TIDMSLI
RNS Number : 6668R
Standard Life Invs Property Inc Tst
29 October 2013
29 October 2013
STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED (LSE:
SLI)
Unaudited Net Asset Value as at 30 September 2013
Key Highlights
-- Net asset value per ordinary share was 59.7p as at 30
September 2013, an increase of 2.4% from 30 June 2013.
-- Dividend yield of 6.7% based on share price of 68.0p (28 October 2013).
-- Cash held by the Company was GBP23.4m at 30 September 2013,
of which GBP17.3m is earmarked for purchases in progress.
-- Development profits taken following the GBP15.2m sale of the Hydrasun building in Aberdeen.
Net Asset Value ("NAV")
The unaudited net asset value per ordinary share of Standard
Life Investments Property Income Trust Limited ("SLIPIT") at 30
September 2013 was 59.7 pence. This is an increase of 2.4% over the
net asset value of 58.3 pence per share at 30 June 2013. The net
asset value is calculated under International Financial Reporting
Standards ("IFRS").
The net asset value incorporates the external portfolio
valuation by Jones Lang LaSalle at 30 September 2013. The property
portfolio will next be valued by the external valuer during
December 2013 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 NAV
per share calculated under IFRS over the period 30 June 2013 to 30
September 2013.
GBPm Pence % of opening
per NAV
share
Unaudited Net Asset Value at 30 June
2013 88.2 58.3 -
Gain - realised and unrealised following
revaluation of property portfolio (including
the effect of gearing) 1.6 1.1 1.9%
Decrease in unrealised interest rate 1.1 0.7 1.2%
swap valuations
Other movement in reserves (0.6) (0.4) (0.7)%
New shares issued 0.7 - -
Unaudited Net Asset Value at 30 September
2013 91.0 59.7 2.4%
European Public Real Estate Association 30 Sept 2013 30 Jun 2013
("EPRA")*
EPRA Net Asset Value GBP93.1m GBP91.3m
EPRA Net Asset Value per share 61.0p 60.3p
The Net Asset Value at 30 September 2013 is based on 152,519,237
shares of 1p each.
* The EPRA net asset value measure is to highlight the fair
value of net assets on an on going, long-term basis. Assets and
liabilities that are not expected to crystallise in normal
circumstances, such as the fair value of financial derivatives, are
therefore excluded.
Investment Manager Commentary
During the quarter the Company's cash position increased
following the sale of the Hydrasun building in Aberdeen. As
reported before the sale crystallised profit on the development,
and followed the purchase of Hertford Place in Rickmansworth.
Solicitors are instructed to finalise the acquisition of a
portfolio of well let retail warehouse investments at a total cost
of GBP13.4m at a yield of 8% and negotiations are in hand that if
finalised will result in the acquisition of a small industrial
investment of two units for GBP3.9m at a yield of 10.5% with 5
years left on the lease.
The Company's occupancy rate increased over the quarter from
89.6% to 94.6% with lettings at Norwich and Aberdeen completing. We
are also in advanced negotiations on an agreement for lease on our
largest void (Bourne House Staines), where the lease will be
conditional on the refurbishment we are undertaking.
Cash position
As at 30 September 2013 the Company had borrowings of GBP84.4m
and a cash position of GBP23.4m (excluding rent deposits) therefore
cash as a percentage of debt was 27.7%.
Dividend
The Company paid an interim dividend, in respect of the quarter
ended 30 June 2013, of 1.133p per Ordinary Share, with ex-dividend
and payment dates of 7 August and 23 August 2013 respectively.
Loan to value and interest rate
As at 30 September 2013 the loan to value ratio (assuming all
cash is placed with RBS as an offset to the loan balance) was 39.1%
(30 June 2013: 44.8%). The covenant level is 65%. The Company has a
current weighted average interest rate of 6.3% to December 2013.
From 1 January 2014 the weighted average interest rate will fall to
3.8%, of which 100% is fixed with a maturity to December 2018.
The interest rate swaps had a positive impact on the NAV of 0.7p
per share or 1.2% over the quarter, and the fair value liability
was GBP2.0m as at 30 September 2013. The Company has one interest
rate hedge maturing in December 2013 with a current liability of
GBP0.8m (30 June 2013: GBP1.6m). This liability will have fallen to
zero by maturity in December 2013. The other interest rate hedges
mature in December 2018, and have a current liability of GBP1.2m
(30 June: GBP1.5m).
