Standard LifeInvProp Asset Management Update

 
TIDMSLI 
 
STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED 
 
Date: 22 November 2021 
 
LEI: 549300HHFBWZRKC7RW84 
 
Asset Management Update 
 
Standard Life Investments Property Income Trust (SLIPIT) would like to update 
the market on several asset management initiatives. 
 
Two new leases have been completed. The vacant industrial unit in Dover that 
represented 2% of portfolio voids has been let to a Government agency on a ten 
year lease (with tenant break in year 5) securing an annual rent of just over £ 
600,000pa. The new rent is 25% higher than the previous rent on the building. 
In addition, a letting has been completed on a 5,700sqft suite at Hagley Rd 
Birmingham, maintaining the rental tone of £20psf. 
 
Two rent reviews have also been completed,  the first on a logistics unit in 
Bristol showing a 12% increase compared to the previous rent, and the second on 
an office, also in Bristol, securing a 30% increase in rent. Combined, the two 
give the Company £95,710pa in additional rent. 
 
In the recent NAV statement comment was made about taking legal action to 
recover arrears from one particular tenant who the manager believed had every 
ability to pay but had chosen not to, and represented the largest arrear in the 
Company. Full payment of that debt has now been received. This has the effect 
of increasing rent recovery over each time period by circa 1% with a receipt of 
£ 625,850. The rent arrears for this tenant had been provided for in the 
Company's provisions. 
 
Rent payment summary 
 
Year     Quarter   Retail    Industrial Office    Other     TOTAL % 
                                                            Received 
 
2020     1         100%      100%       98%       100%      99% 
 
         2         78%       99%        97%       92%       96% 
 
         3         81%       106%       92%       98%       98% 
 
         4         104%      98%        93%       98%       97% 
 
         2020 FY   93%       100%       95%       97%       98% 
 
2021     1         82%       99%        93%       100%      95% 
 
         2         89%       99%        86%       89%       93% 
 
         3         85%       99%        91%       91%       94% 
 
         4         58%       80%        73%       78%       87% 
 
         2021 FY   79%       94%        86%       89%       92% 
 
With monthly rents being paid by a number of tenants, we expect Q4 to be in 
line with other quarters this year. 
For further information:- 
 
 
Jason Baggaley - Real Estate Fund Manager, Aberdeen Standard Investments 
Tel:  07801039463 or jason.baggaley@abrdn.com 
 
Mark Blyth - Real Estate Deputy Fund Manager, Aberdeen Standard Investments 
Tel: 07703695490 or mark.blyth@abrdn.com 
 
The Company Secretary 
Northern Trust International Fund Administration Services (Guernsey) Ltd 
Trafalgar Court 
Les Banques 
St Peter Port 
GY1 3QL 
Tel: 01481 745001 
 
 
 
 
END

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