17th Jan 2007 07:00
ING UK Real Estate Income Trust Ltd17 January 2007 ING UK Real Estate Income Trust Limited 31 December 2006 Net Asset Value The unaudited Net Asset Value ('NAV') per share of ING UK Real Estate IncomeTrust Limited as at 31 December 2006 was 126 pence. This NAV figure incorporatesthe external portfolio valuation as at 31 December 2006. It includes currentyear income and is calculated after the deduction of dividends paid prior to 31December 2006, but does not include provision for the next quarterly dividendwhich is expected to be paid in February 2007. The Company's NAV of 126 pence per share reflects an uplift of 3 pence pershare, or 2.52% over the quarter. The NAV over the 12 months to 31 December 2006has increased by 21 pence per share or 20%. The NAV attributable to Ordinary Shares is calculated under InternationalFinancial Reporting Standards ('IFRS') and includes an adjustment in respect ofthe marked to market value of the interest rate swaps. The unaudited NAV is calculated as follows: 31 December 2006 30 September 2006 30 June 2006 £m £m £mInvestment properties atmarket value 702.2 586.3 553.8Current assets 45.3 30.9 17.8Current liabilities (24.4) (21.9) (19.7)Borrowings (313.5) (225.0) (200.0) 409.6 370.3 351.9Market value of interestrate swaps 8.7 5.1 6.2Net Asset Value 418.3 375.4 358.1 The Company has continued to grow in size over the last three months with aportfolio value of over £700m at 31 December 2006 following improving propertyvalues as well as the successful acquisition of a further 8 properties in earlyDecember, one of which was sold immediately. The successful placing of 26.5mshares to fund the portfolio purchase has also contributed to an increase in theNAV to £418.3m. In addition the disposal of the Scorpio Inns Portfolio was completed during theperiod at a premium to the September 2006 valuation. The property portfolio will next be valued by an external valuer during March2007 and the NAV per share as at 31 March 2007 will be issued in April 2007. The Company will prepare its first Annual Report to 31 December 2006, and thiswill be issued to shareholders in April 2007. The figures at that date aretherefore subject to audit. All Enquiries: The Company Secretary Northern Trust International Fund Administration Services (Guernsey) Ltd Trafalgar Court Les Banques St Peter Port Guernsey GY1 3QL Tel: 01481 745439 Fax: 01481 745085 END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Picton Prop