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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: 25 October 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 September
2018 was 141.8 pence. This represents a decrease of 1.0 per cent from the
unaudited NAV per share as at 30 June 2018 of 143.2 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 September 2018 and is calculated after
deduction of all dividends paid prior to that date. As at 30 September 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 139.60 pence per share at 30 September 2018, which
represented a discount of 1.6 per cent to the NAV per share announced above.
The share price total return for the quarter was -6.4 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 June 2018 to 30 September 2018 (including the
effect of gearing):
% of
Pence opening
per NAV per
GBPm share share
NAV as at 30 June 2018 1,144.9 143.2
Unrealised increase in valuation of (9.1) (1.1) (0.8)
property portfolio *
Movement in fair value of interest rate 0.2 0.0 0.0
swap
Other net revenue 9.4 1.2 0.8
Dividends paid (12.0) (1.5) (1.0)
NAV as at 30 September 2018 1,133.4 141.8 (1.0)
* The ungeared decrease in the valuation of the property portfolio over the
quarter to 30 September 2018 was 0.6%, after allowing for capital expenditure.
The net gearing at 30 September 2018 was 20.8%. #
# Net gearing: (Borrowings - cash) ÷ total assets (less current liabilities and
cash).
Performance
The capital value of the portfolio decreased by 0.6% over the quarter. The IPD
Monthly Index recorded capital value growth of 0.4% over the period.
The largest impact on NAV was due to valuation write downs on the Company's
retail warehouses and specifically Newbury Retail Park, Newbury and Solihull
Retail Park, Solihull. This quarter both properties were impacted by the
Homebase Company Voluntary Arrangement (CVA) and the Administration of
Poundworld at Newbury. Asset Management of these assets is focussed on securing
revised planning consents for the change of use and division of units and will
be a priority for the Manager over the short term.
Portfolio Analysis - Sector Breakdown
Market % of portfolio % unrealised
Value as at movement in
GBPm 30 September quarter
2018
Offices 36.9 -0.2
533.9
West End 154.8 10.7 -1.1
South East 131.6 9.1 -0.3
South West 32.4 2.2 1.2
Rest of UK 194.8 13.5 0.2
City 20.3 1.4 1.4
Retail 445.2 30.8 0.1
West End 344.9 23.9 0.1
South East 68.4 4.7 -0.1
Rest of UK 31.9 2.2 0.0
Industrial 255.2 17.7 2.1
South East 59.3 4.1 3.7
Rest of UK 195.9 13.6 1.6
Retail Warehouse 167.6 11.6 -7.4
Other 43.5 3.0 0.0
Total Property Portfolio 1,445.4 100.0 -0.6
Portfolio Analysis - Geographic Breakdown
Market % of portfolio % unrealised
Value as at movement in
GBPm 30 June 2018 quarter
West End 499.7 34.6 -0.3
South East 351.0 24.3 -2.3
Midlands 175.2 12.1 -2.0
Scotland 173.6 12.0 0.0
North West 163.1 11.3 2.0
South West 32.4 2.2 1.2
Eastern 30.1 2.1 2.7
Rest of London 20.3 1.4 1.4
Total Property Portfolio 1,445.4 100.0 -0.6
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, Office
Kingswells
Uxbridge, 3 The Square, Stockley Park Office
*Mixed use property of retail, office and residential space.
Summary Balance Sheet
GBPm Pence % of
per Net
share Assets
Property Portfolio per Valuation Report 1,445.4 180.8 127.6
Adjustment for lease incentives (21.3) (2.7) (1.9)
Fair Value of Property Portfolio 1,424.1 178.1 125.7
Debtors 25.8 3.2 2.3
Cash 12.5 1.6 1.1
Interest rate swap 0.2 - -
Current Liabilities (19.4) (2.4) (1.7)
Total Assets (less current liabilities) 1,443.2 180.5 127.4
Non-Current liabilities (1.9) (0.2) (0.2)
Interest-bearing loans (307.9) (38.5) (27.2)
Net Assets at 30 September 2018 1,133.4 141.8 100.0
Property Purchases and Sales
The were no purchases or sales during the quarter.
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 December 2018 and it is expected that the unaudited NAV per
share as at 31 December 2018 will be announced in January 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
October 25, 2018 02:00 ET (06:00 GMT)
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