Net Asset Value(s)

RNS Number : 7636F

F&C Commercial Property Trust Ld

29 April 2014

 



To:                   Company Announcements

Date:                29 April 2014

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 2014 was 108.9 pence. This represents an increase of 3.4 per cent from the unaudited NAV per share as at 31 December 2013 of 105.3 pence.

The unaudited NAV total return per share for the quarter to 31 March 2014 was 4.8 per cent, compared with a total return of 3.9 per cent from the IPD monthly index.

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 31 March 2014 and is calculated after deduction of all dividends paid prior to that date. As at 31 March 2014 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 2013 to 31 March 2014 (including the effect of gearing):

	Pence per share	% of opening NAV
NAV per share as at 31 December 2013	105.3
Unrealised increase in valuation of property portfolio *	4.1	3.9
Movement in fair value of interest rate swap	0.0	0.0
Movement in revenue reserve	(0.5)	(0.5)
NAV per share as at 31 March 2014	108.9	3.4

* the ungeared increase in the valuation of the property portfolio over the quarter to 31 March 2014 was 3.2%, after allowing for capital expenditure and property purchases.

The net gearing at 31 March 2014 was 18.7%.#

# Net gearing: (Secured Bonds and interest bearing bank loans - cash) ÷ total assets (less current liabilities and cash).

Portfolio Analysis

	Market Value £m	% of portfolio as at 31 March 2014	% unrealised movement  in quarter
Offices	386.5	37.4	5.8
West End	155.4	15.0	4.5
South East	85.9	8.3	1.9
Rest of UK	133.8	13.0	10.3
City	11.4	1.1	2.5
Retail	279.5	27.0	1.5
South East +	265.3	25.6	1.6
Rest of UK	14.2	1.4	-
Industrial	143.6	13.9	5.1
South East	15.4	1.5	1.1
Rest of UK	128.2	12.4	5.6
Retail Warehouse	197.0	19.0	(0.2)
Other	28.3	2.7	(0.8)
Total Property Portfolio	1,034.9	100.0	3.2

+ Includes West End Retail

The next quarterly valuation of the property portfolio will be conducted by CBRE Limited during June 2014 and it is expected that the unaudited NAV per share as at 30 June 2014 will be announced in July 2014.

Enquiries:

Richard Kirby

F&C REIT Property Asset Management plc

Tel: [phone]

Graeme Caton

Winterflood Securities Limited

Tel: [phone]

 

END

 

 

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