Net Asset Value(s)

RNS Number : 8020Q

F&C Commercial Property Trust Ld

18 October 2013

 



To:                   Company Announcements

Date:                18 October 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 30 September 2013 was 101.4 pence. This represents an increase of 1.8 per cent from the unaudited NAV per share as at 30 June 2013 of 99.6 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 2013 and is calculated after deduction of all dividends paid prior to that date. As at 30 September 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 30 June 2013 to 30 September 2013 (including the effect of gearing):

	Pence per share	% of opening NAV
NAV per share as at 30 June 2013	99.6
Unrealised increase in valuation of property portfolio *	2.4	2.4
Movement in fair value of interest rate swap	-	-
Movement in revenue reserve	(0.6)	(0.6)
NAV per share as at 30 September 2013	101.4	1.8

* the ungeared increase in the valuation of the property portfolio over the quarter to 30 September 2013 was 2.2%, after allowing for capital expenditure and property sales.

The net gearing at 30 September 2013 was 12.4%.#

# 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 Sept 2013	% unrealised movement  in quarter
Offices	295.4	33.1	2.6
West End	150.8	16.9	3.5
South East	82.9	9.3	2.5
Rest of UK	51.2	5.7	(0.4)
City	10.5	1.2	4.8
Retail	258.5	29.0	3.4
South East	244.5	27.4	3.5
Rest of UK	14.0	1.6	1.1
Industrial	130.0	14.6	2.2
South East	14.7	1.7	0.4
Rest of UK	115.3	12.9	2.5
Retail Warehouse	180.6	20.2	(0.6)
Other	27.3	3.1	4.8
Total Property Portfolio	891.8	100.0	2.2

The next quarterly valuation of the property portfolio will be conducted by CBRE Limited during December 2013 and it is expected that the unaudited NAV per share as at 31 December 2013 will be announced in January 2014.

Enquiries:

Richard Kirby

F&C REIT Property Asset Management plc

Tel: [phone]

Graeme Caton

Winterflood Securities Limited

Tel: [phone]

 

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