Net Asset Value(s)

RNS Number : 6075V

F&C Commercial Property Trust Ld

16 January 2012

 



To:                   Company Announcements

Date:                16 January 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 31 December 2011 was 100.4 pence. This represents an increase of 0.4 per cent from the unaudited NAV per share as at 30 September 2011 of 100.0 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, who were appointed as valuers during the quarter.

The NAV includes all income to 31 December 2011 and is calculated after deduction of all dividends paid prior to that date. As at 31 December 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 30 September 2011 to 31 December 2011 (including the effect of gearing):

	Pence per share	% of opening NAV
NAV per share as at 30 September 2011	100.0
Unrealised increase in valuation of property portfolio *	0.8	0.8
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 December 2011	100.4	0.4

* the ungeared increase in the valuation of the property portfolio over the quarter to 31 December 2011 was 0.6%, after allowing for capital expenditure and costs associated with property purchases.

The net gearing at 31 December 2011 was 25.2%.#

# 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 31 December 2011	% unrealised movement  in quarter
Offices	365.3	39.2	0.7
West End	214.0	23.0	2.0
South East	84.3	9.0	(1.1)
Rest of UK	57.2	6.1	(2.4)
City	9.8	1.1	6.8
Retail	244.9	26.3	2.9
South East	231.0	24.8	3.0
Rest of UK	13.9	1.5	1.1
Industrial	126.5	13.5	(2.3)
South East	13.5	1.4	(6.6)
Rest of UK	113.0	12.1	(1.7)
Retail Warehouse	192.4	20.6	(0.5)
Other	3.4	0.4	-
Total Property Portfolio	932.5	100.0	0.6

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

Enquiries:

Richard Kirby

F&C REIT Property Asset Management plc

Tel: [phone]

Graeme Caton

Winterflood Securities Limited

Tel: [phone]

 

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