F&C Com Pty Tst Ltd Net Asset Value(s)
July 20 2017 - 1:00AM
UK Regulatory
TIDMFCPT
To: Company Announcements
Date: 20 July 2017
Company: F&C Commercial Property Trust Limited
LEI: 213800A2B1H4ULF3K397
Subject: Net Asset Value
Net Asset Value
The unaudited net asset value ('NAV') per share of the Group as at 30 June 2017
was 139.4 pence. This represents an increase of 1.5 per cent from the unaudited
NAV per share as at 31 March 2017 of 137.4 pence and a NAV total return for the
quarter of 2.5 per cent.
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 CBRE Limited.
The NAV includes all income to 30 June 2017 and is calculated after deduction
of all dividends paid prior to that date. As at 30 June 2017, no adjustments
were required to the NAV in respect of dividends for which the share price had
gone ex-dividend.
Share Price
The share price was 145.3 pence per share at 30 June 2017, which represented a
premium of 3.9 per cent to the NAV per share announced above. The share price
total return for the quarter was 1.4 per cent.
Analysis of Movement in NAV
The following table provides an analysis of the movement in the unaudited NAV
per share for the period from 31 March 2017 to 30 June 2017 (including the
effect of gearing):
% of
Pence per opening NAV
GBPm share per share
NAV as at 31 March 2017 1,098.7 137.4
Unrealised increase in valuation of property 18.2 2.3 1.7
portfolio *
Movement in fair value of interest rate swap 0.3 - -
Other net revenue 9.4 1.2 0.9
Dividends paid (12.0) (1.5) (1.1)
NAV as at 30 June 2017 1,114.6 139.4 1.5
* The ungeared increase in the valuation of the property portfolio over the
quarter to 30 June 2017 was 1.4%, after allowing for capital expenditure.
The net gearing at 30 June 2017 was 17.4%.#
# Net gearing: (Borrowings - cash) ÷ total assets (less current liabilities and
cash).
Performance
The capital value growth of 1.4% over the quarter compares favourably with the
IPD Monthly Index, which recorded capital value growth of 1.1% over the same
period.
The major drivers of performance over the quarter related to a 9% increase in
the value of Cassini House, London W1, which is attributable to the completion
of a new lease with the office's major tenant and an agreed refurbishment
programme. The valuation of St. Christopher's Place Estate increased in value
by 3.5%, reflecting the completion of the development at 75 Wigmore Street and
a number of new lettings.
Portfolio Analysis - Sector Breakdown
Market % unrealised
Value % of portfolio movement in
GBPm as at quarter
30 June 2017
Offices 34.8 0.7
474.8
West End 141.7 10.4 6.7
South East 132.8 9.7 -0.3
Rest of UK 182.5 13.4 -2.3
City 17.8 1.3 -4.8
Retail 402.7 29.6 2.7
West End 334.9 24.6 3.3
South East 67.8 5.0 0.0
Industrial 228.2 16.7 1.7
South East 52.0 3.8 1.6
Rest of UK 176.2 12.9 1.8
Retail Warehouse 218.6 16.0 -0.2
Other 39.0 2.9 3.6
Total Property Portfolio 1,363.3 100.0 1.4
Portfolio Analysis - Geographic Breakdown
Market % unrealised
Value % of portfolio movement in
GBPm as at quarter
30 June 2017
West End 476.6 34.9 4.3
South East 357.2 26.2 0.5
Scotland 166.0 12.2 -2.6
Midlands 173.9 12.8 1.2
North West 144.9 10.6 0.3
Eastern 26.9 2.0 0.8
Rest of London 17.8 1.3 -4.8
Total Property Portfolio 1,363.3 100.0 1.4
Top Ten Investments
Sector
Properties valued in excess of GBP250 million
London W1, St Christopher's Place Estate * Retail
Properties valued between GBP70 million and GBP100 million
London SW1, Cassini House, St James's Street Office
Newbury, Newbury Retail Park Retail Warehouse
Properties valued between GBP50 million and GBP70 million
Solihull, Sears Retail Park Retail Warehouse
London SW19, Wimbledon Broadway Retail
Properties valued between GBP40 million and GBP50 million
Crawley, Leonardo House, Manor Royal Office
Properties valued between GBP30 million and GBP40 million
Uxbridge, 3 The Square, Stockley Park Office
Winchester, Burma Road Other
Aberdeen, Unit 2 Prime Four Business Park, Kingswells Office
Manchester, 82 King St Office
*Mixed use property of retail, office and residential space.
Summary Balance Sheet
Pence per % of Net
GBPm share Assets
Property Portfolio per Valuation Report 1,363.3 170.6 122.3
Adjustment for lease incentives (18.9) (2.4) (1.7)
Fair Value of Property Portfolio 1,344.4 168.2 120.6
Current Debtors 22.2 2.8 2.0
Cash 75.0 9.4 6.7
Current Liabilities (17.5) (2.2) (1.6)
Total Assets (less current liabilities) 1,424.1 178.2 127.7
Non-Current liabilities (1.6) (0.2) (0.1)
Interest-bearing loans (307.5) (38.5) (27.6)
Interest rate swap (0.4) (0.1) -
Net Assets at 30 June 2017 1,114.6 139.4 100.0
Property Purchases and Sales
There were no purchases or sales in the quarter.
Borrowings
The Group's borrowings consist of a GBP260 million loan with a term to 31
December 2024 and a fixed interest rate of 3.32 per cent per annum. The Group
also has a GBP50 million bank loan with a term to 21 June 2021 on which the
interest rate has been fixed, through an interest rate swap of the same
notional value and duration, at 2.522 per cent per annum. In addition, the
Board has agreed an additional revolving credit facility of GBP50 million with
Barclays over the same period, to be used for ongoing working capital purposes
and to provide the Group with the flexibility to acquire further property
should the opportunity arise.
The Group's weighted average cost of debt is 3.3 per cent per annum.
Key Information
This statement and further information regarding the Company, including
movements in the share price since the end of the period and the Group's most
recent annual and interim reports, can be found at the Company's website
fccpt.co.uk.
The next quarterly valuation of the property portfolio will be conducted by
CBRE Limited during September 2017 and it is expected that the unaudited NAV
per share as at 30 September 2017 will be announced in October 2017.
This announcement contains inside information.
Enquiries:
Richard Kirby
BMO REP Asset Management plc
Tel: 0207 499 2244
Graeme Caton
Winterflood Securities Limited
Tel: 0203 100 0268
END
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