--------------+---------------+-------------+
| Balance at | 6,671,438 | - | 5,778,870 | (39,451,907) | 98,394,465 | 71,392,866 |
| 30 June | | | | | | |
| 2010 | | | | | | |
+-------------+-----------+-------------+-------------+--------------+---------------+-------------+
*these are transfers to move redeemable preference share finance costs from the
retained earnings reserve to the other distributable reserve.
**on 18 March 2010 the Audit Committee approved the re-categorisation of the
share premium to other distributable reserves under the provisions of The
Companies (Guernsey) Law, 2008.
Standard Life Investments Property Income Trust Limited
Unaudited Consolidated Cash Flow Statement
for the period ended 30 June 2010
+-------------------------------------+------+--------------+--------------+
| | | 01 Jan | 01 |
| | | 10 to | Jan |
| | | | 09 to |
+-------------------------------------+------+--------------+--------------+
| | | 30 Jun | 30 |
| | | 10 | Jun |
| | | | 09 |
+-------------------------------------+------+--------------+--------------+
| | Note | GBP | GBP |
| | | | |
+-------------------------------------+------+--------------+--------------+
| | | | |
+-------------------------------------+------+--------------+--------------+
| Cash generated from operating | 8 | 5,328,278 | 3,007,563 |
| activities | | | |
+-------------------------------------+------+--------------+--------------+
| | | | |
+-------------------------------------+------+--------------+--------------+
| Cash flows from investing | | | |
| activities | | | |
+-------------------------------------+------+--------------+--------------+
| Interest received | | 41,874 | 391,583 |
+-------------------------------------+------+--------------+--------------+
| Purchase of investment properties | 4 | (25,729,251) | (11,544,026) |
+-------------------------------------+------+--------------+--------------+
| Capital expenditure on investment | 4 | (4,776,751) | (56,332) |
| properties | | | |
+-------------------------------------+------+--------------+--------------+
| Proceeds from / (costs of) disposal | | 23,224,787 | (27,391) |
| of investment properties | | | |
+-------------------------------------+------+--------------+--------------+
| Net cash used from investing | | (7,239,341) | (11,236,166) |
| activities | | | |
+-------------------------------------+------+--------------+--------------+
| | | | |
+-------------------------------------+------+--------------+--------------+
| Cash flows from financing | | | |
| activities | | | |
+-------------------------------------+------+--------------+--------------+
| Interest paid on bank borrowing | | (852,074) | (1,026,814) |
+-------------------------------------+------+--------------+--------------+
| Interest rate swap cost | | (1,606,727) | (1,094,464) |
+-------------------------------------+------+--------------+--------------+
| Dividends paid to the Company's | 7 | (2,688,400) | (2,080,000) |
| shareholders | | | |
+-------------------------------------+------+--------------+--------------+
| Net cash used in financing | | (5,147,201) | (4,201,278) |
| activities | | | |
+-------------------------------------+------+--------------+--------------+
| | | | |
+-------------------------------------+------+--------------+--------------+
| | | | |
+-------------------------------------+------+--------------+--------------+
| Net decrease in cash and cash | | (7,058,264) | (12,429,881) |
| equivalents in the period | | | |
+-------------------------------------+------+--------------+--------------+
| | | | |
+-------------------------------------+------+--------------+--------------+
| Cash and cash equivalents at | | 30,796,998 | 45,089,452 |
| beginning of period | | | |
+-------------------------------------+------+--------------+--------------+
| Cash and cash equivalents at end of | | 23,738,734 | 32,659,571 |
| period | | | |
+-------------------------------------+------+--------------+--------------+
Standard Life Investments Property Income Trust Limited
Notes to the Unaudited Consolidated Financial Statements
for the period ended 30 June 2010
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
2010. The Audited Consolidated Financial Statements of the Company for the year
ended 31 December 2009 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 International Financial Reporting
Standards ("IFRS"), and all applicable requirements of The Companies (Guernsey)
Law, 2008. The Unaudited Consolidated Financial Statements have been prepared
under the historical cost convention as modified by the measurement of
investment property and derivative financial instruments at fair value. The
Unaudited Consolidated Financial Statements are presented in pound sterling and
all values are not rounded except when otherwise indicated. These statements 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 2009. 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 2009.
Summary of significant accounting policies
Investment property under construction (New)
Investment property under construction held which meet the criteria of an
investment property as defined by IAS 40 is measured at market value with
movements in value recognised as unrealised gains and losses in the Consolidated
Statement of Comprehensive Income. Fair value as disclosed in the Consolidated
Financial Statements is based on the market valuations of the properties as
reported by Jones Lang LaSalle, a firm of independent international real estate
consultants, as at the balance sheet date. In the exceptional cases when a fair
value cannot be reliably determined, such properties are recorded at cost. On
completion of the investment property under construction, the property will be
reclassified as either a freehold investment property or a leasehold investment
property.
