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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: 27 April 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 31 March
2018 was 142.9 pence. This represents an increase of 1.2 per cent from the
audited NAV per share as at 31 December 2017 of 141.2 pence and a NAV total
return for the quarter of 2.3 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 31 March 2018 and is calculated after deduction
of all dividends paid prior to that date. As at 31 March 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 141.40 pence per share at 31 March 2018, which represented
a discount of 1.0 per cent to the NAV per share announced above. The share
price total return for the quarter was 5.2 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 31 December 2017 to 31 March 2018 (including the
effect of gearing):
% of
Pence opening
per NAV per
GBPm share share
NAV as at 31 December 2017 1,128.6 141.2
Unrealised increase in valuation of 15.8 1.9 1.4
property portfolio *
Movement in fair value of interest rate 0.6 0.1 0.1
swap
Other net revenue 9.4 1.2 0.8
Dividends paid (12.0) (1.5) (1.1)
NAV as at 31 March 2018 1,142.4 142.9 1.2
* The ungeared increase in the valuation of the property portfolio over the
quarter to 31 March 2018 was 1.1%, after allowing for capital expenditure.
The net gearing at 31 March 2018 was 19.6%. #
# Net gearing: (Borrowings - cash) ÷ total assets (less current liabilities and
cash).
Performance
The capital value growth over the quarter was 1.1%. The IPD Monthly Index
recorded capital value growth of 1.0% over the same quarter.
At the sector level offices saw the most significant positive contribution
especially from Rest of UK holdings and Cassini House, London W1. Retail
returned 0.6% over the quarter compared to -0.2% from IPD as St. Christopher's
Place Estate continued to produce strong returns as a result of a number of
lettings and asset management activity completing. The Industrial sector, in
which the Company's portfolio is underweight, continued to be the strongest
performing sector with IPD reporting capital value growth of 3.1%, over the
quarter.
Portfolio Analysis - Sector Breakdown
Market % of portfolio % unrealised
Value as at movement in
GBPm 31 March 2018 quarter
Offices 36.6 2.0
524.8
West End 151.2 10.5 1.8
South East 130.3 9.1 0.3
South West 31.5 2.2 0.4
Rest of UK 191.8 13.4 3.6
City 20.0 1.4 1.2
Retail 443.3 30.8 0.6
West End 343.0 23.8 1.0
South East 68.3 4.8 0.0
Rest of UK 32.0 2.2 -2.0
Industrial 241.4 16.8 0.8
South East 55.7 3.9 1.3
Rest of UK 185.7 12.9 0.7
Retail Warehouse 186.2 13.0 -0.1
Other 40.8 2.8 3.8
Total Property Portfolio 1,436.5 100.0 1.1
Portfolio Analysis - Geographic Breakdown
Market % of portfolio % unrealised
Value as at movement in
GBPm 31 March 2018 quarter
West End 494.2 34.4 1.3
South East 359.2 25.0 0.6
Midlands 178.2 12.4 0.0
Scotland 172.2 12.0 3.1
North West 152.6 10.6 1.4
South West 31.5 2.2 0.4
Eastern 28.6 2.0 0.9
Rest of London 20.0 1.4 1.2
Total Property Portfolio 1,436.5 100.0 1.1
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 1 Prime Four Business Park, Office
Kingswells
Aberdeen, Unit 2 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 1,436.5 179.7 125.8
Adjustment for lease incentives (20.2) (2.5) (1.8)
Fair Value of Property Portfolio 1,416.3 177.2 124.0
Debtors 23.9 3.0 2.1
Cash 31.1 3.9 2.7
Interest rate swap 0.3 - -
Current Liabilities (19.8) (2.5) (1.7)
Total Assets (less current liabilities) 1,451.8 181.6 127.1
Non-Current liabilities (1.6) (0.2) (0.1)
Interest-bearing loans (308.1) (38.5) (27.0)
Net Assets at 31 March 2018 1,142.1 142.9 100.0
Property Purchases and Sales
There were no purchases or sales in 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 June 2018 and it is expected that the unaudited NAV per
share as at 30 June 2018 will be announced in July 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
April 27, 2018 02:00 ET (06:00 GMT)
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