Share Name Share Symbol Market Type Share ISIN Share Description
Axa Property LSE:APT London Ordinary Share GG00BD5J7902 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.125p -0.20% 63.375p 62.75p 64.00p - - - 16,000.00 16:35:29
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 0.0 1.6 2.1 30.5 36.49

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Date Time Title Posts
07/12/201611:27Axa Property622.00

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Axa Property (APT) Top Chat Posts

DateSubject
07/12/2016
08:20
Axa Property Daily Update: Axa Property is listed in the Real Estate Investment & Services sector of the London Stock Exchange with ticker APT. The last closing price for Axa Property was 63.50p.
Axa Property has a 4 week average price of 65.13p and a 12 week average price of 61.79p.
The 1 year high share price is 68.25p while the 1 year low share price is currently 0p.
There are currently 57,577,470 shares in issue and the average daily traded volume is 18,222 shares. The market capitalisation of Axa Property is £36,489,721.61.
30/11/2016
13:16
nk104: Quarterly results are out: QUARTERLY RESULTS Net Asset Value (“NAV”) as at 30 September 2016 was 71.40 pence per share, an increase of 6.3% compared to the prior quarter (30 June 2016: 67.20 pence per share). In the three months to 30 September 2016, the Group made a net profit after tax of £0.43m. The closing share price was 56.63 pence per share at 30 September 2016. Compared to the Net Asset Value per share at 30 September 2016, this represents a discount of 14.77 pence (-20.7%). MANAGED WIND-DOWN STATUS The disposal strategy continues with the marketing of the Trust’s remaining assets. Post-quarter the Company, together with its joint venture partner, completed the sale of the property at Agnadello, Italy. The sales price of €23.2 million (at joint-venture level) reflects a discount of 1.3% below the asset’s independent valuation as at 30 September 2016. At Rothenburg, marketing continued and second-round bids were received during the quarter. A preferred bidder was selected and exclusivity was granted for the bidder to complete detailed due diligence. Post-quarter negotiations are being finalised with the aim of contracting for a sale by the end of December 2016, in which case completion is expected in early 2017. The remaining asset at Curno remains available for sale but interest has been limited despite the asset’s resilient cashflow.
24/10/2014
12:37
nk104: Yes, ultimately if distributions are happening at NAV then the level of the share price is less important.
02/3/2014
17:07
redhill9: Doesn't look too bad to me, or at least no worse than we might have guessed. "Prospects" section below copied from the Chairman's Statement, and final sentence seems an attempt to talk-up the share price The Investment Manager's review of the markets in which the Company operates has identified little sign of discernible improvement, and the implementation of the disposal strategy should be viewed within this context. Nevertheless, having disposed of some of the more challenging properties, those that remain largely have quality income streams, and there is evidence of investment interest. While the two holdings in Northern Italy, a distribution warehouse and a cinema complex, are quality assets, sales prospects are unavoidably affected by the macro environment of that country. The portfolio is steadily producing income, it is relatively lowly geared, market valuation levels seem to have stabilised and the Manager continues to manage holdings in a way that is enhancing value. In addition with the prospect of the expected share redemption the investment Manager is of the opinion that the share price discount of 31% is unduly significant.
30/8/2013
09:40
rearsky: Hello Skyship, totally agree, I see a total of EUR 32m that is 27p per share price of sales agreed to be completed in Q3 and Q4 2013. That is 21% of their property ptfolio and they could afford to repay half of their borrowings.
29/8/2013
10:02
sharpshare: ERET interim results out today. European Real Estate Investment Trust Limited NAV is up 1p to 194p per share. Current share price 80p So discount to NAV is 59% Net LTV 58.4% ERET is also in self liquidation like APT. APT is further ahead in terms of asset sales.
