Last checked at 18 Oct 2013 07:00
To: Company Announcements
Date: 18 October 2013
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 September 2013 was 101.4 pence. This represents an increase of 1.8 per cent from the unaudited NAV per share as at 30 June 2013 of 99.6 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 September 2013 and is calculated after deduction of all dividends paid prior to that date. As at 30 September 2013 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 30 June 2013 to 30 September 2013 (including the effect of gearing):
Pence per share | % of opening NAV | |
NAV per share as at 30 June 2013 | 99.6 | |
Unrealised increase in valuation of property portfolio * | 2.4 | 2.4 |
Movement in fair value of interest rate swap | - | - |
Movement in revenue reserve | (0.6) | (0.6) |
NAV per share as at 30 September 2013 | 101.4 | 1.8 |
* the ungeared increase in the valuation of the property portfolio over the quarter to 30 September 2013 was 2.2%, after allowing for capital expenditure and property sales.
The net gearing at 30 September 2013 was 12.4%.#
# 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 Sept 2013 | % unrealised movement in quarter | |
Offices | 295.4 | 33.1 | 2.6 |
West End | 150.8 | 16.9 | 3.5 |
South East | 82.9 | 9.3 | 2.5 |
Rest of UK | 51.2 | 5.7 | (0.4) |
City | 10.5
| 1.2 | 4.8 |
Retail | 258.5 | 29.0 | 3.4 |
South East | 244.5 | 27.4 | 3.5 |
Rest of UK | 14.0 | 1.6 | 1.1 |
Industrial | 130.0 | 14.6 | 2.2 |
South East | 14.7 | 1.7 | 0.4 |
Rest of UK | 115.3 | 12.9 | 2.5 |
Retail Warehouse | 180.6 | 20.2 | (0.6) |
Other | 27.3 | 3.1 | 4.8 |
Total Property Portfolio | 891.8 | 100.0 | 2.2 |
The next quarterly valuation of the property portfolio will be conducted by CBRE Limited during December 2013 and it is expected that the unaudited NAV per share as at 31 December 2013 will be announced in January 2014.
Enquiries:
Richard Kirby
F&C REIT Property Asset Management plc
Tel: 0207 499 2244
Graeme Caton
Winterflood Securities Limited
Tel: 0203 100 0268