20th Jul 2007 16:53
Standard Life Invs Property Inc Tst20 July 2007 STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED30 June 07 - Portfolio Sale and Net Asset Value Announcement The company has exchanged contracts for the sale of a portfolio of sixproperties for the sum of £41.5m, with completion due at the end of July. Thesale price is the same as the June valuation. The sale proceeds will be used inpart to reduce gearing with the remainder to be reinvested as suitableinvestment opportunities arise. The unaudited Net Asset Value per Ordinary Share of Standard Life InvestmentsProperty Income Trust Limited at 30 June 2007 was 137.16 pence each, calculatedunder an adjusted International Financial Reporting Standards basis. This is anincrease of 2.0 percentage points over the adjusted IFRS Net Asset Value of134.42 pence at 31 March 2007. This Net Asset Value figure incorporates theexternal portfolio valuation at 30 June 2007. The adjusted Net Asset Valueincludes a provision for payment of a proposed interim dividend of 1.69p perordinary share and also adds back a provision for deferred taxation as the Boardbelieves this liability will not crystallise. The property portfolio will next be valued by an external valuer duringSeptember 2007 and the next quarterly Net Asset Value will be published in early October 2007. The unaudited IFRS Net Asset Value is calculated as follows: 30 June 2007 31 March 2007 £ £Property at market value 241,325,000 240,450,000Interest rate swap at market value 3,715,809 1,482,908Current assets 7,708,493 7,551,243Current liabilities (16,537,062) (16,226,895)Long term liabilities (91,908,898) (91,701,478)Deferred taxation* (6,818,148) (6,895,522) -------------- --------------IFRS Net Asset Value 137,585,194 134,660,256 Add back deferred taxation 6,818,148 6,895,522Proposed dividend for quarter ended (1,757,600) (1,757,600) -------------- --------------Adjusted IFRS Net Asset Value 142,645,742 139,798,178 -------------- -------------- -------------- --------------Number of shares in issue 104,000,000 104,000,000 -------------- -------------- -------------- --------------IFRS Net Asset Value per share (pence) 137.16 134.42 -------------- -------------- Reconciliation of IFRS Net Asset Value to UK GAAP Net Asset Value: Adjusted IFRS Net Asset Value 142,645,742 139,798,178 Reclassification of preference shares as equity 7,376,206 7,268,786Preference share adjustment to reflect (3,006,485) (2,862,578)capital redemption rightsInterest rate swap at market value (3,715,809) (1,482,908) ------------ -------------Adjusted UK GAAP Net Asset Value 143,299,654 142,721,478 ------------ ------------- ------------ -------------Number of shares in issue 104,000,000 104,000,000 ------------ ------------- ------------ -------------UK GAAP Net Asset Value per share (pence) 137.79 137.23 ------------ ------------- * for the purposes of the fund's net asset value announcements, the deferred taxstated is the value applicable at the previous quarter end. The deferred taxvalue has no effect on the adjusted IFRS NAV. Historical NAV per Ordinary Share are as follows: Adjusted IFRS NAV Adjusted UK GAAP NAV 30/06/07 137.16p 137.79p31/03/07 134.42p 137.23p31/12/06 132.68p 136.47p30/09/06 129.51p 134.37p30/06/06 130.20p 134.87p31/03/06 124.28p 130.46p31/12/05 116.46p 124.00p30/09/05 107.12p 114.31p30/06/05 103.88p 111.82p31/03/05 101.34p 106.63p31/12/04 99.00p 105.16p All Enquiries: The Company SecretaryNorthern Trust International Fund Administration Services (Guernsey) LtdTrafalgar CourtLes BanquesGY1 3Q1 Tel: 01481 745529Fax: 01481 745085 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SLI.L