Net Asset Value(s)

RNS Number : 6867C

F&C Commercial Property Trust Ld

03 May 2012

 



To:                   Company Announcements

Date:                3 May 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 March 2012 was 100.5 pence. This is unchanged from the unaudited NAV per share as at 31 December 2011 of 100.5 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 31 March 2012 and is calculated after deduction of all dividends paid prior to that date. As at 31 March 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 31 December 2011 to 31 March 2012 (including the effect of gearing):

	Pence per share	% of opening NAV
NAV per share as at 31 December 2011	100.5
Unrealised increase in valuation of property portfolio *	-	-
Movement in fair value of interest rate swap	0.1	0.1
Movement in revenue reserve	(0.2)	(0.2)
Movement due to share issue	0.1	0.1
NAV per share as at 31 March 2012	100.5	-

* the ungeared increase in the valuation of the property portfolio over the quarter to 31 March  2012 was nil, after allowing for capital expenditure and costs associated with property purchases.

The net gearing at 31 March 2012 was 24.4%.#

# 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 31 March 2012	% unrealised movement  in quarter
Offices	366.5	39.0	(0.5)
West End	216.2	23.0	0.9
South East	84.0	8.9	(3.2)
Rest of UK	56.6	6.0	(1.4)
City	9.7	1.1	(0.1)
Retail	247.4	26.3	0.8
South East	233.4	24.8	0.9
Rest of UK	14.0	1.5	(0.6)
Industrial	127.1	13.5	(0.4)
South East	13.5	1.4	(1.1)
Rest of UK	113.6	12.1	0.6
Retail Warehouse	192.0	20.4	(0.2)
Other	8.0	0.8	1.4
Total Property Portfolio	941.0	100.0	-

The next quarterly valuation of the property portfolio will be conducted by an external valuer during June 2012 and the NAV per share as at 30 June 2012 will be announced in July 2012.

The Company continues to find good investment opportunities and, with its shares continuing to trade at a premium to net asset value, as previously announced the Board is exploring the possibility of issuing further new shares on a non pre-emptive basis under the existing authorities.

Enquiries:

Richard Kirby

F&C REIT Property Asset Management plc

Tel: [phone]

Graeme Caton

Winterflood Securities Limited

Tel: [phone]

 

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