Standard Life Invs Property Inc Tst Net Asset Value(s) (7487H)
July 16 2012 - 8:30AM
UK Regulatory
TIDMSLI
RNS Number : 7487H
Standard Life Invs Property Inc Tst
16 July 2012
STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED
30 June 2012
Key Highlights
-- Property portfolio return of 1.45%, outperforming the IPD monthly index 0.33% for Q2 2012.
-- 2 properties purchased during the quarter for GBP12.4m.
-- Cash held by the Trust was GBP5.9m at 30 June 2012.
-- Net asset value per ordinary share was 60.3p per share as at
30 June 2012, a decrease of 2.6% from 31 March 2012.
-- Based on a share price of 64.00p (13 July 2012) the dividend yield is 7.1%.
Net Asset Value
The unaudited net asset value per ordinary share of Standard
Life Investments Property Income Trust Limited at 30 June 2012 was
60.3 pence. This is a decrease of 2.6% over the net asset value of
61.9 pence per share at 31 March 2012.
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 June 2012.
The net asset value incorporates the external portfolio
valuation by Jones Lang LaSalle at 30 June 2012. The property
portfolio will next be valued by an external valuer during
September 2012 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 2012 to 30 June 2012.
Pence per % of opening
share NAV
Net Asset Value per share as at 31 61.9 -
March 2012
Gain/(Loss) - realised and unrealised
following revaluation of property
portfolio (including the effect of
gearing) 0.0 0.0%
Purchase costs (0.5) (0.8)%
Decrease in interest rate swap valuations (0.9) (1.5)%
Other movement in reserves (0.2) (0.3)%
Net Asset Value per share as at 30
June 2012 60.3 (2.6)%
Investment Manager Commentary
Q2 saw a continued decline in general sentiment, with real
estate investment transaction levels remaining subdued and tenant
activity generally weak. Investors continue to focus on low risk
investments and income. This weak sentiment is reflected in the IPD
Monthly index decline in capital values of 1.29% over Q2. SLIPIT
however has benefitted from its security of income and active
management, with capital growth on its standing portfolio (ignoring
the two purchases in Q2) of 0.13%. The Company's property
portfolio, including the purchases delivered a total return of
1.45% over the quarter, compared to the IPD's 0.33%. The purchase
fees (stamp duty, legal and agent fees) on the two purchases
reduced capital growth by 0.55% to -0.4%.
The two purchases have been reported already, but are St James
House Cheltenham, a multi let office in the centre of Cheltenham
bought for GBP8.45m, reflecting an initial yield of 7.4% at
purchase, rising to 9% by year end, and over 10% once the fourth
floor is re-let, and 140 West George St Glasgow: The office
investment was bought for GBP3.95m, and the purchase price reflects
an income yield of 9.5%.The multi let office building extends to
c23,000 sqft over 7 floors and was comprehensively refurbished in
2009 to a Grade A specification.
Cash position
As at 30 June 2012 the Company had borrowings of GBP84.4m and a
cash position of GBP5.9m (excluding rent deposits) therefore cash
as a percentage of debt was 7.0%.
Loan to value ratio
As at 30 June 2012 the loan to value ratio (assuming all cash is
placed with RBS as an offset to the loan balance) was 45.5% (31
March 2011: 41.1%). The covenant level is 65%.
Interest Rate Swaps
The interest rate swaps had a negative impact on the NAV of 0.9p
per share or -1.5% over the quarter, and the fair value liability
is GBP6.8m as at 30 June 2012. The fair value of the swaps will
return to GBP0 at maturity, but not on a straight line basis. The
original swap for GBP72m matures in December 2013, and has a
current liability of GBP4.8m (3.5p per share), with the two
remaining swaps expiring in December 2018 having a total liability
of just over GBP2m.
Total asset analysis as at 30 June 2012
GBPm %
Office 83.0 46.2
------ ------
Retail 39.5 22.0
------ ------
Industrial 46.1 25.6
------ ------
Other 3.8 2.1
------ ------
Total Property Portfolio 172.4 95.9
------ ------
Cash 5.9 3.3
------ ------
Other Assets 1.5 0.8
------ ------
Total Gross Assets 179.8 100.0
------ ------
Breakdown in valuation movements over the period 31 March 2012
to 30 June 2012
Exposure Capital Value GBPm
as at 30 Movement
June 2012 on Standing
(%) Portfolio
(%)
External Valuation at
31/03/2012 159.9
----------- -------------- ------
Sub Sector Analysis:
----------- -------------- ------
RETAIL
----------- -------------- ------
South East Retail 5.8 0.0 0.0
----------- -------------- ------
Retail Warehouses 17.1 4.4 1.3
----------- -------------- ------
OFFICES
----------- -------------- ------
Central London Offices 9.2 1.0 0.1
----------- -------------- ------
South East Offices 16.1 (1.7) (0.5)
----------- -------------- ------
Rest of UK Offices 15.8 (1.2) (0.4)
----------- -------------- ------
INDUSTRIAL
----------- -------------- ------
South East Industrial 4.4 (0.0) 0.0
----------- -------------- ------
Rest of UK Industrial 22.3 (0.9) (0.3)
----------- -------------- ------
OTHER 2.2 1.4 0.1
----------- -------------- ------
Purchases during Q2
2012 7.1 12.2
----------- -------------- ------
External Valuation at
30/06/2012 100.0 0.13 172.4
----------- -------------- ------
The above information is unaudited and has been calculated by
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:
30/06/12 60.27p
31/03/12 61.91p
31/12/11 62.72p
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
END
NAVGGUPGMUPPGPQ
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
