Net Asset Value(s)

RNS Number : 0607D

F&C Commercial Property Trust Ld

24 April 2013

 



To:                   Company Announcements

Date:                24 April 2013

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 2013 was 98.8 pence. This is unchanged from the NAV per share as at 31 December 2012.

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 31 March 2013 and is calculated after deduction of all dividends paid prior to that date. As at 31 March 2013 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 2012 to 31 March 2013 (including the effect of gearing):

	Pence per share	% of opening NAV
NAV per share as at 31 December 2012	98.8
Unrealised decrease in valuation of property portfolio *	0.7	0.7
Movement in fair value of interest rate swap	-	-
Movement in revenue reserve	(0.8)	(0.8)
Movement due to share issue	0.1	0.1
NAV per share as at 31 March 2013	98.8	-

* the ungeared increase in the valuation of the property portfolio over the quarter to 31 March 2013 was 0.6%, after allowing for capital expenditure.

The net gearing at 31 March 2013 was 13.9%.#

# 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 March 2013	% unrealised movement  in quarter
Offices	320.0	36.0	0.1
West End	177.6	20.0	0.2
South East	81.1	9.1	0.5
Rest of UK	51.4	5.8	(1.2)
City	9.9	1.1	1.0
Retail	242.1	27.3	2.3
South East	228.3	25.7	2.4
Rest of UK	13.8	1.6	-
Industrial	126.4	14.2	(0.2)
South East	14.7	1.6	-
Rest of UK	111.7	12.6	(0.2)
Retail Warehouse	180.5	20.3	0.1
Other	19.5	2.2	0.1
Total Property Portfolio	888.5	100.0	0.6

The next quarterly valuation of the property portfolio will be conducted by an external valuer during June 2013 and the NAV per share as at 30 June 2013 will be announced in July 2013.

Enquiries:

Richard Kirby

F&C REIT Property Asset Management plc

Tel: [phone]

Graeme Caton

Winterflood Securities Limited

Tel: [phone]

 

END

 

 

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