15th Oct 2007 07:00
ING UK Real Estate Income Trust Ltd15 October 2007 ING UK Real Estate Income Trust Limited (IRET) - Net Asset Value as at 30September 2007 15 October 2007 The unaudited Net Asset Value ('NAV') per share of ING UK Real Estate IncomeTrust Limited (the "Company") as at 30 September 2007 was £410.9m, reflectingapproximately 124 pence per share. This NAV figure incorporates the externalportfolio valuation as at 30 September 2007. It includes current year income andis calculated after the deduction of dividends paid prior to 30 September 2007,but does not include provision for the next quarterly dividend which is expectedto be paid in November 2007. The NAV attributable to Ordinary Shares is calculated under InternationalFinancial Reporting Standards ('IFRS') and includes a downwards adjustment inrespect of the marked to market value of the interest rate swaps by £7.6m (2.3pper share). In addition there has been a £22.2m (6.7p per share) reduction inthe value of the underlying property portfolio over the period, excluding assetsales. The unaudited NAV is calculated as follows: +-----------------------------+-----------------+----------------+-----------------+| |30 September 2007| 30 June 2007 | 31 March 2007 || | | | || | £m | £m | £m |+-----------------------------+-----------------+----------------+-----------------+|Investment properties at | 687.4 | 715.5 | 711.1 ||market value | | | || | | | |+-----------------------------+-----------------+----------------+-----------------+|Current assets | 37.8 | 39.1 | 39.1 |+-----------------------------+-----------------+----------------+-----------------+|Current liabilities | (18.1) | (18.4) | (20.3) |+-----------------------------+-----------------+----------------+-----------------+|Borrowings | (307.0) | (312.3) | (313.5) |+-----------------------------+-----------------+----------------+-----------------+| | 400.1 | 423.9 | 416.4 |+-----------------------------+-----------------+----------------+-----------------+|Market value of interest rate| 10.8 | 18.4 | 11.6 ||swaps | | | |+-----------------------------+-----------------+----------------+-----------------+|Net Asset Value | 410.9 | 442.3 | 428.0 |+-----------------------------+-----------------+----------------+-----------------+|Net Asset Value Per Share | 124p | 133p | 129p |+-----------------------------+-----------------+----------------+-----------------+ The property portfolio will next be valued by an external valuer during December2007 and the NAV per share as at 31 December 2007 will be issued in January2008. Investment Manager Commentary • The Commercial Real Estate Investment market has been affected by theevents in the financial markets over the summer and a re-pricing of risk.However, occupier demand fundamentals remain robust and will, to some extent,offset this yield correction. • Within the property portfolio there has been outward yield movementacross all sectors, but this has been least pronounced in the office sector inwhich the Company has an overweight position relative to IPD. • The current sector weightings and capital value movements over thequarter are: Sector Valuation movement WeightingOffice -1.76% 43.4%Industrial -4.43% 25.8%Retail -3.27% 20.3%Retail Warehouse -4.83% 7.1%Leisure -5.79% 3.4%Total 100.0% The value of the portfolio has decreased over the period by 3.13%, excludingsales. • The Company made no acquisitions during the period but, in accordancewith its strategy has continued to dispose of some of its smaller non-coreassets. The disposals comprised an Office/Industrial investment, RiversideBusiness Centre, Aberdeen for £2.54m; and an office investment, Wren House,Chelmsford for £3.85m, realising a total gain of £0.4m over the precedingvaluation. • £5.3m of non-securitised debt has been repaid in the period, followingthese disposals. Interest on the Company's remaining debt is fixed at a blendedinterest rate of 5.16% excluding set up costs. It is expected that proceeds fromfurther disposals will be used to repay this more expensive debt. For further information: All Enquiries ING Real Estate Investment Management (UK) LimitedSelina Sasse, 020 7767 5756, [email protected] Stott, 020 7767 5648 [email protected] Financial DynamicsDido Laurimore/Stephanie Highett, 020 7831 3113 The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LimitedTrafalgar CourtLes BanquesSt Peter PortGuernseyGY1 3QL Tel: 01481 745439Fax: 01481 745085 END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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