Net Asset Value(s)

RNS Number : 4529G

F&C Commercial Property Trust Ld

01 February 2010

 

To:                   Company Announcements

Date:                1 February 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 December 2009 was 86.6 pence. This represents an increase of 12.5 per cent from the published NAV per share as at 30 September 2009 of 77.0 pence and an increase of 7.0 per cent from the published NAV per share as at 31 October 2009 of 80.9 pence, being the date of the last NAV announced by the Company.

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 December 2009 and is calculated after deduction of all dividends paid prior to that date. As at 31 December 2009 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 quarter from 30 September 2009 to 31 December 2009 (including the effect of gearing):

	Pence per share	% of opening NAV
NAV per share as at 30 September 2009	77.0
Unrealised increase in valuation of direct property portfolio	9.6	12.5*
Increase due to movement in Indirect Holdings (realised and unrealised)	0.3	0.4
Movement in revenue reserve	(0.3)	(0.4)
NAV per share as at 31 December 2009	86.6	12.5

* the ungeared increase in the valuation of the direct property portfolio over the quarter to 31 December 2009 was 10.2%, after allowing for property acquisition costs and capital expenditure.

Portfolio Analysis

	Market Value as at 31 December 2009 £m	% of portfolio as at 31 December 2009	% unrealised movement  in quarter
Offices	302.3	40.9	8.1
West End	148.5	20.1	10.5
South East	87.1	11.8	5.4
Rest of UK	60.1	8.1	6.4
City	6.6	0.9	7.8
Retail	193.5	26.2	9.4
South East	171.3	23.2	9.1
Rest of UK	22.2	3.0	11.9
Industrial	88.1	11.9	5.0
South East	14.0	1.9	3.4
Rest of UK	74.1	10.0	5.3
Retail Warehouse	149.0	20.2	17.5
Total Direct Property	732.9	99.2	10.2
Indirect Holdings	6.1	0.8
Total Property Portfolio	739.0	100.0

The next quarterly valuation of the direct property portfolio will be conducted by an external valuer during March 2010 and the NAV per share as at 31 March 2010 will be announced in April 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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