We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| 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 |
Hot Features
Premium
TIDMFCPT
To: Company Announcements
Date: 23 July 2018
Company: F&C 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 2018
was 143.2 pence. This represents an increase of 0.2 per cent from the unaudited
NAV per share as at 31 March 2018 of 142.9 pence and a NAV total return for the
quarter of 1.3 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 2018 and is calculated after deduction
of all dividends paid prior to that date. As at 30 June 2018, 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 150.60 pence per share at 30 June 2018, which represented a
premium of 5.2 per cent to the NAV per share announced above. The share price
total return for the quarter was 7.6 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 2018 to 30 June 2018 (including the
effect of gearing):
% of
Pence per opening NAV
GBPm share per share
NAV as at 31 March 2018 1,142.4 142.9
Unrealised increase in valuation of property 5.1 0.6 0.4
portfolio *
Movement in fair value of interest rate swap (0.2) 0.0 0.0
Other net revenue 9.6 1.2 0.8
Dividends paid (12.0) (1.5) (1.0)
NAV as at 30 June 2018 1,144.9 143.2 0.2
* The ungeared increase in the valuation of the property portfolio over the
quarter to 30 June 2018 was 0.4%, after allowing for capital expenditure.
The net gearing at 30 June 2018 was 20.2%. #
# Net gearing: (Borrowings - cash) ÷ total assets (less current liabilities and
cash).
Performance
The capital value growth over the quarter was 0.4%. The IPD Monthly Index
recorded capital value growth of 0.9% over the period.
At the sector level industrials and offices recorded the highest capital growth
in the portfolio with valuations increasing on the back of further yield
compression in the industrial and logistics sector and on the progress of asset
management activities in the office sector. As widely reported the retail
market remains challenging. The Company has no exposure to shopping centres and
limited exposure to traditional High Streets. However, the Company's retail
warehouses have been affected by Company Voluntary Arrangements ('CVA's'),
specifically New Look and Mothercare where rents at Newbury Retail Park have
reduced, impacting the Company's rent roll by 0.5%.
The strong performance of the Alternative sector is due to the annual rental
uplift being agreed at the purpose built student accommodation block at
Winchester and yield compression in the sector for long leased properties.
Portfolio Analysis - Sector Breakdown
Market % of portfolio % unrealised
Value as at movement in
GBPm 30 June 2018 quarter
Offices 36.7 1.1
532.1
West End 154.7 10.7 1.4
South East 132.0 9.1 1.3
South West 32.0 2.2 1.4
Rest of UK 193.4 13.3 0.8
City 20.0 1.4 -0.1
Retail 443.9 30.6 0.0
West End 343.6 23.7 0.0
South East 68.4 4.7 -0.2
Rest of UK 31.9 2.2 -0.3
Industrial 249.8 17.2 1.2
South East 57.1 3.9 2.6
Rest of UK 192.7 13.3 0.8
Retail Warehouse 180.7 12.5 -3.1
Other 43.5 3.0 6.6
Total Property Portfolio 1,450.0 100.0 0.4
Portfolio Analysis - Geographic Breakdown
Market % of portfolio % unrealised
Value as at movement in
GBPm 30 June 2018 quarter
West End 498.3 34.4 0.5
South East 359.1 24.8 -0.1
Midlands 178.9 12.3 0.4
Scotland 172.6 11.9 0.1
North West 159.9 11.0 1.1
South West 32.0 2.2 1.4
Eastern 29.2 2.0 2.3
Rest of London 20.0 1.4 -0.1
Total Property Portfolio 1,450.0 100.0 0.4
Top Ten Investments
Sector
Properties valued in excess of GBP250 million
London W1, St Christopher's Place Estate * Retail
Properties valued between GBP100 million and GBP150 million
London SW1, Cassini House, St James's Street Office
Properties valued between GBP70 million and GBP100 million
Newbury, Newbury Retail Park Retail Warehouse
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
Crawley, Leonardo House, Manor Royal Office
Winchester, Burma Road Other
Manchester, 82 King St Office
Properties valued between GBP30 million and GBP40 million
Aberdeen, Unit 2 Prime Four Business Park, Kingswells Office
Uxbridge, 3 The Square, Stockley Park Office
*Mixed use property of retail, office and residential space.
Summary Balance Sheet
GBPm Pence per % of Net
share Assets
Property Portfolio per Valuation Report 1,450.0 181.4 126.7
Adjustment for lease incentives (20.9) (2.7) (1.7)
Fair Value of Property Portfolio 1,429.1 178.7 125.0
Debtors 24.5 3.1 2.1
Cash 19.9 2.5 1.7
Interest rate swap 0.1 - -
Current Liabilities (19.0) (2.4) (1.7)
Total Assets (less current liabilities) 1,454.6 181.9 127.1
Non-Current liabilities (1.9) (0.2) (0.2)
Interest-bearing loans (307.8) (38.5) (26.9)
Net Assets at 30 June 2018 1,144.9 143.2 100.0
Property Purchases and Sales
The Company completed the purchase of Hurricane 47, Estuary Business Park,
Liverpool for GBP3.995 million as well as an adjoining site of 3.6 acres with
planning consent for the construction of a 52,000 sq. ft. unit for GBP1.080
million. Hurricane 47 comprises a 47,462 sq. ft. speculatively developed
building, which achieved practical completion in April 2018 and is constructed
to a high specification. The Company has entered into a forward commitment to
acquire the warehouse to be constructed on completion of the works at an
additional sum of GBP3.382 million. The Company already has an existing property
on Estuary Business Park having acquired a warehouse let to Adient Seating in
April 2014. The investment provides the Company with an opportunity to generate
sustainable income and to benefit from the lack of supply for new buildings
and strong occupier demand, both of which are driving up rents in the logistics
sector.
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 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 fccpt.co.uk. The next quarterly valuation of the property portfolio will be conducted by CBRE Limited during September 2018 and it is expected that the unaudited NAV per share as at 30 September 2018 will be announced in October 2018. 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 23, 2018 02:00 ET (06:00 GMT)
1 Year F&c Commercial Property Chart |
1 Month F&c Commercial Property Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
