Net Asset Value(s)

RNS Number : 9881P

UK Commercial Property Trust Ltd

27 July 2010

 



Net Asset Value/ Interim Management Statement

For the three month period from 1 April 2010 to 30 June 2010

Investment Objective

The investment objective of the Company is to provide Ordinary Shareholders with an attractive level of income together with the potential for capital and income growth from investing in a diversified UK commercial property portfolio.

Net asset value

The unaudited net asset value per share of UK Commercial Property Trust Limited as at 30 June 2010 was 76.8p. This represents an increase of 0.8 per cent. from the net asset value per share as at 31 March 2010.

The net asset value per share is based on the external valuation of the property portfolio prepared by CB Richard Ellis Limited as at 30 June 2010 of £872.0 million (which excludes the property at 122/132 Argyle Street, Glasgow acquired on 6 July 2010).

The net asset value per share is calculated under International Financial Reporting Standards ("IFRS").

The net asset value per share includes all current period income and is calculated after deduction of all dividends paid prior to 30 June 2010.  It does not include provision for any unpaid dividends for the periods prior to 30 June 2010 including the dividend for the period to 30 June 2010.

On 22 July 2010 the Company declared a third interim dividend in respect of the period from 1 April 2010 to 30 June 2010, of 1.3125p per Ordinary Share, with an ex dividend date of 28 July 2010, which will be paid on 27 August 2010.

The adjusted net asset value per share, after deducting the above interim dividend, totalling 1.3125p on 1,185,098,858 Ordinary Shares, is 75.5p. This represents an increase of 0.7 per cent. from the equivalent net asset value per share as at 31 March 2010.

The net asset value per share at 30 June 2010 is based on 1,185,098,858 shares of 25p each, being the total number of shares in issue at that time (excluding 41,445,142 shares held in treasury).

Breakdown of NAV movement

Set out below is a breakdown of the change to the unaudited net asset value per share calculated under IFRS over the period from 1 April 2010 to 30 June 2010.

UK Commercial Property Trust Limited	Per  Share  (p)	Attributable Assets (£m)
Net assets as at 31 March 2010	76.2	902.5
Unrealised increase in valuation of property portfolio	0.8	10.0
Capital expenditure during the period	(0.1)	(0.9)
Income earned for the period	1.4	16.2
Expenses for the period	(0.3)	(2.9)
Dividends paid on 26 February 2010	(1.2)	(14.4)
Costs incurred  in connection with possible FCPT deal	0	(0.2)
Net assets as at 30 June 2010	76.8	910.3

UK Commercial Property Trust Limited
Net Asset Analysis as at 30 June 2010	£m	%
Property Portfolio
Retail	477.0	52.4
Office	260.1	28.6
Industrial	134.9	14.8
Total Property	872.0	95.8
Net current assets	38.3	4.2
Total net assets as at 30 June 2010	910.3	100.0

As at the 30 June 2010 the Company had borrowings of £42.1m with Lloyds Banking Group. On 4 March 2010 the Company entered into an interest rate swap agreement with Lloyds which set the interest rate at 3.55%.  This is part of the £80m seven year loan facility currently in place.

Material Events

On the 6 July 2010 the Company completed the purchase of 122/132 Argyle Street, Glasgow with the consideration satisfied by the issue of 12,250,000 shares.  The property is let to HSBC plc for a 15 year term.

Enquiries

The Company Secretary, Northern Trust International Fund Administration Services (Guernsey) Limited

Tel: [phone]

 Robert Boag/Gerry Brady, Ignis Investment Services Limited

Tel: [phone]

 Nigel Russell/Graeme Caton/Graham Reaves, G&N Collective Funds Services Limited

Tel: [phone]

 John Llewellyn-Lloyd/Peter Tracey, Execution Noble & Co. Limited, Financial Adviser to UKCPT

Tel: [phone]

Stephanie Highett/Richard Sunderland/Rachel Drysdale/Olivia Goodall, Financial Dynamics, Financial PR Adviser to UKCPT

Tel: [phone]

 

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