30/9/2012
08:55
skyship: Rooky4 - I'm afraid you may be revealing a little too much from your choice of moniker, but at least you've provided us with one of the more comical factual errors I've yet seen on these Boards. Google the Agnadello map and you'll see the small map is dominated on its Eastern side by the 26,000 sq. m. logistics operation which is our Jt. Venture asset - just 500m SW down the SS472 from the lock-up garage you selected! Pick up the Google man, plonk him down on the road - et voila - a large entrance sign with the clue words: STOCK HOUSE. That modern logistics site is from where the large Italian transport company Di Farco services its supply contract with Procter & Gamble. The yield on the valuation of this property is 8.14%. Most of the rest of our assets are located in Germany - a market where Moneyweek stated this last week: "If you're looking for an investment property, we'd be looking at Germany, which is where all the loose money in the Eurozone is flowing." You can look at APT from the viewpoint of a glass half empty or from the viewpoint of a glass half full - I am very much in the latter camp, in fact if I drop the Agnadello valuation (8.8% of assets), then APT is a glass 91.2% full; and mostly full of highly marketable German retail assets. Now look at share price. The current share price discounts, in fact massively over-discounts all likely bad news. Now is the time to buy for the recovery
02/9/2012
10:51
skyship: Interesting to take a look at the share price performance of a selection of the smaller property companies with European portfolios. MERE & TEIF have outperformed as the former is now in wind-up mode; whilst the latter has been liquidating a good %age of its portfolio. ALPH, APT & IERE have by and large been tracking each other, but the share price mire in which APT has been sharing seems a tad anomalous in view of its far better fundamentals - especially now. I LOVE stockmarket anomalies. Anomalies such as SREI which 3-4 months ago were battered down to an absurd 11% yield as Lloyds sold down its holding - they've risen 23% since the tap exhausted! At the moment I seem to be a bit out on a limb viewing this as a great BUY. Hopefully others will take a look and come to the same conclusion that @ 29.5p this has zilch downside and very serious upside potential... free stock charts from uk.advfn.com
02/9/2010
08:50
davebowler: CORPORATE SUMMARY - The Company's unaudited Consolidated Net Asset Value at 30 June 2010 was GBP78.01 million (78.01 pence per share); - The fourth interim dividend of 0.75 pence per share in respect of the year ending 30 June 2010 was declared on 5 August 2010 and is due for payment on 27 August 2010; - Documentation regarding the waiver of the existing Loan to Value breach of the loan facility with Credit Agricole (announced in the most recent Interim Management Statement RNS dated 19 May 2010) has now been completed and the loan facility is no longer in breach of any covenants ; - With the waiver finalised, discussions have advanced on the refinancing with the main activity revolving around due diligence and site visits by prospective lenders; - A new currency hedging strategy is in place in order to (i) more closely match the foreign currency exposures of the fund with short term instruments, (ii) allow the Company to be more proactive if exchange rates remain volatile and (iii) ease the refinancing of the main loan facility; - Planned construction works have commenced at Fuerth to provide a new Edeka supermarket with completion due early 2011. CONSOLIDATED PERFORMANCE SUMMARY (UNAUDITED) +--------------------+-----------+------------+------------+ | | Unaudited | Unaudited | | +--------------------+-----------+------------+------------+ | | 9 months | 12 months | | | | ended | ended | | +--------------------+-----------+------------+------------+ | | 31 March | 30 June | Quarterly | | | 2010 | 2010 | Movement | +--------------------+-----------+------------+------------+ | | Pence per | Pence per | Pence | | | share | share | per | | | | | share | | | | | /(%) | +--------------------+-----------+------------+------------+ | Net Asset Value | 78.49 | 78.01 | -0.48 | | per share | | | (-0.61%) | +--------------------+-----------+------------+------------+ | Earnings per share | -8.77 | -1.07 | +7.70 | +--------------------+-----------+------------+------------+ | Dividend declared | 2.25 | 3.00 | +0.75 | | in the period | | | | +--------------------+-----------+------------+------------+ | Share price (mid | 50.5 | 46.5 | -4.0 | | market) | | | (-7.92%) | +--------------------+-----------+------------+------------+ | Share price | 35.7% | 40.4% | +4.7 | | discount to Net | | | percentage | | Asset Value | | | pts | +--------------------+-----------+------------+------------+ +----------------------+------------+------------+ | Total return | Unaudited | Unaudited | +----------------------+------------+------------+ | | 9 months | 12 months | | | ended | ended | +----------------------+------------+------------+ | | 31 March | 30 June | | | 2010 | 2010 | +----------------------+------------+------------+ | Net Asset Value | -3.3% | -3.0% | | Total Return | | | +----------------------+------------+------------+ | Share price Total | | | | Return | | | +----------------------+------------+------------+ | - AXA Property Trust | 30.1% | 21.6% | +----------------------+------------+------------+ | - FTSE All Share | 37.4% | 21.1% | | Index | | | +----------------------+------------+------------+ | - FTSE Real Estate | 35.3% | 18.0% | | Investment Trust | | | | Index* | | | +----------------------+------------+------------+ *FTSE Real Estate Index is not available Source: Datastream; AXA Real Estate Total net profit was GBP7.70 million (7.70 pence per share) for the three months to 30 June 2010, including GBP1.22 million of "revenue" profit (excluding capital items such as revaluation of property) and GBP6.48 million "capital" profit analysed as follows: +------------------------+------------+------------+------------+ | | Unaudited | Unaudited | Unaudited | +------------------------+------------+------------+------------+ | | 9 months | 12 | 3 months | | | ended | months | ended | | | | ended | | +------------------------+------------+------------+------------+ | | 31 March | 30 June | 30 June | | | 2010 | 2010 | 2010 | +------------------------+------------+------------+------------+ | | GBPmillion | GBPmillion | GBPmillion | +------------------------+------------+------------+------------+ | Net property income | 8.83 | 11.60 | 2.77 | | | | | | +------------------------+------------+------------+------------+ | Net foreign exchange | -0.94 | -0.66 | 0.28 | | (losses)/gains | | | | +------------------------+------------+------------+------------+ | Investment Manager's | -1.01 | -1.35 | -0.34 | | fees | | | | +------------------------+------------+------------+------------+ | Other income and | -1.09 | -1.46 | -0.37 | | expenses | | | | +------------------------+------------+------------+------------+ | Net finance costs | -2.97 | -3.98 | -1.01 | | | | | | +------------------------+------------+------------+------------+ | Current tax | -0.47 | -0.58 | -0.11 | | | | | | +------------------------+------------+------------+------------+ | Revenue profit | 2.35 | 3.57 | 1.22 | +------------------------+------------+------------+------------+ | | | | | +------------------------+------------+------------+------------+ | Unrealised losses on | -7.76 | -9.39 | -1.63 | | revaluation of | | | | | property | | | | +------------------------+------------+------------+------------+ | Unrealised | 0.86 | -0.55 | -1.41 | | gains/(losses) on | | | | | revaluation of Porto | | | | | Kali investment (loan | | | | | receivable) | | | | +------------------------+------------+------------+------------+ | Unrealised | -3.94 | 5.83 | 9.77 | | (losses)/gains on | | | | | derivatives (hedging | | | | | interest rate and | | | | | foreign exchange | | | | | exposures) | | | | +------------------------+------------+------------+------------+ | Net foreign exchange | 0.01 | -0.10 | -0.11 | | gains/(losses) | | | | +------------------------+------------+------------+------------+ | Deferred tax | -0.29 | -0.43 | -0.14 | | | | | | +------------------------+------------+------------+------------+ | Capital (loss)/profit | -11.12 | -4.64 | 6.48 | +------------------------+------------+------------+------------+ | | | | | +------------------------+------------+------------+------------+ | Total net | -8.77 | -1.07 | 7.70 | | (loss)/profit | | | | +------------------------+------------+------------+------------+ NET ASSET VALUE The unaudited Company's Consolidated Net Asset Value per share of AXA Property Trust Limited (the "Company") as at 30 June 2010 was 78.01 pence (78.49 pence as at 31 March 2010). The Net Asset Value attributable to the Ordinary Shares is calculated under International Financial Reporting Standards. It includes all current year income and is calculated after the deduction of dividends paid prior to 30 June 2010, but does not include provision for the quarterly interim dividend of 0.75 pence per share announced on 5 August 2010 and to be paid on 27 August 2010. The GBP0.48 million decrease in Net Asset Value over the quarter ended 30 June 2010 can be analysed as follows: +------------------------------+------------+------------+ | | Unaudited | Unaudited | +------------------------------+------------+------------+ | | 12 | 3 months | | | months | | +------------------------------+------------+------------+ | | GBPmillion | GBPmillion | +------------------------------+------------+------------+ | Opening Net Asset Value | 1 July | 1 April | | | 2009 | 2010 | +------------------------------+------------+------------+ | | 83.46 | 78.49 | +------------------------------+------------+------------+ | Net (loss)/profit | -1.07 | 7.70 | +------------------------------+------------+------------+ | Unrealised gains on | 2.05 | 0.46 | | derivatives | | | +------------------------------+------------+------------+ | Dividends paid | -3.00 | -0.75 | | | | | +------------------------------+------------+------------+ | Foreign exchange | -3.43 | -7.89 | | translation losses | | | +------------------------------+------------+------------+ | Closing Net Asset Value 30 | 78.01 | 78.01 | | June 2010 | | | +------------------------------+------------+------------+ During the quarter, the portfolio valuation declined by GBP1.28 million (EUR1.57 million) (0.96 %). Taking account of foreign exchange movements in addition to this fall the sterling valuation of the property portfolio decreased by GBP13.29 million (9.1%) to GBP132.95 million. The Company's net property yield on current market valuation (after acquisition and operating costs) as at 30 June 2010 was 7.50% (7.52% as at 31 March 2010). SHARE PRICE AND DISCOUNT TO NET ASSET VALUE As at close of business on 30 June 2010, the mid market price of the Company's shares on the London Stock Exchange was 46.5 pence, representing a discount of 40.4% on the Company's Net Asset Value at 30 June 2010 and a 6.5% annual dividend yield. As at close of business on 17 August 2010, the mid market price of the Company's shares was 49.50 pence, representing a discount of 36.5% on the Company's Net Asset Value at 30 June 2010 and a 6.1% annual dividend yield. DIVIDENDS The fourth interim dividend of 0.75 pence per share in respect of the year ending 30 June 2010 was declared on 5 August 2010, with an ex-dividend date of 11 August 2010, record date of 13 August 2010 and payment date of 27 August 2010. The cumulative interim dividends of GBP3.00 million declared in respect of the 12 months period ended 30 June 2010 were 119% covered by "revenue" profits and 134% covered by operating cash flow (excluding capital expenditure and foreign exchange). STRATEGY AND MARKET Country Allocation at 30 June 2010 Country % of portfolio Germany 60% Netherlands 19% Italy 17% Belgium 4% Sector Allocation 30 June 2010 Sector % of portfolio Retail 58% Industrial 18% Office 15% Leisure 9% AXA Real Estate, the Company's Real Estate Adviser, anticipates that while there remains downward pressure on rents in occupational markets, this is expected to have largely come to an end by mid-2011. The portfolio's income stream is well secured against strong tenant covenants and a tenant base that is weighted towards the defensive food retail sector maintaining a low vacancy rate. The focus on rental income, comprehensive management of tenants, leases and the physical assets remain a priority for the portfolio. The Investment Manager continues to monitor the markets with a view to undertaking a measure of geographic re-allocation of assets. As a first stage in the process one property is currently under offer for sale in Germany. FUND GEARING +--------------------------+------------+------------+--------------+ | | Unaudited | Unaudited | | +--------------------------+------------+------------+--------------+ | | 31 March | 30 June | Movement | | | 2010 | 2010 | | +--------------------------+------------+------------+--------------+ | | GBPmillion | GBPmillion | GBPmillion | | | /% | /% | /% | +--------------------------+------------+------------+--------------+ | Property portfolio | 146.25 | 132.95 | -13.3 | | | | | (-9.1%) | +--------------------------+------------+------------+--------------+ | Borrowings | 78.20 | 71.52 | -6.68 | | | | | (-8.5%) | +--------------------------+------------+------------+--------------+ | Total gross gearing | 53.5% | 53.8% | +0.3 | | excluding Porto Kali | | | percentage | | | | | pts | +--------------------------+------------+------------+--------------+ | Total net gearing | 41.4% | 42.3% | +0.9 | | excluding Porto Kali | | | percentage | | | | | pts | +--------------------------+------------+------------+--------------+ | Total gross gearing | 56.6% | 57.2% | +0.6 | | including Porto Kali | | | percentage | | | | | pts | +--------------------------+------------+------------+--------------+ Fund gearing increased by 0.3 percentage points over the quarter to 53.8% as at 30 June 2010. Fund gearing is included to provide an indication of the overall indebtedness of the Company and does not relate to any covenant terms in the Company's loan facilities. Gross gearing is calculated as debt over property portfolio at fair value. Net gearing is calculated as debt less cash over property portfolio at fair value. LOAN FACILITIES +-------------------------------+-----------+-----------+---------+ | Gross Loan to Value Covenants | Unaudited | Unaudited | | +-------------------------------+-----------+-----------+---------+ | | 31 March | 30 June | Maximum | | | 2010 | 2010 | | +-------------------------------+-----------+-----------+---------+ | Main loan facility | 53.1% | 53.5% | 55.0% | +-------------------------------+-----------+-----------+---------+ | Joint venture Property Trust | 57.1% | 58.8% | 65.0% | | Agnadello S.r.l. | | | | +-------------------------------+-----------+-----------+---------+ | Consortium investment Porto | 74.6% | 77.5% | 80.0% | | Kali | | | | +-------------------------------+-----------+-----------+---------+ +--------------------------+-----------+-----------+-----------+-----------+ | | Unaudited | Unaudited | Unaudited | Unaudited | +--------------------------+-----------+-----------+-----------+-----------+ | Interest Cover Ratio at | Historic | Minimum | Projected | Gross | | 30 June 2010 | | | | rental | | | | | | income | | | | | | headroom | +--------------------------+-----------+-----------+-----------+-----------+ | Main loan facility | 315.0% | 250.0% | 655.7% | 61.9% | | covenant | | | | | +--------------------------+-----------+-----------+-----------+-----------+ | Joint venture Property | 371.5% | 125.0% | 494.1% | 74.7% | | Trust Agnadello S.r.l. | | | | | +--------------------------+-----------+-----------+-----------+-----------+ | Consortium investment | 197.0% | 120.0% | 329.0% | 52.0% | | Porto Kali | | | | | +--------------------------+-----------+-----------+-----------+-----------+ Interest Cover Ratio (ICR) is calculated as net financing expense payable as a percentage of gross rental income (or in the case of Property Trust Agnadello, net rental income) less movement in arrears. Projected net financing expense payable assumes prevailing floating interest rates for the majority of the year. Gross rental income headroom is based on projected interest cover. MAIN LOAN FACILITY Having finalised the waiver the Investment Manager has stepped-up negotiations with potential lenders in respect of a full refinancing of the loan facility. Prospective lenders are at differing stages in their credit approval processes and are currently undertaking due diligence and site visits. It is expected to achieve full credit approval with preferred banks during September. The board continuesto review and monitor progress on the planned refinancing closely. The Company's loans with Credit Agricole have been fully hedged at an average rate of 5.21% via interest rate swaps which matured during July 2010 and are now hedged via interest rate caps at a strike rate of 4.50% until April 2011 when the loan facility expires. FOREIGN CURRENCY HEDGE OF NET INVESTMENT (FRA) The Board, following advice from the Investment Manager, has approved a new hedging strategy which more closely offsets short term foreign currency fluctuations, matches the net assets exposed to foreign currency and allows the Company to be more proactive if exchange rates remain volatile. This new strategy will be implemented through the use of derivatives with maturities of between three months and twelve months with a nominal value approximate to the Company's net asset value. The further benefit of this new hedging strategy will be to smooth the continuing refinancing negotiations to ensure its successful completion due to the less onerous security required for shorter term instruments. As such, on 12 August 2010, the Investment Manager closed out two of the original three FRAs in place with Credit Agricole for a total face value of EUR80 million of the total EUR120 million. The cash impact of closing these two trades was EUR633,000 in favour of the bank and this was met from the Company's cash resources. The trades are NAV neutral as the cash outflow of EUR633,000 extinguishes the liability of the same value. The third FRA is planned to be closed in the coming weeks. CAPITAL EXPENDITURE AND CASH POSITION The Company and its subsidiaries held total cash of GBP15.47 million (EUR18.90 million) at 30 June 2010 (31 March 2010: GBP17.56, EUR19.68). The decrease in cash over the quarter to 30 June 2010 is mainly due to the weakening of the Euro against Sterling and some capital expenditure. GBP9.95 million (EUR12.16 million) cash is held on short term deposit to be realised as required for the capital expenditure programme and other cash requirements including GBP4.30 million (EUR4.8 million) committed for the development of the Company's retail asset in Fuerth. OUTLOOK The portfolio's income stream remains well protected with a low vacancy rate of 2.6% in respect to the directly held portfolio. AXA Real Estate in-territory asset management teams are currently in the process of renewing lease contracts with several tenants where leases are due to expire in 2011. Although rental values are coming under pressure across Europe, rents paid in particular by German supermarkets, an important sub-sector for the Company, are expected to remain stable or decline only marginally in the coming year. In addition to the development project at Fuerth, limited and highly targeted landlord investment is budgeted to facilitate letting and renewal projects where improved value can be captured. Expenditure is only undertaken once a new lease has been signed. We believe that investment yields are now stabilising following significant re-pricing across the continent. With strong property fundamentals and a conservative financing approach, we are confident that the Company remains well positioned as European economies emerge from recession. In the new market environment which is emerging the Investment Manager, supported by AXA Real Estate local teams across Europe, plan to dispose of selected properties from its German portfolio. Proceeds will be reinvested in territories where the Investment Manager sees value growth potential.
