Net Asset Value(s)

RNS Number : 6869K

F&C Commercial Property Trust Ld

23 April 2010

 



To:                   Company Announcements

Date:                23 April 2010

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 2010 was 92.1 pence. This represents an increase of 6.4 per cent from the published NAV per share as at 31 December 2009 of 86.6 pence.

The NAV has been calculated under International Financial Reporting Standards ('IFRS'). It is based principally on the external valuation of the Group's direct property portfolio prepared by DTZ Debenham Tie Leung Limited.

The NAV includes all income to 31 March 2010 and is calculated after deduction of all dividends paid prior to that date. As at 31 March 2010 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 2009 to 31 March 2010 (including the effect of gearing):

	Pence per share	% of opening NAV
NAV per share as at 31 December 2009	86.6
Unrealised increase in valuation of direct property portfolio	5.9	6.8*
Increase due to movement in Indirect Holdings (realised and unrealised)	-	-
Movement in revenue reserve	(0.4)	(0.4)
NAV per share as at 31 March 2010	92.1	6.4

* the ungeared increase in the valuation of the direct property portfolio over the quarter to 31 March 2010 was 5.5%, after allowing for property acquisition costs and capital expenditure.

Portfolio Analysis

	£m	% of portfolio as at 31 March 2010	% unrealised movement  in quarter
Offices	328.9	42.4	8.8
West End	170.0	21.9	14.5
South East	90.3	11.7	3.8
Rest of UK	61.2	7.9	1.7
City	7.4	0.9	12.1
Retail	196.3	25.3	4.5
South East	182.4	23.5	4.6
Rest of UK	13.9	1.8	3.5
Industrial	90.3	11.7	2.5
South East	14.3	1.9	2.4
Rest of UK	76.0	9.8	2.5
Retail Warehouse	153.3	19.8	2.9
Total Direct Property	768.8	99.2	5.5
Indirect Holdings	6.1	0.8
Total Property Portfolio	774.9	100.0

The next quarterly valuation of the direct property portfolio will be conducted by an external valuer during June 2010 and the NAV per share as at 30 June 2010 will be announced in July 2010.

Enquiries:

Richard Kirby

F&C REIT Property Asset Management plc

Tel: [phone]

Graham Reaves

G&N Collective Funds Services Limited

Tel: [phone]

 

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