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18 Jul 2008 07:00
To: Company Announcements
Date: 17 July 2008
Company: ISIS Property Trust 2 Limited
Subject: Net Asset Value
Net asset value
The unaudited net asset value per share of ISIS Property Trust 2 Limited as at 30 June 2008 was 121.0 pence. This represents a decrease of 1.1 per cent from the net asset value per share as at 31 March 2008 of 122.4 pence.
The net asset value is based on the external valuation of the Group's property portfolio prepared by DTZ Debenham Tie Leung Limited.
The net asset value is calculated under International Financial Reporting Standards ("IFRS").
The net asset value includes all income to 30 June 2008 and is calculated after deduction of all dividends paid prior to that date. It does not include a provision for the dividend for the quarter to 30 June 2008 which is expected to be paid in September 2008.
Breakdown of NAV movement
Set out below is a breakdown of the change to the unaudited net asset value per share calculated under IFRS over the period from 31 March 2008 to 30 June 2008.
|
Pence per share |
% of opening NAV |
|
|
Net asset value per share as at 31 March 2008 |
122.4 |
|
|
Unrealised decrease in valuation of property portfolio (including the effect of gearing) |
(4.0) |
(3.3)* |
|
Increase in interest rate swap valuation |
2.9 |
2.4 |
|
Movement in revenue reserves |
(0.3) |
(0.2) |
|
Net asset value per share as at 30 June 2008 |
121.0 |
(1.1) |
* The ungeared decrease in the valuation of the property portfolio over the quarter to 30 June 2008 was 2.2%.
|
Portfolio Analysis |
£m |
% of portfolio as at 30 June 2008 |
% capital value movement in quarter |
|
Offices |
58.6 |
30.6 |
(0.7) |
|
West End |
17.8 |
9.3 |
(1.4) |
|
South East |
8.8 |
4.6 |
(1.7) |
|
Rest of UK |
32.0 |
16.7 |
- |
|
Standard Retail |
58.6 |
30.6 |
(1.7) |
|
West End |
3.9 |
2.0 |
(3.7) |
|
Rest of London |
3.0 |
1.6 |
(3.9) |
|
South East |
25.8 |
13.5 |
(0.6) |
|
Rest of UK |
25.9 |
13.5 |
(2.3) |
|
Industrial |
65.5 |
34.2 |
(3.7) |
|
South East |
57.0 |
29.8 |
(3.8) |
|
Rest of UK |
8.5 |
4.4 |
(3.5) |
|
Retail Warehouse |
8.8 |
4.6 |
(4.2) |
|
Total Property |
191.5 |
100.0 |
(2.2) |
The property portfolio will next be valued by an external valuer during September 2008 and the net asset value per share as at 30 September 2008 will be announced in October 2008.
Enquiries:
The Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3QL
Tel: 01481 745001
Fax: 01481 745051
Ian McBryde
Scott Macrae
F&C Investment Business Ltd
Tel: 0207 628 8000
Fax: 0131 225 2375
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