SLI.L Regulatory News (SLI)

6 Oct 2006 14:36

Standard Life Invs Property Inc Tst06 October 2006 STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED 6 October 2006 - Net Asset Value The Net Asset Value per Ordinary Share of Standard Life Investments PropertyIncome Trust Limited at 30 September 2006 was 129.51 pence each, calculatedunder an adjusted International Financial Reporting Standards basis. This is adecrease of 0.5 percentage points over the adjusted IFRS Net Asset Value of130.2 pence at 30 June 2006. This decrease is attributable to valuation movementreflecting a particular change in circumstances on one property. This Net AssetValue figure incorporates the external portfolio valuation at 27 September 2006.The adjusted Net Asset Value includes a provision for payment of a proposedinterim dividend of 1.690p per ordinary share and also adds back a provision fordeferred taxation as the Board believes this liability will not crystallise. The property portfolio will next be valued by an external valuer during December 2006 and the next quarterly Net Asset Value will be published in early January2007. The unaudited IFRS Net Asset Value is calculated as follows: 30 September 2006 30 June 2006 £ £Property at market value 230,545,000 218,065,000Interest rate swap at market value (587,645) (182,313)Current assets 12,310,108 11,218,078Current liabilities (5,778,114) (5,818,589)Long term liabilities (100,042,718) (91,391,378)Deferred taxation* (6,871,553) (5,898,340) -------------- -------------IFRS Net Asset Value 129,575,078 125,992,458 Add back deferred taxation 6,871,553 5,898,340Proposed dividend for quarter ended (1,757,600) (1,690,000) -------------- -------------Adjusted IFRS Net Asset Value 134,689,031 130,200,798 -------------- ------------- -------------- -------------Number of shares in issue 104,000,000 100,000,000 -------------- ------------- -------------- -------------IFRS Net Asset Value per share (pence) 129.51 130.20 -------------- ------------- Reconciliation of IFRS Net Asset Value to UK GAAP Net Asset Value:Adjusted IFRS Net Asset Value 134,689,031 130,200,798 Reclassification of preference shares as equity 7,060,026 6,958,686Preference share adjustment to reflect (2,595,101) (2,469,554)capital redemption rightsUnrealised loss on interest rate swap 587,645 182,313 ------------ -------------Adjusted UK GAAP Net Asset Value 139,741,601 134,872,243 ------------ ------------- ------------ -------------Number of shares in issue 104,000,000 100,000,000 ------------ ------------- ------------ -------------UK GAAP Net Asset Value per share (pence) 134.37 134.87 ------------ ------------- * for the purposes of the fund's net asset value announcements, the deferred taxstated is the value applicable at the previous quarter end. The deferred taxvalue has no effect on the adjusted IFRS NAV. Historical NAV per Ordinary Share are as follows: Adjusted IFRS NAV Adjusted UK GAAP NAV30/09/06 129.51p 134.37p30/06/06 130.20p 134.87p31/03/06 124.28p 130.46p31/12/05 116.46p 124.00p30/09/05 107.12p 114.31p30/06/05 103.88p 111.82p31/03/05 101.34p 106.63p31/12/04 99.00p 105.16p All Enquiries: The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LtdTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL Tel: 01481 745439Fax: 01481 745085 END This information is provided by RNS The company news service from the London Stock Exchange