Net Asset Value(s)

RNS Number : 9055Z

F&C Commercial Property Trust Ld

21 January 2011

 



To:                   Company Announcements

Date:                21 January 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 31 December 2010 was 96.7 pence. This represents an increase of 2.5 per cent from the published NAV per share as at 30 September 2010 of 94.3 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 31 December 2010 and is calculated after deduction of all dividends paid prior to that date. As at 31 December 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 30 September 2010 to 31 December 2010 (including the effect of gearing):

	Pence per share	% of opening NAV
NAV per share as at 30 September 2010	94.3
Unrealised increase in valuation of property portfolio *	2.6	2.7
Movement in fair value of interest rate swap	0.1	0.1
Movement in revenue reserve	(0.3)	(0.3)
NAV per share as at 31 December 2010	96.7	2.5

* the ungeared increase in the valuation of the property portfolio over the quarter to 31 December 2010 was 2.1%, after allowing for capital expenditure.

Portfolio Analysis

	Market Value £m	% of portfolio  as at 31 December 2010	% unrealised movement  in quarter
Offices	338.9	40.4	1.0
West End	186.7	22.3	3.3
South East	85.4	10.2	-3.2
Rest of UK	58.3	6.9	0.7
City	8.5	1.0	-1.7
Retail	223.0	26.6	4.7
South East	208.8	24.9	5.1
Rest of UK	14.2	1.7	-1.8
Industrial	109.5	13.1	-1.6
South East	14.2	1.7	0.0
Rest of UK	95.3	11.4	-1.8
Retail Warehouse	166.9	19.9	3.7
Total Property Portfolio	838.3	100.0	2.1

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

Enquiries:

Richard Kirby

F&C REIT Property Asset Management plc

Tel: [phone]

Graeme Caton

Winterflood Securities Limited

Tel: [phone]

 

END

 

 

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