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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| F&c Commercial Property Trust Limited | LSE:FCPT | London | Ordinary Share | GG00B4ZPCJ00 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 121.20 | 121.40 | 121.60 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMFCPT
To: Company Announcements
Date: 8 February 2017
Company: F&C Commercial Property Trust Limited
Subject: Net Asset Value
Net Asset Value
The unaudited net asset value ('NAV') per share of the Group as at 31 December
2016 was 135.5 pence. This represents an increase of 2.7 per cent from the
unaudited NAV per share as at 30 September 2016 of 132.0 pence and a NAV total
return for the quarter of 3.8 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 31 December 2016 and is calculated after
deduction of all dividends paid prior to that date. As at 31 December 2016 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 136.4 pence per share at 31 December 2016, which
represented a premium of 0.6 per cent to the NAV per share announced above. The
share price total return for the quarter was 12.2 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 30 September 2016 to 31 December 2016 (including
the effect of gearing):
% of
Pence opening
per NAV per
GBPm share share
NAV as at 30 September 2016 1,055.4 132.0
Unrealised increase in valuation of 26.8 3.4 2.6
property portfolio *
Realised increase in valuation of property 0.2 - -
portfolio
Movement in fair value of interest rate 0.8 0.1 0.1
swap
Other net revenue 12.2 1.5 1.1
Dividends paid (12.0) (1.5) (1.1)
NAV as at 31 December 2016 1,083.4 135.5 2.7
* The ungeared increase in the valuation of the property portfolio over the
quarter to 31 December 2016 was 2.1%, after allowing for capital expenditure.
The net gearing at 31 December 2016 was 17.2%.#
# Net gearing: (Borrowings - cash) ÷ total assets (less current liabilities and
cash).
Performance
The capital value growth of 2.1% over the quarter compares favourably with the
IPD Quarterly Index which recorded capital value growth of 1.0% over the same
period.
The portfolio structure was beneficial, having no exposure to shopping centres
and only one small building in the City of London. The sale of 25 Great
Pulteney Street, London W1 and the completion of the commercial units at the
redevelopment of 71-77 Wigmore Street, London W1 were both events contributing
to a strong quarter. The industrial and logistics sector produced good returns
as asset management and a further hardening of capitalisation rates underpinned
performance.
Portfolio Analysis - Sector Breakdown
Market % of portfolio % unrealised
Value as at movement in
GBPm 31 Dec 2016 quarter
Offices 469.4 35.5 1.0
West End 132.7 10.0 2.6
South East 131.6 10.0 0.6
Rest of UK 186.5 14.1 0.3
City 18.6 1.4 0.9
Retail 382.9 29.0 3.4
South East 382.9 29.0 3.4
Industrial 214.5 16.2 5.1
South East 50.5 3.8 6.9
Rest of UK 164.0 12.4 4.5
Retail Warehouse 218.1 16.5 0.1
Other 37.6 2.8 0.0
Total Property Portfolio 1,322.5 100.0 2.1
Portfolio Analysis - Geographic Breakdown
Market % of portfolio % unrealised
Value as at movement in
GBPm 31 Dec 2016 quarter
West End 448.0 33.9 3.5
South East 351.7 26.6 0.9
Scotland 170.2 12.9 0.0
Midlands 164.1 12.4 6.0
North West 142.9 10.8 3.0
Eastern 27.0 2.0 8.1
Rest of London 18.6 1.4 0.9
Total Property Portfolio 1,322.5 100.0 2.1
Top Ten Investments
Sector
Properties valued in excess of GBP200 million
London W1, St Christopher's Place Estate * Retail
Properties valued between GBP70 million and GBP100
million
Newbury, Newbury Retail Park Retail
Warehouse
London SW1, Cassini House, St James's Street Office
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
Uxbridge, 3 The Square, Stockley Park Office
Crawley, Leonardo House, Manor Royal Office
Properties valued between GBP30 million and GBP40
million
Winchester, Burma Road Other
Aberdeen, Unit 2 Prime Four Business Park, Office
Kingswells
Aberdeen, Unit 1 Prime Four Business Park, Office
Kingswells
*Mixed use property of retail, office and residential space.
Summary Balance Sheet
GBPm Pence % of
per Net
share Assets
Property Portfolio per Valuation Report 1,322.5 165.4 122.1
Adjustment for lease incentives (16.5) (2.1) (1.5)
Fair Value of Property Portfolio 1306.0 163.3 120.6
Current Debtors 20.9 2.6 1.9
Cash 85.0 10.6 7.8
Current Liabilities (20.5) (2.5) (1.9)
Total Assets (less current liabilities) 1,391.4 174.0 128.4
Interest-bearing loans (307.3) (38.4) (28.3)
Interest rate swap (0.7) (0.1) (0.1)
Net Assets at 31 December 2016 1,083.4 135.5 100.0
Property Purchases and Sales
The Board announced previously that, on 22 December 2016, the Company completed
the sale of its Freehold interest in 25 Great Pulteney Street, London W1 for GBP
54.4 million, reflecting a net initial yield of 3.95 per cent. The
property comprises a seven-storey building providing high quality,
contemporary, Grade A office accommodation and is fully let to four
tenants. The sale price compares to the valuation as at 30 September 2016 of GBP
51.2 million.
25 Great Pulteney Street is a property that the Company fully redeveloped,
completing in 2011. It was subsequently leased at high rents reflecting the
quality of the building. The most recent re- letting achieved a rent of GBP
96.50psf. The disposal crystallises substantial value for the Company, reduces
its exposure to Central London and allows capital to be deployed into other
opportunities.
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 cost of debt is therefore 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
www.fccpt.co.uk.
The next quarterly valuation of the property portfolio will be conducted by
CBRE Limited during March 2017 and it is expected that the unaudited NAV per
share as at 31 March 2017 will be announced in April 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
(END) Dow Jones Newswires
February 08, 2017 04:45 ET (09:45 GMT)
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