Net Asset Value(s) (5637Q)
October 21 2011 - 1:00AM
UK Regulatory
TIDMIPT
RNS Number : 5637Q
ISIS Property Trust Limited
21 October 2011
To: Company Announcements
Date: 21 October 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 30 September 2011 was 98.5 pence. This represents a
decrease of 2.7 per cent from the net asset value per share as at
30 June 2011 of 101.2 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 30 September 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 30 September 2011 which is expected to be paid in
November 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 30
June 2011 to 30 September 2011.
Pence % of
per opening
share NAV
Net asset value per share as at 30 June
2011 101.2
------- ---------
Unrealised increase in valuation of property
portfolio (including the effect of gearing) 0.1 0.1*
------- ---------
Movement in interest rate swap valuation (2.5) (2.5)
------- ---------
Movement in revenue reserves (0.3) (0.3)
------- ---------
Net asset value per share as at 30 September
2011 98.5 (2.7)
------- ---------
*The un-geared increase in the valuation of the property
portfolio over the quarter to 30 September 2011 was 0.1%.
The net gearing as at 30 September 2011 was 34.6% #.
# Bank debt (less net current assets) divided by fair value of
investment properties
Portfolio Analysis GBPm % of % capital
portfolio value
as at movement
30 September in quarter
2011
Offices 47.8 37.3 1.8
------ -------------- ------------
West End 15.7 12.2 4.3
------ -------------- ------------
South East 19.7 15.4 1.8
------ -------------- ------------
Rest of UK 12.4 9.7 (1.2)
------ -------------- ------------
Retail 23.2 18.0 (1.2)
------ -------------- ------------
Rest of London 2.5 1.9 -
------ -------------- ------------
Rest of UK 20.7 16.1 (1.3)
------ -------------- ------------
Industrial 29.8 23.1 (1.9)
------ -------------- ------------
Rest of London 2.1 1.6 -
------ -------------- ------------
South East 22.0 17.1 (2.5)
------ -------------- ------------
Rest of UK 5.7 4.4 -
------ -------------- ------------
Retail Warehouse 27.8 21.6 0.6
------ -------------- ------------
Rest of London 7.8 6.0 -
------ -------------- ------------
Rest of UK 20.0 15.6 0.8
------ -------------- ------------
Total Property 128.6 100.0 0.1
------ -------------- ------------
The property portfolio will next be valued by an external valuer
during December 2011 and the net asset value per share as at 31
December 2011 will be announced in January 2012.
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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