30 Apr 2009 07:00
30 April 2009
The Advantage Property Income Trust Limited
("TAP" or the "Company")
Net Asset Value as at 31 March 2009
Net Asset Value
The unaudited net asset value per share of The Advantage Property Income Trust Limited ('TAP') as at 31 March 2009 is 46.3 pence. This represents a decline of 10.4 pence per share or 18.3 per cent from the unaudited net asset value per share as at 31 December 2008 of 56.7 pence.
The net asset value is calculated under International Financial Reporting Standards ("IFRS").
The net asset value includes all income to 31 March 2009 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 31 March 2009.
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 December 2008 to 31 March 2009.
| Pence per share | % of opening NAV | |
| Net asset value per share as at 31 December 2008 | 56.7 | |
| Unrealised decrease in valuation of property portfolio (including the effect of gearing) | (10.0) | (17.6%) |
| Realised loss on sales of properties | (0.3) | (0.5%) |
| Decrease in interest rate swap valuation | (0.2) | (0.4%) |
| Movement in revenue reserves | 0.1 | 0.2% |
| Net asset value per share as at 31 March 2009 | 46.3 |
Compliance with Banking Covenants
As at 31 March 2009 the Company was compliant with all banking covenants. As per the RNS statement of 31 March 2009, TAP has amended the terms of its loan facility with Bank of Scotland.
Property Portfolio Total Return
The Total Return of the property portfolio over the quarter to 31 March 2009 was -5.8% on an ungeared IPD basis.
| Portfolio analysis | % of Portfolio | Capital Growth % | Income Return % | Total Return % |
| Retail | 37.7 | -8.1 | 2.0 | -6.3 |
| Offices | 37.1 | -8.2 | 1.8 | -6.5 |
| Industrial | 20.9 | -6.4 | 1.9 | -4.6 |
| Leisure | 4.3 | -2.8 | 2.0 | -0.8 |
| All Sectors | 100.0 | -7.6 | 1.9 | -5.8 |
Portfolio return against IPD
The analysis below shows the continued outperformance of TAP assets on an un-geared property level. TAP has seen its equivalent yield increase from 5.95% in June 2007 to 8.22% in March 2009.
| Total Returns | 3mths | 6mths | 12mths |
| TAP | -5.8% | -14.4% | -18.9% |
| IPD Monthly | -7.1% | -19.2% | -25.5% |
The property portfolio will next be valued by an external valuer during June 2009 and the net asset value per share as at 30 June 2009 will be announced in July 2009.
For further information:
Chris Carter Keall/Fraser Kennedy, Valad Property Group 020 7659 6666
Jeremy Carey, Tavistock Communications Limited 020 7920 3150
James Maxwell, Singer Capital Markets 020 3205 7500
Anson Fund Managers Limited, Secretary 01481 722260
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