19/5/2010
09:16
davebowler: In profit now on the Exchange rate derivatives; Subject: Interim Management Statement 31 March 2010 CORPORATE SUMMARY - Documentation regarding the waiver of the existing Loan to Value breach of the loan facility with Credit Agricole has now been agreed. Main terms of the waiver are included in the statement; - With the waiver finalised, discussions are now re-focussed on refinancing as soon as possible, with the main activity revolving around the current negative mark to market value of the long term forward rate hedging agreements.; - Net asset value rises by 3.1% for the quarter to end March 2010; - The third cash covered interim dividend of 0.75p due for payment on 28 May 2010; - Asset management initiative continues in Fuerth, Germany as planned and lettings and lease renewals continue at Dasing, Koethen and Bernau; - The investment manager is undertaking a strategic review of the portfolio allocation, with a particular focus on the significant exposure to Germany. CONSOLIDATED PERFORMANCE SUMMARY (UNAUDITED) Unaudited Unaudited 6 months ended 9 months ended 31 December 2009 31 March 2010 Quarterly Movement Pence per share Pence per share Pence per share /(%) Net Asset Value per share 76.13 78.49 +2.36 (+3.1%) Earnings per share -10.65 -8.77 1.88 Dividend declared in the period 1.50 2.25 0.75 Share price (mid market) 53.0 50.5 -2.5 (-4.72%) Share price discount to Net Asset Value 30.4% 35.7% +5.3 percentage pts Total return Unaudited Unaudited 6 months ended 9 months ended 31 December 2009 31 March 2010 Net Asset Value Total Return -7.0% -3.3% Share price Total Return - AXA Property Trust 34.7% 30.1% - FTSE All Share Index 29.1% 37.4% - FTSE Real Estate Investment Trust Index* 36.3% 35.3% *FTSE Real Estate Index is not available Source: Datastream; AXA Real Estate Total net profit was £1.88 million (1.88 pence per share) for the three months to 31 March 2010, including £0.84 million of "revenue" profit (excluding capital items such as revaluation of property) and £1.04 million "capital" profit analysed as follows: Unaudited Unaudited Unaudited 6 months ended 9 months ended 3 months ended 31 December 2009 31 March 2010 31 March 2010 £million £million £million Net property income 5.94 8.83 2.89 Investment Manager's fees -0.64 -1.01 -0.37 Other income and expenses -1.58 -2.03 -0.45 Net finance costs -2.02 -2.97 -0.95 Current tax -0.19 -0.47 -0.28 Revenue profit 1.51 2.35 0.84 Unrealised losses on revaluation of property -7.70 -7.76 -0.06 Unrealised gain on revaluation of Porto Kali investment (loan receivable) 0.86 0.86 0.00 Unrealised (losses)/gains on derivatives (hedging interest rate and foreign exchange exposures) -5.38 -3.94 1.44 Other income and expenses 0.01 0.01 0.00 Deferred tax 0.05 -0.29 -0.34 Capital (loss)/profit -12.16 -11.12 1.04 Total net (loss)/profit -10.65 -8.77 1.88 The Company's net property yield on current market valuation (after acquisition and operating costs) as at 31 March 2010 was 7.52% (7.50% as at 31 December 2009). NET ASSET VALUE The unaudited Company's Consolidated Net Asset Value per share of AXA Property Trust Limited (the "Company") as at 31 March 2010 was 78.49 pence (76.13 pence as at 31 December 2009). The Net Asset Value attributable to the Ordinary Shares is calculated under International Financial Reporting Standards. It includes all current year income and is calculated after the deduction of dividends paid prior to 31 March 2010, but does not include provision for the quarterly interim dividend of 0.75 pence per share announced on 5 May 2010 and to be paid 28 May 2010. The £2.36 million increase in Net Asset Value over the quarter ended 31 March 2010 can be analysed as follows: Unaudited Unaudited 9 months 3 months £million £million Opening Net Asset Value 1 July 2009 1 January 2010 83.46 76.13 Net (loss)/profit -8.77 1.88 Unrealised gains on derivatives 1.59 0.87 Dividends paid -2.25 -0.75 Foreign exchange translation gains 4.46 0.36 Closing Net Asset Value 31 March 2010 78.49 78.49 During the quarter the Sterling valuation of the property portfolio increased by £0.56 million (0.4%) to £146.25 million. Excluding foreign exchange translation movements the portfolio valuation declined by £0.06 million (0.04%). SHARE PRICE AND DISCOUNT TO NET ASSET VALUE As at close of business on 31 March 2010, the mid market price of the Company's shares on the London Stock Exchange was 50.5 pence, representing a discount of 35.7% on the