Last checked at 5 Jul 2012 16:10
To: Company Announcements
Date: 5 July 2012
Company: F&C Commercial Property Trust Limited
Subject: Net Asset Value
Net Asset Value
The unaudited net asset value ('NAV') per share of the Group as at 30 June 2012 was 98.9 pence. This represents a decrease of 1.6 per cent from the unaudited NAV per share as at 31 March 2012 of 100.5 pence.
The NAV has been calculated under International Financial Reporting Standards ('IFRS'). It is based on the external valuation of the Group's direct property portfolio prepared by CBRE Limited.
The NAV includes all income to 30 June 2012 and is calculated after deduction of all dividends paid prior to that date. As at 30 June 2012 no adjustments were required to the NAV in respect of dividends for which the share price had gone ex-dividend.
Analysis of Movement in NAV
The following table provides an analysis of the movement in the unaudited NAV per share for the period from 31 March 2012 to 30 June 2012 (including the effect of gearing):
Pence per share | % of opening NAV | |
NAV per share as at 31 March 2012 | 100.5 | |
Unrealised decrease in valuation of property portfolio * | (1.1) | (1.1) |
Movement in fair value of interest rate swap | (0.1) | (0.1) |
Movement in revenue reserve | (0.5) | (0.5) |
Movement due to share issue | 0.1 | 0.1 |
NAV per share as at 30 June 2012 | 98.9 | (1.6) |
* the ungeared decrease in the valuation of the property portfolio over the quarter to 30 June 2012 was 0.7%, after allowing for capital expenditure and costs associated with property purchases.
The net gearing at 30 June 2012 was 24.4%.#
# Net gearing: (Secured Bonds and interest bearing bank loan - cash) ÷ total assets (less current liabilities and cash).
Portfolio Analysis
Market Value £m | % of portfolio as at 30 June 2012 | % unrealised movement in quarter | |
Offices | 364.8 | 38.8 | (0.7) |
West End | 218.9 | 23.3 | 1.2 |
South East | 81.9 | 8.7 | (3.7) |
Rest of UK | 54.3 | 5.8 | (3.9) |
City | 9.7
| 1.0 | (0.1) |
Retail | 251.3 | 26.7 | 1.1 |
South East | 237.1 | 25.2 | 1.1 |
Rest of UK | 14.2 | 1.5 | 0.5 |
Industrial | 127.0 | 13.5 | (0.7) |
South East | 14.3 | 1.5 | (0.1) |
Rest of UK | 112.7 | 12.0 | (0.8) |
Retail Warehouse | 186.6 | 19.9 | (2.8) |
Other | 10.5 | 1.1 | (0.9) |
Total Property Portfolio | 940.2 | 100.0 | (0.7) |
The next quarterly valuation of the property portfolio will be conducted by an external valuer during September 2012 and the NAV per share as at 30 September 2012 will be announced in October 2012.
The Company continues to find good investment opportunities and, with its shares continuing to trade at a premium to net asset value, as previously announced the Board is exploring the possibility of issuing further new shares on a non pre-emptive basis under the existing authorities.
Enquiries:
Richard Kirby
F&C REIT Property Asset Management plc
Tel: 0207 499 2244
Graeme Caton
Winterflood Securities Limited
Tel: 0203 100 0268