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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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TIDMBCPT
To: Company Announcements
Date: 6 February 2020
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 31 December
2019 was 130.9 pence. This represents a decrease of 2.0 per cent from the
unaudited NAV per share as at 30 September 2019 of 133.6 pence and a NAV total
return for the quarter of -0.9 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 2019 and is calculated after
deduction of all dividends paid prior to that date. As at 31 December 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 115.60 pence per share at 31 December 2019, which
represented a discount of 11.7 per cent to the NAV per share announced above.
The share price total return for the quarter was 0.4 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 2019 to 31 December 2019 (including
the effect of gearing):
% of
Pence opening
per NAV per
GBPm share share
NAV as at 30 September 2019 1,068.3 133.6
Unrealised decrease in valuation of (19.5) (2.4) (1.8)
property portfolio *
Movement in fair value of interest rate 0.1 0.0 0.0
swap
Other net revenue 9.8 1.2 0.9
Dividends paid (12.0) (1.5) (1.1)
NAV as at 31 December 2019 1,046.7 130.9 (2.0)
* The ungeared decrease in the valuation of the property portfolio over the
quarter to 31 December 2019 was 1.4%, after allowing for capital expenditure.
The net gearing at 31 December 2019 was 21.3%. #
# Net gearing: (Borrowings - cash) ÷ total assets (less current liabilities and
cash).
Market
UK commercial real estate delivered a total return of 0.3 per cent over the
quarter according to the MSCI UK Monthly Index. All property capital values
fell by 1.0 per cent.
Retail properties continue to be impacted by both the distress in the occupier
markets and a re-rating of pricing. Capital values fell by 4.4 per cent over
the period. The office and industrial sectors were reasonably solid, recording
positive total returns of 1.5 per cent and 1.9 per cent respectively.
Activity in the capital markets increased post the General Election with a
flurry of deals completing prior to the year end.
Performance
The Company's property portfolio delivered an ungeared total return of -0.3 per
cent over the quarter to December.
The portfolio suffered a 1.4 per cent fall in capital values with the retail
properties and other commercial properties let to retailers, suffering the
largest fall in values. The most significant falls were as follows:
* The Crescent, Wimbledon, had the estimated rental value of the retail units
reduced and the capitalisation rate moved out 60 basis points, equating to
a fall in value of 6.1 per cent.
* Capitalisation rates continued to move out in the retail warehouse sector
resulting in the Company's two largest retail warehouses at Newbury and
Solihull falling in value by a combined 3.4 per cent.
* The value of St. Christopher's Place fell 0.8 per cent due to the continued
re-basing of rental values along Oxford Street with the value of the
remainder of the Estate largely holding firm.
* The logistics portfolio was adversely affected by the property at Daventry
which is let to Mothercare. The property benefits from a rental guarantee
from a Mothercare company not in Administration, but the valuers moved the
yield out by 75 basis points (12 per cent fall in capital value) to reflect
the uncertainty surrounding the covenant.
Investment Activity
There were no sales or purchases during the quarter.
Lease Activity
Of particular note post the quarter end was the completion of an unconditional
letting to Marks & Spencer at Sears Retail Park, Solihull, significantly
expanding the retailers existing presence on the park. The lease is for a
redeveloped 35,000 sq. ft store which was formerly a Homebase. This is on a
20-year lease (breaks year 10 and 15) at an uplift on the previous passing
rent.
As part of the redevelopment, the new store will be combined with Marks &
Spencer's adjacent Food Hall. The combined store will create an 82,000 sq. ft.
store incorporating General Merchandise, a larger Food Hall, as well as a Marks
& Spencer Café. It is expected that the new premises will be handed over to M&S
for fit out upon completion of the redevelopment at the end of 2020. This is a
high-profile initiative which reflects Marks & Spencer's satisfaction with the
location and supports the ongoing appetite from selected retail brands for the
right space, in the right locations.
Construction works have started at Newbury Retail Park to create new stores for
Lidl and Deichman Shoes and it is hoped these new lettings will attract other
new retailers to the park.
The void rate on the Company's portfolio was 4.8 per cent as at 31 December
2019, prior to the new letting at Solihull. There are also other important
lettings close to contracting.
Portfolio Analysis - Sector Breakdown
Portfolio % of % like for
Value portfolio as like capital
GBPm at value shift
31 December (incl
2019 transactions)
Offices 548.8 40.9 0.2
West End 207.6 15.5 0.7
South East 89.9 6.7 -1.2
South West 33.4 2.5 0.0
Rest of UK 197.2 14.7 0.3
City 20.7 1.5 0.0
Retail 292.5 21.8 -2.4
West End 222.8 16.6 -1.5
South East 38.3 2.9 -9.7
Rest of UK 31.4 2.3 -0.4
Industrial 236.6 17.5 -2.6
South East 30.1 2.2 0.2
Rest of UK 206.5 15.3 -2.9
Retail 134.2 10.0 -3.5
Warehouse
Alternatives 130.5 9.8 0.0
Total Property 1,342.6 100.0 -1.4
Portfolio
Portfolio Analysis - Geographic Breakdown
Market % of portfolio
Value as at
GBPm 31 December
2019
West End 490.4 36.5
South East 289.5 21.6
Scotland 174.0 13.0
North West 159.6 11.9
Midlands 149.1 11.1
South West 33.4 2.5
Eastern 25.9 1.9
Rest of London 20.7 1.5
Total Property Portfolio 1,342.6 100.0
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 1,342.6 168.0 128.3
Adjustment for lease incentives (22.4) (2.8) (2.1)
Fair Value of Property Portfolio 1,320.2 165.2 126.2
Trade and other receivables 28.5 3.6 2.6
Cash and cash equivalents 25.9 3.2 2.5
Current Liabilities (17.2) (2.2) (1.6)
Total Assets (less current liabilities) 1,357.4 169.8 129.7 Non-Current liabilities (2.1) (0.3) (0.2) Interest rate swap (0.2) 0.0 0.0 Interest-bearing loans (308.4) (38.6) (29.5) Net Assets at 31 December 2019 1,046.7 130.9 100.0 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. There is an additional revolving credit facility of GBP50 million in place 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 March 2020 and it is expected that the unaudited NAV per share as at 31 March 2020 will be announced in April 2020. 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 06, 2020 02:00 ET (07:00 GMT)
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