Net Asset Value(s)

RNS Number : 7201K

F&C Commercial Property Trust Ld

20 July 2011

 



To:                   Company Announcements

Date:                20 July 2011

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 June 2011 was 98.7 pence. This represents an increase of 1.4 per cent from the unaudited NAV per share as at 31 March 2011 of 97.3 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 June 2011 and is calculated after deduction of all dividends paid prior to that date. As at 30 June 2011 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 31 March 2011 to 30 June 2011 (including the effect of gearing):

	Pence per share	% of opening NAV
NAV per share as at 31 March 2011	97.3
Unrealised increase in valuation of property portfolio *	1.6	1.6
Movement in fair value of interest rate swap	(0.2)	(0.2)
Movement in revenue reserve	0.0	0.0
NAV per share as at 30 June 2011	98.7	1.4

* the ungeared increase in the valuation of the property portfolio over the quarter to 30 June 2011 was 1.3%, after allowing for capital expenditure and property sales.

The net gearing at 30 June 2011 was 20.8%.#

# Net gearing: (Secured Bonds and interest bearing bank loan - cash) divided by total assets (less current liabilities and cash).

Portfolio Analysis

	Market Value £m	% of portfolio  as at      30 June 2011	% unrealised movement  in quarter
Offices	350.1	40.5	1.1
West End	200.7	23.2	3.2
South East	82.7	9.6	-2.5
Rest of UK	57.8	6.7	-0.8
City	8.9	1.0	1.1
Retail	228.9	26.5	1.8
South East	215.6	25.0	1.8
Rest of UK	13.3	1.5	0.9
Industrial	114.3	13.2	0.3
South East	14.2	1.6	0.6
Rest of UK	100.1	11.6	0.2
Retail Warehouse	171.3	19.8	1.6
Total Property Portfolio	864.6	100.0	1.3

The next quarterly valuation of the property portfolio will be conducted by an external valuer during September 2011 and the NAV per share as at 30 September 2011 will be announced in October 2011.

Enquiries:

Richard Kirby

F&C REIT Property Asset Management plc

Tel: [phone]

Graeme Caton

Winterflood Securities Limited

Tel: [phone]

 

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