Net Asset Value(s)

RNS Number : 0866K

F&C Commercial Property Trust Ld

24 July 2013

 



To:                   Company Announcements

Date:                24 July 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 June 2013 was 99.6 pence. This represents an increase of 0.8 per cent from the unaudited NAV per share as at 31 March 2013 of 98.8 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 June 2013 and is calculated after deduction of all dividends paid prior to that date. As at 30 June 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 31 March 2013 to 30 June 2013 (including the effect of gearing):

	Pence per share	% of opening NAV
NAV per share as at 31 March 2013	98.8
Unrealised increase in valuation of property portfolio *	1.3	1.3
Movement in fair value of interest rate swap	0.2	0.2
Movement in revenue reserve	(0.7)	(0.7)
NAV per share as at 30 June 2013	99.6	0.8

* the ungeared increase in the valuation of the property portfolio over the quarter to 30 June 2013 was 1.2%, after allowing for capital expenditure and property sales.

The net gearing at 30 June 2013 was 11.6%.#

# 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 June 2013	% unrealised movement  in quarter
Offices	287.6	33.2	1.0
West End	145.5	16.8	2.5
South East	80.7	9.3	(0.5)
Rest of UK	51.4	5.9	(0.7)
City	10.0	1.2	0.5
Retail	249.4	28.8	2.7
South East	235.6	27.2	2.9
Rest of UK	13.8	1.6	0.2
Industrial	127.1	14.7	0.5
South East	14.6	1.7	(0.6)
Rest of UK	112.5	13.0	0.6
Retail Warehouse	180.6	20.8	(0.2)
Other	21.6	2.5	1.9
Total Property Portfolio	866.3	100.0	1.2

The next quarterly valuation of the property portfolio will be conducted by CBRE Limited during September 2013 and the NAV per share as at 30 September 2013 will be announced in October 2013.

Enquiries:

Richard Kirby

F&C REIT Property Asset Management plc

Tel: [phone]

Graeme Caton

Winterflood Securities Limited

Tel: [phone]

 

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