Balanced Commercial Property Trust Regulatory News (BCPT)

To: Company AnnouncementsDate: 28 April 2015Company: 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 31 March2015 was 124.7 pence. This represents an increase of 2.1 per cent from theaudited NAV per share as at 31 December 2014 of 122.1 pence and a NAV totalreturn for the quarter of 3.3 per cent. The NAV has been calculated under International Financial Reporting Standards(`IFRS'). It is based on the external valuation of the Group's direct propertyportfolio prepared by CBRE Limited. The NAV includes all income to 31 March 2015 and is calculated after deductionof all dividends paid prior to that date. As at 31 March 2015 no adjustmentswere required to the NAV in respect of dividends for which the share price hadgone ex-dividend. Share Price The share price was 136.5 pence per share at 31 March 2015, which represented apremium of 9.5 per cent to the NAV per share announced above. The share pricetotal return for the quarter was 1.1 per cent. Analysis of Movement in NAV The following table provides an analysis of the movement in the unaudited NAVper share for the period from 31 December 2014 to 31 March 2015 (including theeffect of gearing): £m Pence % of per opening share NAV per share NAV as at 31 December 2014 976.0 122.1 Unrealised increase in valuation of property 23.1 2.9 2.3portfolio * Movement in fair value of interest rate swap 0.1 0.0 0.0 Other net revenue 9.5 1.2 1.0 Dividends paid (12.0) (1.5) (1.2) NAV as at 31 March 2015 996.7 124.7 2.1 * The ungeared increase in the valuation of the property portfolio over thequarter to 31 March 2015 was 1.9%, after allowing for capital expenditure. The net gearing at 31 March 2015 was 18.3%.# # Net gearing: (Borrowings - cash) ÷ total assets (less current liabilities,excluding borrowings, and cash). Portfolio Analysis - Sector Breakdown Market % of portfolio % unrealised Value as at movement £m 31 March 2015 in quarter Offices 468.5 37.9 1.0 West End 181.5 14.7 1.9 South East 92.6 7.5 0.1 Rest of UK 180.6 14.6 0.6 City 13.8 1.1 1.0 Retail 336.2 27.1 3.1 South East 318.3 25.7 2.4 Rest of UK 17.9 1.4 17.6 Industrial 175.7 14.2 2.2 South East 17.8 1.4 4.3 Rest of UK 157.9 12.8 2.0 Retail Warehouse 225.2 18.2 1.1 Other 32.2 2.6 6.3 Total Property Portfolio 1,237.8 100.0 1.9 Portfolio Analysis - Geographic Breakdown Market % of portfolio % unrealised Value as at movement £m 31 March 2015 in quarter West End 436.6 35.3 2.4 South East 299.4 24.2 2.0 Scotland 194.5 15.7 1.8 Midlands 144.5 11.7 1.5 North West 129.1 10.4 0.9 Eastern 19.9 1.6 0.7 Rest of London 13.8 1.1 1.0 Total Property Portfolio 1,237.8 100.0 1.9 Top Ten Investments Sector Properties valued in excess of £200 million London W1, St Christopher's Place Estate * Retail Properties valued between £70 million and £100 million Newbury, Newbury Retail Park Retail Warehouse London SW1, Cassini House, St James's Street Office Properties valued between £50 million and £70 million Solihull, Sears Retail Park Retail Warehouse London SW19, Wimbledon Broadway Retail London W1, 25 Great Pulteney Street Office Properties valued between £40 million and £50 million Uxbridge, 3 The Square, Stockley Park Office Aberdeen, Unit 2 Prime Four Business Park, Kingswells Office Rochdale, Dane Street Retail Warehouse Aberdeen, Unit 1 Prime Four Business Park, Kingswells Office *Mixed use property of retail, office and residential space. Property Purchases and Sales There were no property transactions during the quarter. Summary Balance Sheet £m Pence % of per Net share Assets Property Portfolio per Valuation Report 1,237.8 154.8 124.2 Adjustment for lease incentives (16.9) (2.1) (1.7) Fair Value of Property Portfolio 1,220.9 152.7 122.5 Current Debtors 21.1 2.7 2.1 Cash 86.4 10.8 8.7 Current Liabilities (22.2) (2.8) (2.2) Total Assets (less current liabilities) 1,306.2 163.4 131.1 Interest-bearing loans (307.2) (38.4) (30.8) Interest rate swap (2.3) (0.3) (0.3) Net Assets at 31 March 2015 996.7 124.7 100.0 Borrowings The Group's borrowings consist of a £260 million loan with a term to 31December 2024 and a fixed interest rate of 3.32 per cent per annum. The Groupalso has a £50 million bank loan with a term to 28 June 2017 on which theinterest rate has been fixed, through an interest rate swap of the samenotional value and duration, at 4.88 per cent per annum. The Group's weighted cost of debt is therefore 3.57 per cent per annum. Key Information This statement and further information regarding the Company, includingmovements in the share price since the end of the period and the Group's mostrecent annual and interim reports, can be found at the Company's websitewww.fccpt.co.uk. The next quarterly valuation of the property portfolio will be conducted byCBRE Limited during June 2015 and it is expected that the unaudited NAV pershare as at 30 June 2015 will be announced in July 2015. Enquiries: Richard KirbyF&C REIT Property Asset Management plcTel: 0207 499 2244 Graeme CatonWinterflood Securities LimitedTel: 0203 100 0268