TIDMIPT

RNS Number : 2050F

ISIS Property Trust Limited

20 April 2011

To: Company Announcements

Date: 20 April 2011

Company: ISIS Property Trust Limited

Subject: Net Asset Value

Net asset value

The unaudited net asset value per share of ISIS Property Trust Limited as at 31 March 2011 was 104.1 pence. This represents an increase of 0.7 per cent from the net asset value per share as at 31 December 2010 of 103.4 pence.

The net asset value is based on the external valuation of the Group's property portfolio prepared by DTZ Debenham Tie Leung Limited.

The net asset value is calculated under International Financial Reporting Standards ("IFRS").

The net asset value includes all income to 31 March 2011 and is calculated after deduction of all dividends paid prior to that date. It does not include a provision for the dividend for the quarter to 31 March 2011 which is expected to be paid in May 2011.

Breakdown of NAV movement

Set out below is a breakdown of the change to the unaudited net asset value per share calculated under IFRS over the period from 31 December 2010 to 31 March 2011.

 
                                                  Pence       % of 
                                                    per    opening 
                                                  share        NAV 
 Net asset value per share as at 31 December 
  2010                                            103.4 
                                                -------  --------- 
 Unrealised increase in valuation of property 
  portfolio (including the effect of gearing)       0.0        0.0 
                                                -------  --------- 
 Movement in interest rate swap valuation           1.2        1.2 
                                                -------  --------- 
 Movement in revenue reserves                     (0.5)      (0.5) 
                                                -------  --------- 
 Net asset value per share as at 31 March 
  2011                                            104.1 
                                                -------  ---------

*The un-geared increase in the valuation of the property portfolio over the quarter to 31 March 2011 was 0.0%.

The net gearing as at 31 March 2011 was 31.3% #.

# Bank debt (less net current assets) divided by fair value of investment properties

 
                                     % of 
                                portfolio     % capital 
                                    as at         value 
                                 31 March      movement 
 Portfolio Analysis     GBPm         2011    in quarter 
 Offices                47.0         37.6         (0.5) 
                      ------  -----------  ------------ 
 West End               14.8         11.9             - 
                      ------  -----------  ------------ 
 South East             19.6         15.6         (1.1) 
                      ------  -----------  ------------ 
 Rest of UK             12.6         10.1         (0.2) 
                      ------  -----------  ------------ 
 Retail                 27.4         22.0           0.6 
                      ------  -----------  ------------ 
 Rest of London          5.3          4.2           0.1 
                      ------  -----------  ------------ 
 Rest of UK             22.1         17.8           0.7 
                      ------  -----------  ------------ 
 Industrial             30.4         24.4         (0.3) 
                      ------  -----------  ------------ 
 Rest of London          2.1          1.7             - 
                      ------  -----------  ------------ 
 South East             22.6         18.1         (0.4) 
                      ------  -----------  ------------ 
 Rest of UK              5.7          4.6             - 
                      ------  -----------  ------------ 
 Retail Warehouse       20.0         16.0           0.1 
                      ------  -----------  ------------ 
 Rest of London          7.7          6.2             - 
                      ------  -----------  ------------ 
 Rest of UK             12.3          9.8           0.2 
                      ------  -----------  ------------ 
 Total Property        124.8        100.0           0.0 
                      ------  -----------  ------------

The property portfolio will next be valued by an external valuer during June 2011 and the net asset value per share as at 30 June 2011 will be announced in July 2011.

Enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

Tel: 01481 745001 Fax: 01481 745051

Ian McBryde

Scott Macrae

F&C Investment Business Ltd

Tel: 0207 628 8000 Fax: 0131 225 2375

This information is provided by RNS

The company news service from the London Stock Exchange

END

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