Net Asset Value(s)

RNS Number : 3635Q

F&C Commercial Property Trust Ld

18 October 2011

 



To:                   Company Announcements

Date:                18 October 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 30 September 2011 was 100.0 pence. This represents an increase of 1.3 per cent from the unaudited NAV per share as at 30 June 2011 of 98.7 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 30 September 2011 and is calculated after deduction of all dividends paid prior to that date. As at 30 September 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 June 2011 to 30 September 2011 (including the effect of gearing):

	Pence per share	% of opening NAV
NAV per share as at 30 June 2011	98.7
Unrealised increase in valuation of property portfolio *	2.1	2.1
Movement in fair value of interest rate swap	(0.4)	(0.4)
Movement in revenue reserve	(0.4)	(0.4)
NAV per share as at 30 September 2011	100.0	1.3

* the ungeared increase in the valuation of the property portfolio over the quarter to 30 September 2011 was 1.7%, after allowing for capital expenditure and property sales.

The net gearing at 30 September 2011 was 21.5%.#

# 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 30 September 2011	% unrealised movement  in quarter
Offices	359.3	40.4	2.1
West End	209.3	23.6	3.5
South East	82.6	9.3	(0.6)
Rest of UK	58.3	6.5	0.9
City	9.1	1.0	2.2
Retail	237.7	26.8	2.6
South East	223.9	25.2	2.6
Rest of UK	13.8	1.6	3.7
Industrial	115.3	13.0	0.1
South East	14.4	1.6	1.1
Rest of UK	100.9	11.4	0.0
Retail Warehouse	172.3	19.4	0.6
Other	3.4	0.4	-
Total Property Portfolio	888.0	100.0	1.7

The next quarterly valuation of the property portfolio will be conducted by an external valuer during December 2011 and the NAV per share as at 31 December 2011 will be announced in January 2012.

Enquiries:

Richard Kirby

F&C REIT Property Asset Management plc

Tel: [phone]

Graeme Caton

Winterflood Securities Limited

Tel: [phone]

 

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