Last checked at 15 Oct 2010 09:43
To: Company Announcements
Date: 15 October 2010
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 2010 was 94.3 pence. This represents an increase of 0.7 per cent from the published NAV per share as at 30 June 2010 of 93.6 pence.
The NAV has been calculated under International Financial Reporting Standards ('IFRS'). It is based 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 2010 and is calculated after deduction of all dividends paid prior to that date. As at 30 September 2010 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 2010 to 30 September 2010 (including the effect of gearing):
|
| Pence per share | % of opening NAV |
| NAV per share as at 30 June 2010 | 93.6 |
|
| Unrealised increase in valuation of property portfolio | 1.4 | 1.5 |
| Movement in fair value of interest rate swap | (0.1) | (0.1) |
| Movement in revenue reserve | (0.6) | (0.7) |
| NAV per share as at 30 September 2010 | 94.3 | 0.7 |
* the ungeared increase in the valuation of the property portfolio over the quarter to 30 September 2010 was 1.2%, after allowing for property acquisition costs and capital expenditure.
Portfolio Analysis
|
| £m | % of portfolio as at 30 September 2010 | % unrealised movement in quarter |
| Offices | 334.0 | 40.9 | 0.5 |
| West End | 179.3 | 22.0 | 2.0 |
| South East | 88.2 | 10.8 | -1.6 |
| Rest of UK | 58.0 | 7.1 | -1.5 |
| City | 8.5
| 1.0 | 5.0 |
| Retail | 212.2 | 26.1 | 2.6 |
| South East | 197.8 | 24.3 | 2.6 |
| Rest of UK | 14.4 | 1.8 | 2.8 |
| Industrial | 109.0 | 13.3 | 0.0 |
| South East | 14.2 | 1.7 | -0.1 |
| Rest of UK | 94.8 | 11.6 | 0.0 |
| Retail Warehouse | 160.2 | 19.7 | 1.5 |
| Total Property Portfolio | 815.4 | 100.0 | 1.2 |
The next quarterly valuation of the property portfolio will be conducted by an external valuer during December 2010 and the NAV per share as at 31 December 2010 will be announced in January 2011.
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