Net Asset Value(s)

RNS Number : 2044O

F&C Commercial Property Trust Ld

08 October 2012

 



To:                   Company Announcements

Date:                8 October 2012

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 2012 was 99.0 pence. This represents an increase of 0.1 per cent from the unaudited NAV per share as at 30 June 2012 of 98.9 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 CBRE Limited.

The NAV includes all income to 30 September 2012 and is calculated after deduction of all dividends paid prior to that date. As at 30 September 2012 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 2012 to 30 September 2012 (including the effect of gearing):

	Pence per share	% of opening NAV
NAV per share as at 30 June 2012	98.9
Unrealised increase in valuation of property portfolio *	0.2	0.2
Gain on properties sold	0.5	0.5
Movement in fair value of interest rate swap	(0.1)	(0.1)
Movement in revenue reserve	(0.6)	(0.6)
Movement due to share issue	0.1	0.1
NAV per share as at 30 September 2012	99.0	0.1

* the ungeared increase in the valuation of the property portfolio over the quarter to 30 September 2012 was 0.6%, after allowing for capital expenditure, gains on sales and costs associated with property purchases.

The net gearing at 30 September 2012 was 18.4%.#

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

Portfolio Analysis

	Market Value £m	% of portfolio as at 30 September 2012	% unrealised movement  in quarter
Offices	318.5	35.4	0.4
West End	174.2	19.3	2.1
South East	81.4	9.1	(1.3)
Rest of UK	53.1	5.9	(2.4)
City	9.8	1.1	0.8
Retail	254.0	28.2	1.0
South East	240.2	26.7	1.3
Rest of UK	13.8	1.5	(2.5)
Industrial	127.4	14.1	-
South East	14.7	1.6	0.5
Rest of UK	112.7	12.5	(0.1)
Retail Warehouse	187.6	20.8	0.4
Other	13.7	1.5	-
Total Property Portfolio	901.2	100.0	(0.7)

The next quarterly valuation of the property portfolio will be conducted by an external valuer during December 2012 and the NAV per share as at 31 December 2012 will be announced in January 2013.

Enquiries:

Richard Kirby

F&C REIT Property Asset Management plc

Tel: [phone]

Graeme Caton

Winterflood Securities Limited

Tel: [phone]

 

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