SLI.L Regulatory News (SLI)

9 Jan 2007 12:52

Standard Life Invs Property Inc Tst09 January 2007 STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED 31 December 2006 - Net Asset Value The Net Asset Value per Ordinary Share of Standard Life Investments PropertyIncome Trust Limited at 31 December was 132.68 pence each, calculated under anadjusted International Financial Reporting Standards basis. This is an increaseof 2.5 percentage points over the adjusted IFRS Net Asset Value of 129.51 penceat 30 September 2006. This Net Asset Value figure incorporates the externalportfolio valuation at 31 December 2006. The adjusted Net Asset Value includes aprovision for payment of a proposed interim dividend of 1.690p per ordinaryshare and also adds back a provision for deferred taxation as the Board believesthis liability will not crystallise. The property portfolio will next be valued by an external valuer during March 2007 and the next quarterly Net Asset Value will be published in early April2007. The unaudited IFRS Net Asset Value is calculated as follows: 31 December 2006 30 September 2006 £ £Property at market value 239,355,000 230,545,000Interest rate swap at market value 501,862 (587,645)Current assets 8,719,031 12,310,108Current liabilities (7,382,911) (5,778,114)Long term liabilities (101,444,058) (100,042,718)Deferred taxation* (6,673,932) (6,871,553) -------------- --------------IFRS Net Asset Value 133,074,992 129,575,078 Add back deferred taxation 6,673,932 6,871,553Proposed dividend for quarter ended (1,757,600) (1,757,600) -------------- --------------Adjusted IFRS Net Asset Value 137,991,324 134,689,031 -------------- -------------- -------------- --------------Number of shares in issue 104,000,000 104,000,000 -------------- -------------- -------------- --------------IFRS Net Asset Value per share (pence) 132.68 129.51 -------------- -------------- Reconciliation of IFRS Net Asset Value to UK GAAP Net Asset Value:Adjusted IFRS Net Asset Value 137,991,324 134,689,031 Reclassification of preference shares as equity 7,161,366 7,060,026Preference share adjustment to reflect (2,727,030) (2,595,101)capital redemption rightsInterest rate swap at market value (501,862) 587,645 ------------ -------------Adjusted UK GAAP Net Asset Value 141,923,931 139,741,601 ------------ ------------- ------------ -------------Number of shares in issue 104,000,000 104,000,000 ------------ ------------- ------------ -------------UK GAAP Net Asset Value per share (pence) 136.47 134.37 ------------ ------------- * 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 NAV31/12/06 132.68p 136.47p30/09/06 129.51p 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 BanquesGY1 3Q1 Tel: 01481 745529Fax: 01481 745085 This information is provided by RNS The company news service from the London Stock Exchange