Net Asset Value(s)

RNS Number : 4614U

F&C Commercial Property Trust Ld

15 October 2010

 



To:                   Company Announcements

Date:                15 October 2010

Company:        F&C Commercial Property Trust Limited

Subject:           Net Asset Value

Net Asset Value

The unaudited net asset value ('NAV') per share of the Group as at 30 September 2010 was 94.3 pence. This represents an increase of 0.7 per cent from the published NAV per share as at 30 June 2010 of 93.6 pence.

The NAV has been calculated under International Financial Reporting Standards ('IFRS'). It is based on the external valuation of the Group's direct property portfolio prepared by DTZ Debenham Tie Leung Limited.

The NAV includes all income to 30 September 2010 and is calculated after deduction of all dividends paid prior to that date. As at 30 September 2010 no adjustments were required to the NAV in respect of dividends for which the share price had gone ex-dividend.

Analysis of Movement in NAV

The following table provides an analysis of the movement in the unaudited NAV per share for the period from 30 June 2010 to 30 September 2010 (including the effect of gearing):

	Pence per share	% of opening NAV
NAV per share as at 30 June 2010	93.6
Unrealised increase in valuation of property portfolio	1.4	1.5
Movement in fair value of interest rate swap	(0.1)	(0.1)
Movement in revenue reserve	(0.6)	(0.7)
NAV per share as at 30 September 2010	94.3	0.7

* the ungeared increase in the valuation of the property portfolio over the quarter to 30 September 2010 was 1.2%, after allowing for property acquisition costs and capital expenditure.

Portfolio Analysis

	£m	% of portfolio  as at 30 September 2010	% unrealised movement  in quarter
Offices	334.0	40.9	0.5
West End	179.3	22.0	2.0
South East	88.2	10.8	-1.6
Rest of UK	58.0	7.1	-1.5
City	8.5	1.0	5.0
Retail	212.2	26.1	2.6
South East	197.8	24.3	2.6
Rest of UK	14.4	1.8	2.8
Industrial	109.0	13.3	0.0
South East	14.2	1.7	-0.1
Rest of UK	94.8	11.6	0.0
Retail Warehouse	160.2	19.7	1.5
Total Property Portfolio	815.4	100.0	1.2

The next quarterly valuation of the property portfolio will be conducted by an external valuer during December 2010 and the NAV per share as at 31 December 2010 will be announced in January 2011.

Enquiries:

Richard Kirby

F&C REIT Property Asset Management plc

Tel: [phone]

Graham Reaves

G&N Collective Funds Services Limited

Tel: [phone]

 

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