21 Jul 2008 07:00
21 July 2008
The Advantage Property Income Trust Limited
("TAP" or the "Company")
Net Asset Value as at 30 June 2008
Net Asset Value
The unaudited net asset value per share of The Advantage Property Income Trust Limited ('TAP') as at 30 June 2008 is 87.6 pence. This represents a decline of 3.9 pence per share or 4.3 per cent from the unaudited net asset value per share as at 31 March 2008 of 91.5 pence.
The net asset value is calculated under International Financial Reporting Standards ("IFRS").
The net asset value includes all income to 30 June 2008 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 30 June 2008 which is expected to be paid in August 2008.
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 March 2008 to 30 June 2008.
| Pence per share | % of opening NAV | |
| Net asset value per share as at 31 March 2008 | 91.5 | |
| Unrealised decrease in valuation of property portfolio (including the effect of gearing) | -4.6 | (5.0%) |
| Realised losses on sales of properties | -0.2 | (0.2%) |
| Decrease in interest rate swap valuation | 1.6 | 1.7% |
| Movement in revenue reserves | -0.7 | (0.8%) |
| Net asset value per share as at 30 June 2008 | 87.6 |
Property Portfolio Total Return
The Total Return of the property portfolio over the quarter to 30 June 2008 was -1.4% on an ungeared IPD basis.
| Portfolio analysis | % of Portfolio | Income Return % | Capital Growth % | Total Return % |
| Retail | 38.61% | 1.5% | -2.9% | -1.4% |
| Offices | 35.84% | 1.6% | -2.8% | -1.3% |
| Industrial | 21.57% | 1.2% | -3.2% | -2.0% |
| Leisure | 3.98% | 1.4% | 0.0% | 1.4% |
| All Sectors | 100.0% | 1.5% | -2.8% | -1.4% |
Portfolio return against IPD
We would confirm that the Company's strategy of not investing in Central London due to volatility and diversification implications remains and that this strategy coupled with performance from asset management has continued to show benefits against the market.
| Total Returns | 3mths | 6mths | 12mths |
| TAP | -1.4 | -3.5 | -9.8 |
| IPD monthly | -2.7 | -6.0 | -14.9 |
The property portfolio will next be valued by an external valuer during September 2008 and the net asset value per share as at 30 September 2008 will be announced in October 2008.
For further information:
Chris Carter Keall, Valad 020 7659 6666
Jeremy Carey, Tavistock Communications Limited 020 7920 3150
Anson Fund Managers Limited, Secretary 01481 722260
E&OE - in transmission
TAP.L (TAP)