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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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To: Company Announcements
Date: 31 July 2019
Company: BMO Commercial Property Trust Limited
LEI: 213800A2B1H4ULF3K397
Subject: Net Asset Value
Net Asset Value
The unaudited net asset value ('NAV') per share of the Group as at 30 June 2019
was 136.3 pence. This represents a decrease of -1.2 per cent from the unaudited
NAV per share as at 31 March 2019 of 137.9 pence and a NAV total return for the
quarter of -0.1 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 30 June 2019 and is calculated after deduction
of all dividends paid prior to that date. As at 30 June 2019, 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 111.80 pence per share at 30 June 2019, which represented a
discount of 18.0 per cent to the NAV per share announced above. The share price
total return for the quarter was -5.3 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 31 March 2019 to 30 June 2019 (including the
effect of gearing):
% of
Pence opening
per NAV per
GBPm share share
NAV as at 31 March 2019 1,102.6 137.9
Unrealised decrease in valuation of (10.4) (1.3) (0.9)
property portfolio *
Realised loss on sale of property (0.6) (0.1) (0.1)
Movement in fair value of interest rate (0.1) 0.0 0.0
swap
Other net revenue 10.3 1.3 0.9
Dividends paid (12.0) (1.5) (1.1)
NAV as at 30 June 2019 1,089.8 136.3 (1.2)
* The ungeared decrease in the valuation of the property portfolio over the
quarter to 30 June 2019 was -0.8%, after allowing for capital expenditure.
The net gearing at 30 June 2019 was 20.4%. #
# Net gearing: (Borrowings - cash) ÷ total assets (less current liabilities and
cash).
Market
The market delivered a 0.6 per cent all-property total return in the quarter
ended June 2019 according to the MSCI UK Monthly Property Index for standing
investments. All-property capital values fell by -0.7% over the three-month
period, with June 2019 representing the eighth consecutive month of decline.
The retail market continued to be affected by Company Voluntary Arrangements,
administrations and store rationalisation programmes. The sector delivered a
quarterly total return of -0.9 per cent, with negative returns in most parts of
the market. Central London shops were an exception delivering a modest 0.3 per
cent total return.
The office market recorded a 0.9 per cent total return, led by offices outside
Central London. This is slightly below the rate seen in the previous quarter.
The industrial market continued to drive performance with a 1.7 per cent total
return. This was in line with the previous quarter's performance but represents
a deceleration from the pace of the previous few years. The alternatives sector
out-performed the all-property average.
The quarter was notable for the continued weakness in investment activity. Most
parts of the market are now seeing below average levels of transactions.
Performance is being supported by the income return. This was unchanged in the
quarter at 1.3 percent and was 5.2 per cent on an annual basis.
Performance
The Company's portfolio delivered a total return of 0.3 per cent over the
quarter. The capital value of the portfolio decreased by -0.8 per cent and the
income return was 1.1 per cent.
The Company's retail properties were the worst performing sector recording a
total return of -0.6 per cent. Within the retail sector, retail warehouses
recorded a total return of -2.4 per cent with both Newbury Retail Park and
Solihull Retail Park experiencing valuation falls of -3.5 per cent and -4.6 per
cent respectively. These falls were attributable to market related
capitalisation rates moving out, whilst the estimated rental values are
supported by recent letting progress on the parks. The Managers continue to
work on a number of initiatives to re-let the units affected by tenant defaults
and these are progressing but still dependent upon securing revised planning
consents.
The Company's offices were the best performing sector producing a total return
of 1.2 per cent. The portfolio void rate was 5.0 per cent.
Investment Activity
There were no sales or purchases during the quarter.
Leasing Activity
The letting of Unit 8 (ex-Poundworld) at Newbury Retail Park completed to
Hobbycraft at a rent of GBP215,578 per annum.
The 4th floor at 7 Birchin Lane was let at a rent of GBP152,955 per annum, whilst
in July Leica Cameras completed a lease of the 4th floor at 6-8 James Street at
a rent of GBP121,500 per annum.
Portfolio Analysis - Sector Breakdown
Portfolio % of % like for
Value portfolio as like capital
GBPm at value shift
30 June 2019 (excl
transactions)
Offices 546.6 39.5 0.3
West End 204.6 14.8 0.0
South East 91.9 6.6 1.0
South West 33.4 2.4 0.0
Rest of UK 196.3 14.2 0.2
City 20.4 1.5 -0.1
Retail 309.1 22.4 -1.0
West End 235.1 17.0 -1.2
South East 42.3 3.1 -1.9
Rest of UK 31.7 2.3 -0.4
Industrial 251.9 18.2 -0.8
South East 30.1 2.2 0.0
Rest of UK 221.8 16.0 -0.9
Retail 146.6 10.6 -3.5
Warehouse
Alternatives 128.9 9.3 -0.1
Total Property 1,383.1 100.0 -0.8
Portfolio
Portfolio Analysis - Geographic Breakdown
Market % of portfolio
Value as at
GBPm 30 June 2019
West End 498.5 36.0
South East 298.8 21.6
Scotland 174.8 12.6
Midlands 164.8 11.9
North West 162.7 11.8
South West 33.3 2.4
Eastern 30.0 2.2
Rest of London 20.2 1.5
Total Property Portfolio 1.383.1 100.0
Top Ten Investments
Sector
Properties valued in excess of GBP250 million
London W1, St Christopher's Place Estate * Mixed
Properties valued between GBP100 million and GBP150
million
London SW1, Cassini House, St James's Street Office
Properties valued between GBP50 million and GBP70
million
Newbury, Newbury Retail Park Retail
Warehouse
Solihull, Sears Retail Park Retail
Warehouse
London SW19, Wimbledon Broadway** Mixed
Properties valued between GBP40 million and GBP50
million
Crawley, Leonardo House, Manor Royal Office
Winchester, Burma Road Alternative
Manchester, 82 King St Office
Properties valued between GBP30 million and GBP40
million
Aberdeen, Unit 2 Prime Four Business Park, Office
Kingswells
Aberdeen, Unit 1 Prime Four Business Park, Office
Kingswells
*Mixed use property of retail, office, food/beverage and residential space.
**Mixed use property of retail, food/beverage and leisure space.
Summary Balance Sheet
GBPm Pence % of
per Net
share Assets
Property Portfolio 1,383.1 173.0 126.9
Adjustment for lease incentives (21.4) (2.7) (2.0)
Fair Value of Property Portfolio 1,361.7 170.3 124.9
Debtors 26.2 3.4 2.4
Cash 30.0 3.7 2.7
Current Liabilities (17.5) (2.2) (1.6)
Total Assets (less current liabilities) 1,400.4 175.2 128.4
Non-Current liabilities (2.1) (0.3) (0.2)
Interest rate swap (0.2) - -
Interest-bearing loans (308.3) (38.6) (28.2)
Net Assets at 30 June 2019 1,089.8 136.3 100.0
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. This facility is currently undrawn. The Group's weighted average cost of debt is 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 bmocommercialproperty.com. The next quarterly valuation of the property portfolio will be conducted by CBRE Limited during September 2019 and it is expected that the unaudited NAV per share as at 30 September 2019 will be announced in October 2019. 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
July 31, 2019 02:00 ET (06:00 GMT)
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