SLI.L Regulatory News (SLI)

5 Jul 2006 15:33

Standard Life Invs Property Inc Tst05 July 2006 STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED 05 July 2006 - Net Asset Value The Net Asset Value per Ordinary Share of Standard Life Investments PropertyIncome Trust Limited at 30 June 2006 was 130.27 pence each, calculated under anadjusted International Financial Reporting Standards basis. This is an increaseof 4.8 percentage points over the adjusted IFRS Net Asset Value of 124.28 penceat 31 March 2006. This Net Asset Value figure incorporates the externalportfolio valuation at 26 June 2006. The adjusted Net Asset Value includes aprovision for payment of a proposed interim dividend of 1.625p 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 duringSeptember 2006 and the next quarterly Net Asset Value will be published in early October 2006. The unaudited IFRS Net Asset Value is calculated as follows: 30 June 2006 31 March 2006 £ £Property at market value 218,065,000 213,480,000Interest rate swap at market value (182,313) (1,662,768)Current assets 11,218,078 11,217,867Current liabilities (5,818,589) (5,843,035)Long term liabilities (91,391,378) (91,290,038)Deferred taxation* (5,898,340) (4,446,297) ------------ -------------IFRS Net Asset Value 125,992,458 121,455,730 Add back deferred taxation 5,898,340 4,446,297Proposed dividend 31 March 2006 (1,625,000) (1,625,000) ------------ -------------Adjusted IFRS Net Asset Value 130,265,798 124,277,027 ------------ ------------- Reconciliation of IFRS Net Asset Value to UK GAAP Net Asset Value: Adjusted IFRS Net Asset Value 130,265,798 124,277,027 Reclassification of preference shares as equity 6,958,686 6,857,346Preference share adjustment to reflect (2,469,554) (2,351,348)capital redemption rightsUnrealised loss on interest rate swap 182,313 1,662,768 ------------ -------------Adjusted UK GAAP Net Asset Value 134,937,243 130,445,793 ------------ ------------- * 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 UK GAAP NAV Adjusted IFRS NAV30/06/06 134.94p 130.27p31/03/06 130.46p 124.28p31/12/05 124.00p 116.46p30/09/05 114.31p 107.12p30/06/05 111.82p 103.88p31/03/05 106.63p 101.34p31/12/04 105.16p 99.00p 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