Non-current assets held for sale (New)
Investment property is transferred to non-current assets held for sale when it
is expected that the carrying amount will be recovered principally through sale
rather than from continuing use. For this to be the case, the property must be
available for immediate sale in its present condition subject only to terms that
are usual and customary for sales of such property and its sale must be highly
probable. The sale should be expected to qualify for recognition as a completed
sale within one year from the date of classification. On re-classification,
investment property is measured at market value less an estimate of costs
required to fulfill the property sale. Market value is based on the market
valuations of the properties as reported by Jones Lang LaSalle, a firm of
independent international real estate consultants, as at the balance sheet date.
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 on the
tenth anniversary of admission at a redemption 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
2009:
21,769,609). This equates to 19.1% (31December 2009: 19.1%) 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.
Directors
The Directors hold the following number of Ordinary Shares in the Company:
+--------------------------------+------------+-------------+
| | 30 Jun 10 | 31 Dec 09 |
+--------------------------------+------------+-------------+
| David Moore | 15,000 | 15,000 |
+--------------------------------+------------+-------------+
| Richard Barfield | 30,000 | 30,000 |
+--------------------------------+------------+-------------+
| John Hallam (resigned on 30 | 15,000 | 15,000 |
| June 2010) | | |
+--------------------------------+------------+-------------+
| Sally Ann Farnon (appointed on | - | - |
| 30 June 2010) | | |
+--------------------------------+------------+-------------+
| 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 GBP51,402 (period
ended 30 June 2009: GBP51,268), being GBP50,000 (period ended 30 June 2009:
GBP50,000) in respect of fees and GBP1,402 (period ended 30 June 2009: GBP1,268)
in respect of subsistence.
David Moore is a partner of Mourant Ozannes (Guernsey) who are the Group's
solicitors. As at 30 June 2010, the fees paid during the period to Mourant
Ozannes (Guernsey) were GBP1,252 (period ended 30 June 2009:GBPnil).
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
GBP624,712 (period ended 30 June 2009: GBP521,981). The amount due and payable
at the period end amounted to GBP320,892 excluding VAT (period ended 30 June
2009: GBP265,211 excluding VAT).
+----------------------------+--------------+--------------+------------+--------------+
| 4. FREEHOLD AND LEASEHOLD | | 30 Jun | 30 Jun | 30 Jun |
| INVESTMENT PROPERTIES | 30 Jun | 10 | 10 | 10 |
| | 10 | | | |
+----------------------------+--------------+--------------+------------+--------------+
| | Construction | Freehold | Leasehold | Total |
| | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| | GBP | GBP | GBP | GBP |
+----------------------------+--------------+--------------+------------+--------------+
| Market value as at 31 | - | 112,490,000 | 24,310,000 | 136,800,000 |
| December 2009 | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Purchase of investment | - | 25,729,251 | - | 25,729,251 |
| property | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Capital expenditure on | 4,686,604 | 89,897 | 250 | 4,776,751 |
| investment properties | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Carrying value of disposed | - | (21,412,400) | - | (21,412,400) |
| investment properties | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Valuation gain on | 1,213,396 | 5,357,770 | 739,750 | 7,310,916 |
| investment properties | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Movement in lease | - | (1,959,518) | - | (1,959,518) |
| incentive receivable | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Investment property | - | (8,575,000) | - | (8,575,000) |
| recategorised as held for | | | | |
| sale | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Market value at 30 June | 5,900,000 | 111,720,000 | 25,050,000 | 142,670,000 |
| 2010 | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Adjustment for lease | - | (2,054,824) | - | (2,054,824) |
| incentives | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Adjustment for finance | - | - | 6,594 | 6,594 |
| lease obligations | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Fair value at 30 June 2010 | 5,900,000 | 109,665,176 | 25,056,594 | 140,621,770 |
+----------------------------+--------------+--------------+------------+--------------+
| | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| | | 31 Dec | 31 Dec | 31 Dec |
| | 31 Dec | 09 | 09 | 09 |
| | 09 | | | |
+----------------------------+--------------+--------------+------------+--------------+
| | Construction | Freehold | Leasehold | Total |
| | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| | GBP | GBP | GBP | GBP |
+----------------------------+--------------+--------------+------------+--------------+
| Market value as at 31 | - | 108,595,000 | 14,385,000 | 122,980,000 |
| December 2008 | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Purchase of investment | - | 11,545,776 | 10,546,304 | 22,092,080 |
| property | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Capital expenditure on | - | 136,534 | - | 136,534 |
| investment properties | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Valuation loss on | - | (10,213,531) | (621,304) | (10,834,835) |
| investment properties | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Movement in lease | - | 2,426,221 | - | 2,426,221 |
| incentive receivable | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Market value at 31 | - | 112,490,000 | 24,310,000 | 136,800,000 |
| December 2009 | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Adjustment for lease | - | (4,014,342) | - | (4,014,342) |
| incentives | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Adjustment for finance | - | - | 6,594 | 6,594 |
| lease obligations | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| | | | | |
+----------------------------+--------------+--------------+------------+--------------+
| Fair value at 31 December | - | 108,475,658 | 24,316,594 | 132,792,252 |
| 2009 | | | | |
+----------------------------+--------------+--------------+------------+--------------+
Investment properties were revalued at the period end by Jones Lang LaSalle
Limited, independent international real estate consultants, on the basis of the
market value. 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 portfolio market value
(including investment property held for sale - see note 5) reported by Jones
Lang LaSalle at the period end was GBP151,245,000 (31 December 2009:
GBP136,800,000), however an adjustment has been made for lease incentives of
GBP2,054,824 (31 December 2009: GBP4,014,342) that are already accounted for as
an asset.
