TIDMASLI
RNS Number : 1261X
Aberdeen Standard Eur Lgstc Inc PLC
25 August 2020
Aberdeen Standard European Logistics Income PLC
LEI: 213800I9IYIKKNRT3G50
Investor demand for logistics real estate in Europe expected to
remain strong
Unaudited Net Asset Value as at 30 June 2020 and Q3 rental
income update
25 August 2020: Aberdeen Standard European Logistics Income PLC
(LSE: ASLI) (the "Company" or "ASLI") announces its unaudited
quarterly Net Asset Value ("NAV") as at 30 June 2020 and provides
an update on Q3 2020 rental income collection.
Highlights
-- NAV per Ordinary Share of 112.8c (GBp - 103.0p) as at 30 June
2020 (31 March 2020: 112.7c (GBp - 99.92p)). Exchange rate GBP1 :
EUR1.10 (31 March 2020: GBP1 : EUR1.13).
-- Resilient portfolio of assets with latest portfolio capital
valuation unchanged from 31 March 2020. The Company's high-quality,
well located and diversified European logistics portfolio of 14
assets remained valued at EUR404.9 million as at 30 June 2020.
-- Rent collection remains strong with Q3 rental income expected
to be in line with our previous projections, allowing the Board to
reaffirm its intention to continue to pay distributions in line
with its stated policy.
-- A first interim distribution of 1.24 pence per Ordinary share
in respect of the year ending 31 December 2020 was paid on 26 June
2020.
-- A second interim distribution of 1.24 pence per Ordinary
share in respect of the year ending 31 December 2020 declared on 25
August 2020.
At the valuation date of 30 June 2020 the independent valuer's
report from CBRE had removed the "material uncertainty" relating to
property valuations that was in place as at 31 March 2020.
Breakdown of NAV movement
Set out below is a breakdown of the change to the unaudited net
asset value per Ordinary Share over the period from 1 April 2020 to
30 June 2020. The unaudited net asset value has been prepared under
International Financial Reporting Standards ("IFRS").
Per Share Attributable Comment
(EURcents) Assets (EURm)
Net assets as at
31 March 2020 112.7 264.3
------------ --------------- -----------------------------
Unrealised change - - Portfolio of 14 assets.
in valuation of Capital values remained
property portfolio stable from the prior
quarter. Acquisition
costs incurred in the
period relate predominantly
to the final adjustment
of Warsaw acquisition
price.
------------ --------------- -----------------------------
Acquisition costs
incurred during
the period (0.3) (0.7)
------------ --------------- -----------------------------
Income from the property
Income earned for portfolio and associated
the period 2.1 5.1 running costs.
------------ --------------- -----------------------------
Expenses for the
period (0.8) (1.9)
------------ --------------- -----------------------------
Net deferred tax liability
on the difference between
book cost and fair value
Deferred tax liability 0.3 0.7 of the portfolio.
------------ --------------- -----------------------------
Movement in the mark
to market value of a
dividend hedge entered
into in Q1 2020 to fix
FX hedge mark to the EUR:GBP conversion
market revaluation (0.0) (0.1) of the 2020 dividend.
------------ --------------- -----------------------------
First interim distribution
of 1.24 pence (1.41
Dividend paid 26 euro cents) per Ordinary
June 2020 (1.4) (3.3) Share.
------------ --------------- -----------------------------
Foreign currency
loss (0.1) (0.2)
------------ --------------- -----------------------------
Issue of 5,000,000 new
Ordinary shares on 23
Share issue (0.0) 5.7 June 2020.
------------ --------------- -----------------------------
Other movements Movement in lease incentives
in reserves 0.3 0.7 in the quarter.
------------ --------------- -----------------------------
Net assets as at
30 June 2020 112.8 270.3
------------ --------------- -----------------------------
The EPRA NAV per share is 118.6 Euro cents, which excludes
deferred tax liability and fair value of the FX derivative.
Net Asset Value analysis as at 30 June2020 (unaudited)
EURm % of net assets
Property Portfolio 404.9 149.8%
-------- ----------------
Adjustment for lease incentives (4.7) (1.7%)
-------- ----------------
Fair value of property
portfolio 400.2 148.1%
-------- ----------------
Cash 18.7 6.9%
-------- ----------------
Other Assets 12.7 4.7%
-------- ----------------
Total Assets 431.6 159.7%
-------- ----------------
Bank Loans (143.4) (53.1%)
-------- ----------------
Other Liabilities (10.0) (3.7%)
-------- ----------------
Deferred Tax Liability (7.9) (2.9%)
-------- ----------------
Total Net Assets 270.3 100.0%
-------- ----------------
The NAV per share is based on the external valuation of the
Company's direct property portfolio undertaken by CBRE.
