Net Asset Value(s)

RNS Number : 3512F

F&C Commercial Property Trust Ld

21 April 2011

 



To:                   Company Announcements

Date:                21 April 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 31 March 2011 was 97.3 pence. This represents an increase of 1.0 per cent from the audited NAV per share as at 31 December 2010 of 96.3 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 31 March 2011 and is calculated after deduction of all dividends paid prior to that date. As at 31 March 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 December 2010 to 31 March 2011 (including the effect of gearing):

	Pence per share	% of opening NAV
NAV per share as at 31 December 2010	96.3
Unrealised increase in valuation of property portfolio *	1.2	1.2
Movement in fair value of interest rate swap	0.1	0.1
Movement in revenue reserve	(0.3)	(0.3)
NAV per share as at 31 March 2011	97.3	1.0

* the ungeared increase in the valuation of the property portfolio over the quarter to 31 March 2011 was 1.1%, after allowing for capital expenditure.

The net gearing at 31 March 2011 was 20.3%.#

# 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 31 March 2011	% unrealised movement  in quarter
Offices	343.8	40.4	1.1
West End	192.2	22.6	2.2
South East	84.8	10.0	-0.6
Rest of UK	58.2	6.8	0.4
City	8.6	1.0	-
Retail	226.0	26.5	1.2
South East	211.8	24.9	1.3
Rest of UK	14.2	1.6	-
Industrial	112.9	13.3	1.5
South East	14.2	1.7	-
Rest of UK	98.7	11.6	1.8
Retail Warehouse	168.6	19.8	0.6
Total Property Portfolio	851.3	100.0	1.1

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

Enquiries:

Richard Kirby

F&C REIT Property Asset Management plc

Tel: [phone]

Graeme Caton

Winterflood Securities Limited

Tel: [phone]

 

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