Company's Net Asset Value at 31 March 2010. As at close of business on 18 May 2010, the mid market price of the Company's shares was 49.25 pence, representing a discount of 37.3% on the Company's Net Asset Value at 31 March 2010. DIVIDENDS The third interim dividend of 0.75 pence per share in respect of the year ending 30 June 2010 was declared on 5 May 2010, with an ex-dividend date of 12 May 2010, record date of 14 May 2010 and payment date of 28 May 2010. The cumulative interim dividends of £2.25 million declared in respect of the 9 months period ended 31 March 2010 were 104% covered by "revenue" profits and 141% covered by operating cash flow (excluding capital expenditure and foreign exchange). STRATEGY AND MARKET Country Allocation at 31 March 2010 Country % of portfolio Germany 59% Netherlands 20% Italy 17% Belgium 4% Sector Allocation 31 March 2010 Sector % of portfolio Retail 58% Industrial 18% Office 15% Leisure 9% AXA Real Estate, the Company's Real Estate Adviser, believes that pricing in the Continental European real estate market has now reached a trough in many territories. While there remains downward pressure on rents in occupational markets, this has now largely been incorporated into market pricing. In this environment, the Real Estate Adviser and AXA Investment Managers UK Limited (the Company's Investment Manager) continue to maintain their focus on rental income as a first priority. The portfolio's income stream is well secured against strong tenant covenants and benefits from a low vacancy rate. The portfolio tenant base is weighted towards the defensive food retail sector and enjoys a weighted average lease length of 5.5 years. This figure is set to increase over 2010 as letting projects currently underway come to fruition. FUND GEARING Unaudited Unaudited 31 December 2009 31 March 2010 Movement £million /% £million /% £million /% Property portfolio 145.69 146.25 0.6 (0.4%) Borrowings 77.87 78.20 0.33 (0.42%) Total gross gearing excluding Porto Kali 53.4% 53.5% 0.1 percentage pts Total net gearing excluding Porto Kali 41.3% 41.4% 0.1 percentage pts Total gross gearing including Porto Kali 56.6% 56.6% 0.0 percentage pts Fund gearing increased by 0.1 percentage points over the quarter to 53.5% as at 31 March 2010. Fund gearing is included to provide an indication of the overall indebtedness of the Company and does not relate to any covenant terms in the Company's loan facilities. Gross gearing is calculated as debt over property portfolio at fair value. Net gearing is calculated as debt less cash over property portfolio at fair value. LOAN FACILITIES Gross Loan to Value Covenants Unaudited Unaudited 31 December 2009 31 March 2010 Maximum Main loan facility 52.86% 53.1% 50.0% Joint venture Property Trust Agnadello S.r.l. 59.6% 57.1% 65.0% Consortium investment Porto Kali 74.32% 74.6% 80.0% Unaudited Unaudited Unaudited Unaudited Interest Cover Ratio at 31 March 2010 Historic Minimum Projected Gross rental income headroom Main loan facility covenant 318.0% 250.0% 743.8% 66.4% Joint venture Property Trust Agnadello S.r.l. 301.7% 125.0% 392.8% 68.2% Consortium investment Porto Kali 213.0% 120.0% 242.0% 37.7% Interest Cover Ratio (ICR) is calculated as net financing expense payable as a percentage of gross rental income less movement in arrears. (In the case of Property Trust Agnadello, ICR is calculated as net financing expense payable as a percentage of net rental income less movement in arrears). Gross rental income headroom is based on projected interest cover. MAIN LOAN FACILITY Following the lapse of the of the Loan to Value ("LTV") waiver announced in the most recent Net Asset Value RNS (dated 9 February 2010), in May 2010 the Investment Manager has finalised terms for a waiver of the prevailing LTV breach with Credit Agricole Corporate & Investment Bank on the Company's £70.11 million (€78.6 million) long term debt facility. The key terms of the waiver are as follows: a) No paydown required to cure the existing LTV breach; b) LTV covenant increased from 50% to 55% until expiry of the loan facility on 3 April 2011; c) No further quarterly LTV testing until 30 November 2010; d) Security over the assets via mortgages (and other securities) to be given in favour of the lenders and; e) Increase in interest margin by 55 basis points based on the current market rate (from 0.85% to 1.40%). The Board and the Investment Manager continue to seek the best refinancing terms for the Fund going