The valuations have been prepared in accordance with the RICS Valuation
Standards (6th Edition) published by the Royal Institution of Chartered
Surveyors.
5. INVESTMENT PROPERTY HELD FOR SALE
As at 30 June 2010 the Group had exchanged contracts with a third party for the
sale of 2-4 Bucknell Street, London for a price of GBP8,600,000. The sale is due
to complete on the 29th September 2010. The independently assessed market value
of this property as at 30 June 2010 was GBP8,600,000. As at 30 June 2010 the
carrying value of the investment property held for sale is GBP8,575,000. No
investment property was held for sale at 31 December 2009.
+-----------------------------------------+-------------+-------------+
| 6. RETAINED EARNINGS | 30 Jun | 31 Dec |
| | 10 | 09 |
+-----------------------------------------+-------------+-------------+
| | GBP | GBP |
+-----------------------------------------+-------------+-------------+
| Opening balance as at 1 January | 6,662,276 | 1,717,458 |
+-----------------------------------------+-------------+-------------+
| Gain / (loss) for the period/year | 10,672,418 | (2,180,200) |
+-----------------------------------------+-------------+-------------+
| Transfer from other distributable | 255,879 | 482,792 |
| reserves | | |
+-----------------------------------------+-------------+-------------+
| Valuation (gain) / loss on investment | (7,310,916) | 10,834,835 |
| properties transferred to capital | | |
| reserves | | |
+-----------------------------------------+-------------+-------------+
| Realised (gain) / loss on disposal of | (1,812,387) | 27,391 |
| investment properties transferred to | | |
| capital reserves | | |
+-----------------------------------------+-------------+-------------+
| Dividends paid | (2,688,400) | (4,220,000) |
+-----------------------------------------+-------------+-------------+
| Closing balance | 5,778,870 | 6,662,276 |
+-----------------------------------------+-------------+-------------+
This is a distributable reserve and represents the cumulative revenue earnings
of the Group less dividend declared as payable to the Company's shareholders.
7. DIVIDENDS
The interim dividends paid to date in 2010 are as follows (2009: GBP2,080,000) :
GBP286,000 (0.25p per ordinary share) paid in February relating to a special
dividend for the year 31 December 2009
GBP1,144,000 (1p per ordinary share) paid in February relating to the quarter
ending 31December 2009
GBP1,258,400 (1.1p per ordinary share) paid in May relating to the quarter
ending 31 March 2010
GBP2,688,400
A further dividend of GBP1,258,400 (2008: GBP1,040,000) in respect of the
quarter to 30 June 2010 was approved in August 2010. These Unaudited
Consolidated Financial Statements do not reflect this dividend, however, the
published net asset value as at 30 June 2010 does.
+-----------------------------------------+-------------+--------------+
| 8. CASH GENERATED FROM OPERATIONS | 01 Jan | 01 Jan |
| | 10 to | 09 to |
+-----------------------------------------+-------------+--------------+
| | 30 Jun | 30 Jun |
| | 10 | 09 |
+-----------------------------------------+-------------+--------------+
| | GBP | GBP |
+-----------------------------------------+-------------+--------------+
| Gain / (loss) for the period | 10,672,418 | (11,613,748) |
+-----------------------------------------+-------------+--------------+
| | | |
+-----------------------------------------+-------------+--------------+
| Movement in lease incentives | 2,018,958 | (1,949,229) |
+-----------------------------------------+-------------+--------------+
| Movement in trade and other receivables | (396,713) | 455,612 |
| | | |
+-----------------------------------------+-------------+--------------+
| Movement in trade and other payables | (564,040) | (188,140) |
+-----------------------------------------+-------------+--------------+
| Finance costs | 2,762,832 | 2,362,673 |
+-----------------------------------------+-------------+--------------+
| Finance income | (41,874) | (391,583) |
+-----------------------------------------+-------------+--------------+
| Valuation (gain) / loss on investment | (7,310,916) | 14,304,587 |
| properties | | |
+-----------------------------------------+-------------+--------------+
| Realised (gain) / loss on disposal of | (1,812,387) | 27,391 |
| investment properties | | |
+-----------------------------------------+-------------+--------------+
| Cash generated from operations | 5,328,278 | 3,007,563 |
+-----------------------------------------+-------------+--------------+
| | | |
+-----------------------------------------+-------------+--------------+
9. SEGMENTAL REPORTING
For investment property, discrete financial information is provided to the Board
either on a property by property basis or on a portfolio wide basis. The Board
does not make investment decisions on the basis of segmental information.
10. COMMITMENTS
As at 30 June 2010, the Group had agreed construction contracts with third
parties and is consequently committed to future capital expenditure in respect
of investment property under construction of GBP7.0m (31 Dec 2009: GBPnil).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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