Net Asset Value(s) (5744Q)
October 21 2011 - 2:00AM
UK Regulatory
TIDMSLI
RNS Number : 5744Q
Standard Life Invs Property Inc Tst
21 October 2011
STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
30 September 2011
Key Highlights
-- The Company has completed the purchase of an office property
in Southampton let to Grant Thornton and Michael Page to show the
fund a return of 7.9%
-- The Company has also bought an office property in Crawley off
a yield of 9.25% with tenants including Amey and Grant Thornton
-- Cash held by the Trust was GBP7.3m at 30 September 2011
-- Off a share price of 57.5p (19 October 2011) the dividend yield is 7.9%
-- Net asset value per ordinary share was 61.5p as at 30
September 2011, a decrease of 1.2% from 30 June 2011
Net Asset Value
The unaudited net asset value per ordinary share of Standard
Life Investments Property Income Trust Limited at 30 September 2011
was 61.5 pence. This is a decrease of 1.2% percentage points over
the net asset value of 62.2 pence per share at 30 June 2011.
The net asset value is calculated under International Financial
Reporting Standards ("IFRS") and includes a provision for payment
of an interim dividend of 1.133p per ordinary share for the quarter
to 30 September 2011.
The net asset value incorporates the external portfolio
valuation by Jones Lang LaSalle at 30 September 2011. The property
portfolio will next be valued by an external valuer during December
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 June
2011 to 30 September 2011.
Pence per % of opening
share NAV
Net Asset Value per share as at 30 62.2 -
June 2011
Loss - realised and unrealised following
revaluation of property portfolio
(including the effect of gearing) (0.2) (0.4)%
Decrease in interest rate swap valuations (0.1) (0.2)%
Purchase costs (0.2) (0.3)%
Other movement in reserves (0.2) (0.3)%
Net Asset Value per share as at 31
March 2011 61.5 (1.2)%
Cash position
As at 30 September 2011 the Company had borrowings of GBP84.4m
and a cash position of GBP7.3m (excluding rent deposits) therefore
cash as a percentage of debt was 8.6%.
Loan to value ratio
As at 30 September 2011 the loan to value ratio (assuming all
cash is placed with RBS as an offset to the loan balance) was 44.5%
(30 June 2011: 42.7%). The covenant level is 65%.
Interest Rate Swaps
The interest rate swaps had a negative impact on the NAV of 0.1p
per share or 0.2% over the quarter, and the fair value liability is
GBP(6.9)m as at 30 September 2011. This fair value will reduce to
GBPnil by Dec 2013, although not on a straight line basis.
Total asset analysis as at 30 September 2011 (unaudited)
GBPm %
Office 84.7 46.4
------ ------
Retail 38.3 21.0
------ ------
Industrial 46.7 25.6
------ ------
Other 3.7 2.0
------ ------
Total Property Portfolio 173.4 95.0
------ ------
Cash 7.3 4.0
------ ------
Other Assets 1.9 1.0
------ ------
Total Gross Assets 182.6 100.0
------ ------
Breakdown in valuation movements over the period 30 June 2011 to
30 Sept 2011
Exposure Capital Value GBPm
as at 30 Movement
Sept 2011 on Standing
(%) Portfolio
(%)
External Valuation at
30/06/2011 160.6
----------- -------------- ------
Sub Sector Analysis:
----------- -------------- ------
RETAIL
----------- -------------- ------
South East Retail 5.7 0.5 0.1
----------- -------------- ------
Retail Warehouses 16.4 (1.4) (0.4)
----------- -------------- ------
OFFICES
----------- -------------- ------
Central London Offices 8.4 1.8 0.3
----------- -------------- ------
South East Offices 16.1 0.4 0.1
----------- -------------- ------
Rest of UK Offices 17.0 0.4 0.1
----------- -------------- ------
INDUSTRIAL
----------- -------------- ------
South East Industrial 4.3 (0.7) (0.1)
----------- -------------- ------
Rest of UK Industrial 22.7 (0.6) (0.2)
----------- -------------- ------
OTHER 2.1 7.3 0.2
----------- -------------- ------
Purchases during Q3
2011 7.3 12.7
----------- -------------- ------
External Valuation at
30/09/11 100 0.1 173.4
----------- -------------- ------
Investment Manager Commentary
During Q3 2011 the Company completed two purchases for a total
of GBP13.5m from cash resources.
Dorset St Southampton is a Grade A office built in 2007 and let
to Grant Thornton, Santander and Michael Page. The purchase price
reflected a yield of 7.9%. The second purchase, completed at the
end of the quarter, is a modern office in Crawley, located close to
Gatwick airport, built in 2002, and let to Grant Thornton, Amey,
and Trade Skills for you ltd. The purchase price reflected a yield
of 9.25%.
The two purchases will provide the Company with a good quality
income stream that is accretive to the revenue account and secured
against strong covenants on good quality assets, however, for Q3
the impact of purchase costs (stamp duty and fees) had a negative
impact on the Company's NAV.
The IPD Monthly Index for Q3 (which excludes purchases or sales)
showed a total return of 1.9% for the quarter. Over the same period
the FTSE All Share Index saw a capital decline of 13.5%. This
compares to a total return of 1.4% for the Company's portfolio, and
a fall of 14.8% in its share price.
* 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:
30/09/11 61.49p
30/06/11 62.22p
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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