TIDMIPT

RNS Number : 6749H

ISIS Property Trust Limited

16 July 2012

   To:                   Company Announcements 
   Date:                16 July 2012 
   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 June 2012 was 96.4 pence. This represents a decrease of 1.8 per cent from the net asset value per share as at 31 March 2012 of 98.2 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 June 2012 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 June 2012 which is expected to be paid in August 2012.

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 March 2012 to 30 June 2012.

 
                                                  Pence       % of 
                                                    per    opening 
                                                  share        NAV 
----------------------------------------------  -------  --------- 
 Net asset value per share as at 31 March 
  2012                                             98.2 
----------------------------------------------  -------  --------- 
 Unrealised decrease in valuation of property 
  portfolio (including the effect of gearing)     (1.6)     (1.6)* 
----------------------------------------------  -------  --------- 
 Realised gains on disposals of investments         0.5        0.5 
----------------------------------------------  -------  --------- 
 Movement in interest rate swap valuation         (0.4)      (0.4) 
----------------------------------------------  -------  --------- 
 Movement in revenue reserves                     (0.3)      (0.3) 
----------------------------------------------  -------  --------- 
 Net asset value per share as at 30 June 
  2012                                             96.4      (1.8) 
----------------------------------------------  -------  ---------

*The un-geared decrease in the valuation of the property portfolio over the quarter to 30 June 2012 was 0.9%.

The net gearing as at 30 June 2012 was 32.6% #.

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

 
 Portfolio Analysis     GBPm         % of     % capital 
                                portfolio         value 
                                    as at      movement 
                                  30 June    in quarter 
                                     2012 
--------------------  ------  -----------  ------------ 
 Offices                49.2         40.2         (0.2) 
--------------------  ------  -----------  ------------ 
 West End               17.4         14.2           0.1 
--------------------  ------  -----------  ------------ 
 South East             19.3         15.8         (0.7) 
--------------------  ------  -----------  ------------ 
 Rest of UK             12.5         10.2             - 
--------------------  ------  -----------  ------------ 
 Retail                 21.5         17.6         (3.1) 
--------------------  ------  -----------  ------------ 
 Rest of London          2.5          2.0             - 
--------------------  ------  -----------  ------------ 
 Rest of UK             19.0         15.6         (3.5) 
--------------------  ------  -----------  ------------ 
 Industrial             24.1         19.7         (0.2) 
--------------------  ------  -----------  ------------ 
 Rest of London          2.2          1.8           2.3 
--------------------  ------  -----------  ------------ 
 South East             16.2         13.2         (0.6) 
--------------------  ------  -----------  ------------ 
 Rest of UK              5.7          4.7             - 
--------------------  ------  -----------  ------------ 
 Retail Warehouse       27.5         22.5         (0.9) 
--------------------  ------  -----------  ------------ 
 Rest of London          7.7          6.3             - 
--------------------  ------  -----------  ------------ 
 Rest of UK             19.8         16.2         (1.2) 
--------------------  ------  -----------  ------------ 
 Total Property        122.3        100.0         (0.9) 
--------------------  ------  -----------  ------------

The property portfolio will next be valued by an external valuer during September 2012 and the net asset value per share as at 30 September 2012 will be announced in October 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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