Net Asset Value(s) (6845Z)
January 18 2011 - 10:55AM
UK Regulatory
TIDMSLI
RNS Number : 6845Z
Standard Life Invs Property Inc Tst
18 January 2011
STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
31 December 2010
Key Highlights
-- Net asset value per ordinary share was 63.0p as at 31
December 2010, an increase of 2.65% from 30 September 2010
-- Cash held by the Trust of GBP21.2m as at 31 December 2010,
but after full cost of Aberdeen development, and purchase completed
after quarter end uncommitted cash is GBP11.5m
-- Property worth GBP6.6m purchased in Q4 2010, and GBP8.375m in
January 2011.
-- Dividend yield of 6.8% using the share price as at 17 January
2011 of 64.5p
Net Asset Value
The unaudited net asset value per ordinary share of Standard
Life Investments Property Income Trust Limited at 31 December 2010
was 63.0 pence. This is an increase of 2.65% percentage points over
the net asset value of 61.4 pence per share at 30 September
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 31 December 2010.
The net asset value incorporates the external portfolio
valuation by Jones Lang LaSalle at 31 December 2010. The property
portfolio will next be valued by an external valuer during March
2011 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 30
September 2010 to 31 December 2010.
Pence per % of opening
share NAV
Net Asset Value per share as at 30
September 2010 61.4 -
Gain - realised and unrealised following
revaluation of property portfolio
(including the effect of gearing) 0.7 1.15%
Increase in interest rate swap valuations 1.2 2.00%
Other movement in reserves (0.3) (0.50)%
Net Asset Value per share as at 31
December 2010 63.0 2.65%
The property portfolio, ignoring the impact of debt, benefited
from capital growth over the quarter of 0.5%.
Cash position
As at 31 December 2010 the Company had borrowings of GBP84.4m
and a cash position of GBP21.2m (excluding rent deposits) therefore
cash as a percentage of debt was 25.1%. The unallocated cash
following the undrawn commitment at the development in Aberdeen and
purchase completed after the quarter end is GBP11.5m.
Loan to value ratio
As at 31 December 2010 the loan to value ratio (assuming all
cash is placed with RBS as an offset to the loan balance) was 40.8%
(30 September 2010: 37.0%). The covenant level is 65%.
Interest Rate Swaps
The interest rate swaps had a positive impact on the NAV of 1.2p
per share or 2.0% over the quarter, and the fair value liability is
GBP(7.4)m as at 31 December 2010. This fair value will reduce to
GBPnil by Dec 2013, although not on a straight line basis.
Total asset analysis as at 31 December 2010 (unaudited)
GBPm %
Office 62.3 35.1
------ ------
Retail 39.6 22.3
------ ------
Industrial 49.7 28.0
------ ------
Other 3.4 1.9
------ ------
Total Property Portfolio 155.0 87.3
------ ------
Cash 21.2 12.0
------ ------
Other Assets 1.2 0.7
------ ------
Total Gross Assets 177.4 100.0
------ ------
Breakdown in valuation movements over the period 30 Sept 2010 to
31 Dec 2010
Capital Value
Exposure Movement
as at 31 on Standing
Dec 2010 Portfolio
(%) (%) GBPm
External Valuation at
30/09/10 145.7
---------- -------------- ------
Sub Sector Analysis:
---------- -------------- ------
RETAIL
---------- -------------- ------
South East Retail 6.4 0.0 0.0
---------- -------------- ------
Retail Warehouses 19.2 0.3 0.1
---------- -------------- ------
OFFICES
---------- -------------- ------
Central London Offices 12.0 1.9 0.4
---------- -------------- ------
South East Offices 5.0 (1.3) (0.1)
---------- -------------- ------
Rest of UK Offices 10.3 (1.7) (0.3)
---------- -------------- ------
Development (completed
14/12/10) 8.5 9.9 3.5
---------- -------------- ------
INDUSTRIAL
---------- -------------- ------
South East Industrial 5.0 (1.0) (0.1)
---------- -------------- ------
Rest of UK Industrial 27.0 (0.2) (0.1)
---------- -------------- ------
OTHER 2.2 0.7 0.0
---------- -------------- ------
Sales during Q4 2010 (0.7)
---------- -------------- ------
Purchases during Q4
2010 4.4 6.6
---------- -------------- ------
External Valuation at
31/12/10 100 0.5 155.0
---------- -------------- ------
Investment Manager Commentary
During the 4th Quarter of 2010 the Company maintained its active
investment record. It completed the purchase of a commercial mixed
use investment in Westminster London, and exchanged on the purchase
of an office in Staines (which completed on 7th January 2011),
along with completing the pre let development in Aberdeen with a
new 20 year lease to Hydrasun, thus reducing the Company's cash to
GBP11.5m (6.5% of gross assets).
As a result of the investment activity the Company expects a
fully covered dividend for 2011, and has revenue reserves of
GBP3.9m to utilise when required (calculated under IFRS and
includes a provision for payment of the interim dividend for the
quarter ending 31 December 2010).
The Company's total return on its property portfolio for the
quarter was 2.3%, slightly ahead of the monthly index return of
2.2%. Over the 12 months to 31 December 2010 the Company's property
portfolio had a total return of 16.4%* against the IPD Monthly
Index 14.5%.
* Source:- Standard Life Investments
All Enquiries:
Jason Baggaley - Real Estate Fund Manager Standard Life
Investments
Tel 0131 245 2833
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:
31/12/10 63.00p
30/09/10 61.37p
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
This information is provided by RNS
The company news service from the London Stock Exchange
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