24 May 2017 12:53
London, UK, 23 May 2017
Edison issues review on Standard Life Inv. Property Income Trust (SLI)
Standard Life Investments Property Income Trust (SLI) aims to generate both income and capital growth from investing directly in UK commercial property. Its emphasis continues to be on generating above-average income for shareholders and it currently yields 5.4%. In FY16, the dividend was 117% covered by earnings and the manager, Jason Baggaley, is reasonably sanguine about future dividend prospects. Relative performance is measured against the quarterly version of the IPD Monthly Index Funds, which is representative of UK direct property funds. SLI has outperformed this benchmark, in NAV total return terms, over one, three and five years.
SLI's current share price premium to NAV of 8.7% is higher than the averages of the last one, three and five years (range of 4.6% to 7.1%), perhaps reflecting SLI's high real income generation and growth potential in a low-income, low-growth world. The ongoing programme to issue shares at a premium should help improve supply while also serving to enhance the NAV per share for existing shareholders.
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