Net Asset Value(s) (2106F)
April 19 2011 - 12:05PM
UK Regulatory
TIDMSLI
RNS Number : 2106F
Standard Life Invs Property Inc Tst
19 April 2011
STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
31 March 2011
Key Highlights
-- Net asset value per ordinary share was 64.1p as at 31 March
2011, an increase of 1.7% from 31 December 2010
-- Cash held by the Trust of GBP13.7m as at 31 March 2011
-- Property worth GBP8.375m purchased in Q1 2011
-- Dividend yield of 6.5% using the share price as at 15 April
2011 of 67.25p
Net Asset Value
The unaudited net asset value per ordinary share of Standard
Life Investments Property Income Trust Limited at 31 March 2011 was
64.1 pence. This is an increase of 1.7% percentage points over the
net asset value of 63.0 pence per share at 31 December 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 March 2011.
The net asset value incorporates the external portfolio
valuation by Jones Lang LaSalle at 31 March 2011. The property
portfolio will next be valued by an external valuer during June
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 31
December 2010 to 31 March 2011.
Pence per % of opening
share NAV
Net Asset Value per share as at 31
December 2010 63.0 -
Loss - realised and unrealised following
revaluation of property portfolio
(including the effect of gearing) (0.1) (0.2)%
Increase in interest rate swap valuations 1.1 1.7%
Other movement in reserves 0.1 0.2%
Net Asset Value per share as at 31
March 2011 64.1 1.7%
The standing property portfolio, ignoring the impact of debt,
benefited from capital growth over the quarter of 0.2%, however the
impact of purchase costs of Bourne House, Staines meant the overall
capital growth on the portfolio was -0.1% over the quarter.
Cash position
As at 31 March 2011 the Company had borrowings of GBP84.4m and a
cash position of GBP13.7m (excluding rent deposits) therefore cash
as a percentage of debt was 16.2%.
Loan to value ratio
As at 31 March 2011 the loan to value ratio (assuming all cash
is placed with RBS as an offset to the loan balance) was 43.1% (31
December 2010: 40.8%). The covenant level is 65%.
Interest Rate Swaps
The interest rate swaps had a positive impact on the NAV of 1.1p
per share or 1.7% over the quarter, and the fair value liability is
GBP(6.2)m as at 31 March 2011. This fair value will reduce to
GBPnil by Dec 2013, although not on a straight line basis.
Total asset analysis as at 31 March 2011 (unaudited)
GBPm %
Office 71.6 40.0
------ ------
Retail 39.8 22.2
------ ------
Industrial 49.5 27.6
------ ------
Other 3.4 1.9
------ ------
Total Property Portfolio 164.3 91.7
------ ------
Cash 13.6 7.6
------ ------
Other Assets 1.4 0.7
------ ------
Total Gross Assets 179.3 100.0
------ ------
Breakdown in valuation movements over the period 31 Dec 2010 to
31 Mar 2011
Capital Value
Exposure Movement
as at 31 on Standing
Mar 2011 Portfolio
(%) (%) GBPm
External Valuation at
31/12/10 155.0
---------- -------------- ------
Sub Sector Analysis:
---------- -------------- ------
RETAIL
---------- -------------- ------
South East Retail 6.0 0.0 0.0
---------- -------------- ------
Retail Warehouses 18.2 0.4 0.1
---------- -------------- ------
OFFICES
---------- -------------- ------
Central London Offices 15.7 2.2 0.6
---------- -------------- ------
South East Offices 4.7 (2.2) (0.2)
---------- -------------- ------
Rest of UK Offices 18.1 2.0 0.6
---------- -------------- ------
INDUSTRIAL
---------- -------------- ------
South East Industrial 4.6 (2.0) (0.2)
---------- -------------- ------
Rest of UK Industrial 25.5 0.0 0.0
---------- -------------- ------
OTHER 2.1 0.0 0.0
---------- -------------- ------
Purchases during Q1
2011 5.1 8.4
---------- -------------- ------
External Valuation at
31/03/11 100 (0.1) 164.3
---------- -------------- ------
Investment Manager Commentary
The Company completed the purchase of Bourne House Staines at
the beginning of the quarter for GBP8.375m showing a yield of 9.2%.
The property is let until 2016 to UB Group and offers an
opportunity for asset management as the tenant does not occupy the
property.
The property portfolio provided a total return of 1.8% over the
quarter, lagging the IPD Monthly index of 2.3%, in part due to the
impact of purchase costs on the Staines acquisition. Over the
twelve months to 31 March the Company's property portfolio returned
11.7% against the IPD monthly index 10.7%.
The Company has returned to a strong revenue position after
investing cash and the completion of the development in Aberdeen
which along with control of costs, meant the Company had a positive
movement in retained earnings and a covered dividend.
* 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
Appendix 1
Historical adjusted IFRS NAVs per Ordinary Share are as
follows:
31/03/11 64.09p
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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