Net Asset Value

24 Apr 2008 07:00

Teesland Advantage Property Inc Tst24 April 2008 24 April 2008 Teesland Advantage Property Income Trust Limited ("TAP" or the "Company") Net Asset Value as at 31 March 2008 Net Asset Value The unaudited net asset value per share of Teesland Advantage Property IncomeTrust Limited ('TAP') as at 31 March 2008 is 91.5 pence. This represents adecline of 6.1 pence per share or 6.3 per cent from the unaudited net assetvalue per share as at 31 December 2007 of 97.6 pence. The net asset value is calculated under International Financial ReportingStandards ("IFRS"). The net asset value includes all income to 31 March 2008 and is calculated afterdeduction of all dividends paid prior to that date. It does not include aprovision for the dividend for the quarter to 31 March 2008 which is expected tobe paid in May 2008. Breakdown of NAV movement Set out below is a breakdown of the change to the unaudited net asset value pershare calculated under IFRS over the period from 31 December 2007 to 31 March2008. Pence per share % of opening NAVNet asset value per share as at 31December 2007 97.6Unrealised decrease in valuation ofproperty portfolio (including the effectof gearing) (7.0) (7.2)Realised gains on sales of properties 1.6 1.6Decrease in interest rate swap valuation (0.2) (0.2)Movement in revenue reserves (0.5) (0.5)Net asset value per share as at 31 March2008 91.5 Property Portfolio Total Return The Total Return of the property portfolio over the quarter to 31 March 2008 was-2.1% on an ungeared IPD basis. Portfolio analysis % of Portfolio Total Return %Retail 38.8% -3.3%Offices 34.9% -1.7%Industrial 22.5% -3.1%Leisure 3.8% 1.6% All Sectors 100.0% -2.5%Effect of transactions 0.4%Total Return All Benchmarked Assets -2.1% The Total Return of -2.1% compares favourably with the IPD UK Monthly PropertyIndices quarterly Total Return of -3.4%. The property portfolio will next be valued by an external valuer during June2008 and the net asset value per share as at 30 June 2008 will be announced inJuly 2008. For further information: Chris Carter Keall, Valad 020 7659 6666Jeremy Carey, Tavistock Communications Limited 020 7920 3150 Anson Fund Managers Limited, Secretary 01481 722260 E&OE - in transmission This information is provided by RNS The company news service from the London Stock Exchange