Standard Life Invs Property Inc Tst Unaudited Net Asset Value (4980M)
July 16 2014 - 7:18AM
UK Regulatory
TIDMSLI
RNS Number : 4980M
Standard Life Invs Property Inc Tst
16 July 2014
16 July 2014
STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED (LSE:
SLI)
Unaudited Net Asset Value as at 30 June 2014
Key Highlights
-- Net asset value per ordinary share was 69.4p as at 30 June
2014 which includes an adjustment for the Q2 dividend payment due
to be paid in August 2014. This is an increase of 4.2% from 31
March 2014.
-- Dividend yield of 6.1% based on share price of 76.3p (14 July 2014).
-- Four properties sold for GBP27.0m excluding costs and one
property purchased for GBP14.9m excluding costs in Q2.
Net Asset Value ("NAV")
The unaudited net asset value per ordinary share of Standard
Life Investments Property Income Trust Limited ("SLIPIT") at 30
June 2014 was 69.4 pence including the adjustment of the Q2
dividend payment due in August 2014. This is an increase of 4.2%
over the net asset value of 66.6 pence (including the adjustment
for the Q1 dividend) per share at 31 March 2014. 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 June 2014. The property
portfolio will next be valued by the external valuer during
September 2014 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 from 31 March 2014
to 30 June 2014.
GBPm Pence % of opening
per NAV
share
Unaudited Net Asset Value at 31 March
2014 108.9 67.8 -
Gain - realised and unrealised following
revaluation of property portfolio (including
the effect of gearing) 3.8 2.4 3.5%
Decrease in unrealised interest rate 0.4 0.2 0.4%
swap liability
Other movement in reserves 0.3 0.2 0.3%
Unaudited Net Asset Value at 30 June
2014 before
adjustment for dividend 113.4 70.6 4.2%
Adjustment for Q2 dividend (1.8) (1.2)
Unaudited Net Asset Value at 30 June
2014 after adjustment
for dividend 111.6 69.4
European Public Real Estate Association 30 June 2014 31 Mar 2014
("EPRA")*
EPRA Net Asset Value before adjustment GBP113.6m GBP109.5m
for dividend
EPRA Net Asset Value after adjustment GBP111.7m GBP107.6m
for dividend
EPRA Net Asset Value per share before
adjustment for dividend 70.7p 68.1p
EPRA Net Asset Value per share after
adjustment for dividend 69.5p 67.0p
The Net Asset Value per share is calculated using 160,709,237
shares of 1p each being the number in issue on 30 June 2014.
* 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
Q2 was a quarter of further activity for the Company with the
sale of its largest asset, a logistics unit in Bolton let to Tesco
for a further 18 months, at a yield of 7.25% to reduce expiry risk
in 2016. The sale proceeds were then reinvested into an office in
Farnborough let to BAE for a further 9 years at 8.1%. The Company
also sold a portfolio of three retail warehouses that it felt would
not perform in line with the rest of the portfolio. In part due to
this sale, the Company had the exceptionally low void rate of 0.6%
at quarter end.
At the end of the quarter the Company also issued a prospectus
in relation to the issue of up to 100 million new shares including
an initial placing, offer for subscription and a placing programme.
New shares will be issued under the initial placing and offer for
subscription at a 5% premium to the Adjusted NAV as at 30 June
2014. Good progress has been made in sourcing new investments to
utilise these funds.
The latest time and date for the receipt of application forms
under the offer is 11.00 a.m. on 24 July 2014 with the latest time
and date for commitments under the initial placing being 3.00 p.m.
on 25 July 2014. The admission and dealings in new shares is
expected to commence on 8.00 a.m. on 30 July 2014.
Cash position
As at 30 June 2014 the Company had borrowings of GBP84.4m and a
cash position of GBP23.2m (excluding rent deposits) therefore cash
as a percentage of debt was 27.5%.
Dividends
The Company paid an interim dividend in respect of the quarter
ended 31 March 2014, of 1.161p per Ordinary Share, with ex-dividend
and payment dates of 7 May 2014 and 23 May 2014 respectively.
The Company has announced an interim dividend in respect of the
quarter ended 30 June 2014, of 1.161p per Ordinary Share, with
ex-dividend and payment dates of 23 July 2014 and 22 August 2014
respectively.
Loan to value and interest rate
As at 30 June 2014 the loan to value ratio (assuming all cash is
placed with RBS as an offset to the loan balance) was 34.2% (31
March 2014: 39.1%). The covenant level is 65%. The Company has a
current weighted average interest rate of 3.8% to December 2018, of
which 100% is fixed with a maturity to December 2018.
The interest rate swaps had a positive impact on the NAV of 0.2p
per share or 0.4% over the quarter, and the fair value liability
was GBP0.2m as at 30 June 2014. The Company has two interest rate
hedges which mature in December 2018, and have a current liability
of GBP0.2m (31 March 2014: GBP0.6m).
The Board is not aware of any further significant events or
transactions which have occurred between 30 June 2014 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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