The NAV per share at 30 June 2020 is based on 239 ,500,001
shares of 1 pence each, being the total number of Ordinary Shares
in issue at that time.
Rental Collection Update
No new requests for support have been received from tenants and
rent collection remains strong.
Monthly and quarterly advance payments received in respect of Q3
2020 rental income represent well over 90% of rental income due for
the quarter and this is expected to rise to over 95% after
accounting for previously notified rent free periods.
The Company successfully concluded negotiations with certain
tenants negatively impacted by the COVID-19 pandemic and previously
confirmed that 85% of Q2 rental income due was collected, slightly
in excess of the forecast collection percentage of 82%. As
previously disclosed, for the remaining outstanding rental income,
the Investment Manager agreed short-term rent deferrals and a small
number of rent free periods, in exchange for material lease
extensions.
The Board, through the Investment Manager, continues to closely
monitor the performance of the Company's tenants as they recover
from enforced lockdowns and lighter trading. In light of the Q3
rental collection outcome and the previously agreed tenant
positions, it remains the Board's intention to pay quarterly
distributions in line with the Company's dividend policy.
Dividends
The Directors have today declared a second interim distribution
of 1.24 pence (equivalent to 1.41 euro cents) per Ordinary Share,
in respect of the year ending 31 December 2020. This second interim
distribution will be paid in sterling on 25 September 2020 to
Ordinary Shareholders on the register on 4 September 2020
(ex-dividend date of 3 September 2020).
Evert Castelein, Aberdeen Standard Investments, commented:
"Having witnessed uncertain and difficult times of late, it is
gratifying to see our latest portfolio valuation demonstrate stable
values for the June 2020 quarter end which is a reflection of the
quality and locations of the asset base that we have built up. The
COVID pandemic showed the importance of the real estate logistics
sector across Europe with increasing online retail sales and an
obvious focus on supply chains and their resilience.
With no new requests from tenants for support we have seen
strong levels of rent collection, but nonetheless we continue to
monitor the situation closely for any possible impacts on our
tenant base. We remain, through our local network, in contact with
our tenants and available to support them where and when
required.
There are attractive opportunities across Europe to invest in
high-quality, modern and well-located assets. We believe that the
outlook for European logistics real estate remains compelling,
perhaps even more so now given the impact that the COVID-19 crisis
is likely to have on consumer behaviour and supply chain logistics
in the future.
As the European logistics market evolves, our local managers
expect to see increased levels of interesting investment
opportunities as companies seek to bring certain operations back to
their home territories. Our local transaction managers have an
increased focus on urban logistics warehouses as the importance of
e-commerce accelerates."
Tony Roper, Chairman of the Company, commented:
"The latest Q3 rent collection figures give the Board confidence
and underpin the distribution policy of the Company. Today we have
declared a second distribution for the year of 1.24 pence (1.41
euro cents) per share, in line with our previous guidance. Our
Investment Manager continues to maintain regular dialogue with our
tenants and it is pleasing to note that no further requests for
support have been received.
European logistics have fared well over a period when many other
real estate sectors have seen very challenging times. We remain
confident that the quality of the portfolio that has been built
should deliver solid returns for our shareholders.
There is no doubt that the increased focus on supply chain
management and online sales and deliveries will underpin the
increased interest that we are seeing in this sector of the real
estate market.
The quality, location and age of our assets together with
improving sustainable credentials should give confidence for the
future as we look to build on the European logistics story."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014). Upon the
publication of this announcement via a Regulatory Information
Service this inside information is now considered to be in the
public domain.
The Board is not aware of any other significant events or
transactions which have occurred between 30 June 2020 and the date
of publication of this statement which would have a material impact
on the financial position of the Company.
Details of the Company and its property portfolio may also be
found on the Company's website which can be found at:
http://www.eurologisticsincome.co.uk
For further information please contact:
Luke Mason / Gary Jones
Aberdeen Asset Management PLC
0207 463 6000
The above information is unaudited.
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END
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