28th Oct 2009 16:30
To: Company Announcements
Date: 28 October 2009
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 September 2009 was 77.0 pence. This represents an increase of 1.4 per cent from the published NAV per share as at 30 June 2009 of 75.9 pence.
The NAV has been calculated under International Financial Reporting Standards ('IFRS'). It is based principally on the external valuation of the Group's direct property portfolio prepared by DTZ Debenham Tie Leung Limited.
The NAV includes all income to 30 September 2009 and is calculated after deduction of all dividends paid prior to that date. As at 30 September 2009 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 June 2009 to 30 September 2009 (including the effect of gearing):
|
Pence per share |
% of opening NAV |
|
|
Published NAV per share as at 30 June 2009 |
75.9 |
|
|
Unrealised increase in valuation of direct property portfolio |
1.6 |
2.1* |
|
Increase due to movement in Indirect Holdings (realised and unrealised) |
- |
- |
|
Movement in revenue reserve |
(0.5) |
(0.7) |
|
Published NAV per share as at 30 September 2009 |
77.0 |
1.4 |
* the ungeared increase in the valuation of the direct property portfolio over the quarter to 30 September 2009 was 1.8%, after allowing for property acquisition costs and capital expenditure.
Portfolio Analysis
|
£m |
% of portfolio as at 30 September 2009 |
% unrealised movement in quarter |
|
|
Offices |
279.2 |
44.2 |
2.2 |
|
West End |
134.3 |
21.2 |
4.6 |
|
South East |
82.6 |
13.1 |
(1.7) |
|
Rest of UK |
56.2 |
8.9 |
2.0 |
|
City |
6.1 |
1.0 |
6.1 |
|
Retail |
175.8 |
27.8 |
1.6 |
|
South East |
157.0 |
24.8 |
2.3 |
|
Rest of UK |
18.8 |
3.0 |
(4.5) |
|
Industrial |
47.3 |
7.4 |
(1.7) |
|
South East |
13.5 |
2.1 |
0.2 |
|
Rest of UK |
33.8 |
5.3 |
(2.5) |
|
Retail Warehouse |
126.3 |
20.0 |
3.1 |
|
Total Direct Property |
628.6 |
99.4 |
1.8 |
|
Indirect Holdings |
3.7 |
0.6 |
|
|
Total Property Portfolio |
632.3 |
100.0 |
The next quarterly valuation of the direct property portfolio will next be conducted by an external valuer during December 2009 and the NAV per share as at 31 December 2009 will be announced in January 2010.
Enquiries:
Richard Kirby
F&C REIT Property Asset Management plc
Tel: 0207 499 2244
Graham Reaves
G&N Collective Funds Services Limited
Tel: 0131 226 4411
Related Shares:
Balanced Commercial Property Trust