forward. Negotiations with the lenders (Credit Agricole and Landesbank Berlin) on the refinancing, although protracted, have so far been positive and both parties are in the process of evaluating solutions. Having finalised the waiver the Investment Manager will now step up negotiations with the lenders in respect of a full refinancing of the loan facility. The board continue to review and monitor progress on the planned refinancing closely. The Company and its subsidiaries held total cash of £17.56 million (€19.68 million) at 31 March 2010. £11.6 million (€13.0 million) cash is held on short term deposit to be realised as required for the capital expenditure programme and other cash requirements including £4.30 million (€4.8 million, previously budgeted at €5.3 million) committed for the development of the Company's retail asset in Fuerth, Germany which was announced in December 2009 (RNS dated 15 December 2009) and a further £1.50 million (€1.70 million) allocated but uncommitted to potential projects at Dasing, Koethen and Bernau. The Company's loans with Credit Agricole are fully hedged at an average rate of 5.21% via interest rate swaps until July 2010 and then by interest rate caps at a strike rate of 4.50% until April 2011 when the loan facility expires. OUTLOOK As continental Europe emerges from recession the Investment Manager is undertaking a strategic review of portfolio allocation, with a focus on the significant exposure to Germany. The defensive retail properties held by the Company in Germany proved to be relatively resilient in terms of both value and income security during the recession. Looking forward the Investment Manager believes this sector continues to deserve a significant allocation, but also recognises that attractive opportunities now exist in other European territories. In particular opportunities are being examined in the industrial and office sectors in both France and Spain. In 2010 the Investment Manager aims to make selected disposals from the German portfolio. Disposal decisions will be based both on future return prospects, and the opportunity to maximise value creation following the successful completion of an asset management initiative. AXA Real Estate continues to progress management projects across the portfolio. Construction at Fuerth is due to commence shortly following successful signing of a lease with the major supermarket anchor tenant and is due for delivery in January 2011. Further lettings and lease renewals are being negotiated with tenants at Fuerth as well as Dasing, Koethen and Bernau. Once finalised over the coming months, these lettings are expected to have a positive impact on total rental income, as well as significantly increasing the portfolio's weighted average lease length.
12/1/2009
20:42
qwazi: Here's a note I just posted on the CP+ thread: £159 million property portfolio, mainly German retail, at 30 September 2008. £70 million of borrowings and £17.8 million of cash. Giving gearing of 44% or 33% if you net off the cash. NAV 113p, share price 22p, discount to NAV - 81%. Was 40p at the beginning of Dec, then sold off hard bottoming at around 16p, I think this was due to being ejected from the FTSE-All share index and hence forced selling from trackers. The market concern is on the debt I think. Although the LTV is only 44%, their loan covenant is at 50%. So they will probably breach. But... does it really matter? The interest cover on the loan is 328%, so they can easily afford to step up the interest payments substantially (like IERE). What we've seen so far in the sector is that as long as you can service your debt, the lending banks are not interested in defaulting the loan. But... let's just say, worst case, that Calyon does recall the loan and forces a fire sale of the assets. The portfolio is currently priced off a 6.5% yield - what's it worth on a fire sale? 8%? 9%? Let's call it 10%. With £10m of rent that would give a portfolio valuation of £100m, less the net debt of £52m, gives a value for the equity of £48m or 48p per share. I see that as the worst case scenario. Assuming they do renegotiate the debt, which I'm sure they will, then one can value the portfolio on a more realistic basis. Difficult to say what "realistic" is in today's market but I would venture 8%, which would give a share price of 76p.
Axa Property share price data is direct from the London Stock Exchange
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