Net Asset analysis as at 30 September 2013 (unaudited)
GBPm %
-------------------------- ------- -------
Office 75.4 83.0
-------------------------- ------- -------
Retail 35.4 38.9
-------------------------- ------- -------
Industrial 45.5 50.0
-------------------------- ------- -------
Total Property Portfolio 156.3 171.9
-------------------------- ------- -------
Adjustment for lease
incentives (3.6) (4.0)
-------------------------- ------- -------
Fair value of Property
Portfolio 152.7 167.9
-------------------------- ------- -------
Cash 23.4 25.7
-------------------------- ------- -------
Other Assets 5.4 5.9
-------------------------- ------- -------
Non-current liabilities (85.9) (94.4)
-------------------------- ------- -------
Current liabilities (4.6) (5.1)
-------------------------- ------- -------
Total Net Assets 91.0 100.0
-------------------------- ------- -------
Breakdown in valuation movements over the period 1 Jul 2013 to
30 Sept 2013
Exposure Capital Value GBPm
as at 30 Movement
Sept 2013 on Standing
(%) Portfolio
(%)
------------------------ ----------- -------------- ------
External Valuation at
30/06/2013 154.7
------------------------ ----------- -------------- ------
Sub Sector Analysis:
------------------------ ----------- -------------- ------
RETAIL
------------------------ ----------- -------------- ------
South East Retail 6.7 3.4 0.4
------------------------ ----------- -------------- ------
Retail Warehouses 15.9 0.0 0.0
------------------------ ----------- -------------- ------
OFFICES
------------------------ ----------- -------------- ------
Central London Offices 12.2 1.1 0.2
------------------------ ----------- -------------- ------
South East Offices 20.5 (0.2) (0.1)
------------------------ ----------- -------------- ------
Rest of UK Offices 15.6 (0.3) (0.1)
------------------------ ----------- -------------- ------
INDUSTRIAL
------------------------ ----------- -------------- ------
South East Industrial 4.9 4.1 0.3
------------------------ ----------- -------------- ------
Rest of UK Industrial 24.2 2.4 0.9
------------------------ ----------- -------------- ------
External Valuation at
30/09/2013 100.0 0.9 156.3
------------------------ ----------- -------------- ------
Top 10 Properties
Weighting 30
Sept 2013
------------------------------------ -------------
Tesco Distribution, Bolton 8.8%
------------------------------------ -------------
White Bear Yard, London 7.2%
------------------------------------ -------------
Hollywood Green, London 6.7%
------------------------------------ -------------
Hertford Place, Rickmansworth 6.4%
------------------------------------ -------------
St. James's House, Cheltenham 5.8%
------------------------------------ -------------
Ocean Trade Centre, Aberdeen 5.6%
------------------------------------ -------------
Clough Road Retail Park, Hull 5.1%
------------------------------------ -------------
New Palace Place, Monck St, London 5.0%
------------------------------------ -------------
Fleming Way, Crawley 3.9%
------------------------------------ -------------
Bathgate Retail Park, Bathgate 3.8%
------------------------------------ -------------
Total 58.3%
------------------------------------ -------------
The Board is not aware of any further significant events or
transactions which have occurred between 30 September 2013 and the
date of publication of this statement which would have a material
impact on the financial position of the Company.
Details of the Company may also be found on the Investment
Manager's website which can be found at:
www.standardlifeinvestments.com/its
For further information:-
Jason Baggaley - Real Estate Fund Manager Standard Life
Investments
Tel +44 (0) 131 245 2833 or jason_baggaley@standardlife.com
Gordon Humphries - Head of Investment Companies Standard Life
Investments
Tel +44 (0) 131 245 2735 or
gordon_humphries@standardlife.com
The Company Secretary
Northern Trust International Fund Administration Services
(Guernsey) Ltd
Trafalgar Court
Les Banques
St Peter Port
GY1 3QL
Tel: 01481 745001
Fax: 01481 745085
This information is provided by RNS
The company news service from the London Stock Exchange
END
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