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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Uk Commercial Property Reit Limited | LSE:UKCM | London | Ordinary Share | GB00B19Z2J52 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 64.80 | 64.70 | 65.10 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Investment Trust | 73.38M | -222.33M | -0.1711 | -3.80 | 845.92M |
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TIDMUKCM
Guernsey, 26 October 2017
UK Commercial Property Trust Limited
("UKCPT" or the "Company")
LEI : 213800JN4FQ1A9G8EU25
Net Asset Value at 30 September 2017
UK Commercial Property Trust Limited (FTSE 250, LSE: UKCM), which is advised by
Standard Life Investments and owns a diversified portfolio of high quality
income producing UK commercial property, announces its unaudited quarterly Net
Asset Value ("NAV") as at 30 September 2017.
Portfolio performance driving strong NAV uplift
* NAV per share up 1.7% to 90.4p (30 June 2017: 88.9p), providing a NAV total
return of 2.7% over the quarter.
* Like-for-like portfolio capital value increased by 2.0% during the quarter;
after allowing for capital expenditure on the existing portfolio, net
capital growth was 1.7%, outperforming the MSCI/IPD Monthly index increase
of 1.3% over the same period.
Successful asset management securing income and delivering value
During the quarter to 30 September 2017, the Company secured an additional GBP1.9
million of annual rental income, in line with estimated rental value ("ERV"),
through a successful focus on asset management initiatives. In total, six new
leases and three lease renewals with rent reviews were concluded, including:
* A new 21 year lease was completed with H&M generating GBP740,000 per annum
following the completion of their new flagship store on Exeter High
Street. The new lease incorporates five-yearly upwards only rent reviews
to the higher of open market rent or RPI indexation.
* At Eldon House, City of London, a lease renewal with Adsati and a rent
review with MLM Building Control Ltd secured improved rents totalling GBP
297,500 per annum, 6% ahead of ERV.
* Two new ten year leases at The Parade, Swindon to Greggs and Go South Coast
have resulted in an additional income of over GBP71,500 per annum.
* At Regent Circus, Swindon a new lease was secured with Indian restaurant
Tiffins for a 20 year term in-line with ERV.
The void rate of the portfolio decreased to 4.1% as at 30 September 2017 (30
June 2017: 4.4%), well below the latest available MSCI/IPD benchmark figure of
6.8% as at 30 June 2017. 99% of rent continues to be collected within 21 days
of its due date.
Additional secure, long term and sustainable income generated through
investment activity
* The Company completed its forward funding of the 280,000 sq. ft. industrial
logistics warehouse in Burton-on-Trent with a payment of GBP17.5 million. The
asset is occupied on a 15 year lease to Palletforce Ltd, with annually
compounded inflation linkage (adjusted every five years), reflecting a
yield on capital of 5.8%.
* The Company sold its smallest investment, an industrial warehouse at
Loudwater, High Wycombe for GBP4.7 million, ahead of valuation.
Strong financial position and attractive dividend yield
* Financial resources of GBP43 million are currently available for targeted
investment in-line with the Company's strategy and investment policy. In
addition, further firepower from the undrawn GBP50 million revolving credit
facility remains available.
* Low net gearing of 12.7%* (gross gearing of 17.5%*), one of the lowest in
the Company's peer group and the quoted REIT sector.
* Dividend yield of 4.0% at period end, comparing favourably to the FTSE
All-Share Index (3.7%) and FTSE All-Share REIT Index (3.6%).
* Net gearing - Gross borrowing less cash divided by total assets (excluding
cash) less current liabilities
Gross gearing - Gross borrowings divided by total assets less current
liabilities
Andrew Wilson, Chairman of UKCPT, commented:
"Today's announcement shows further growth and outperformance from UKCPT's
portfolio, which continues to be driven by ongoing successful asset management
initiatives, as well as the strategic recycling of capital into higher yielding
properties. The Company's GBP1.36 billion portfolio offers diversification by
location and sector, and produces a high quality and sustainable income stream
which underpins a healthy dividend yield for shareholders."
Will Fulton, Fund Manager of UKCPT, said:
"During the period we successfully realised a number of opportunities to
strengthen the positioning and income profile of our portfolio. This was
achieved through a series of asset management initiatives and the acquisition
of an income producing asset which adds to UKCPT's long-term and secure income
stream. We continue to explore opportunities to grow the portfolio through
selective acquisitions that are accretive to earnings, enhance dividend cover
and offer the potential for asset management activity."
Breakdown of NAV movement
Set out below is a breakdown of the change to the unaudited net asset value per
share calculated under International Financial Reporting Standards ("IFRS")
over the period from 1 July 2017 to 30 September 2017.
UK Commercial Property Per Share (p) Attributable Comment
Trust Limited Assets (GBPm)
Net assets as at 1 July 88.9 1,155.0
2017
Unrealised increase in 1.8 23.4 Like-for-like increase of
valuation of property 2.0%.
portfolio
Gain on Sale 0.0 0.2 Gain relating to the sale
of industrial warehouse at
Loudwater.
Capital expenditure -0.1 -1.5 Includes final stage of the
during the period redevelopment at George
Street, Edinburgh.
Income earned for the 1.3 17.0 Equates to dividend cover
period of 88% for the quarter.
Dividend cover for the year
Expenses for the period -0.6 -6.4 to date is 92%.
Dividend paid on 31 -0.9 -12.0
August 2017
Interest rate swaps 0.1 0.7 Improvement in swap
mark to market liability as expectations
revaluation of a rise in interest rates
increase.
Net assets as at 30 90.5 1,176.4
September 2017
Deferred tax -0.1 -1.3 Continued release of
deferred tax asset.
Net assets as at 30 90.4 1,175.1
September 2017
*This adjustment reflects the ongoing write-off of the deferred tax asset as
tax losses are utilised against profits.
Net Asset Value analysis as at 30 September 2017 (unaudited)
GBPm % of net assets
Retail 506.1 43.1%
Industrial 457.8 38.9%
Offices 267.4 22.8%
Leisure 131.3 11.2%
Total Property Portfolio 1,362.6 116.0%
Adjustment for lease -16.3 -1.4%
incentives
Fair value of Property 1,346.3 114.6%
Portfolio
Cash 78.7 6.7%
Other Assets 25.0 2.1%
Total Assets 1,450.0 123.4%
Current liabilities -24.4 -2.1%
Non-current liabilities (bank -250.5 -21.3%
loans & swap)
Total Net Assets 1,175.1 100.0
The NAV per share is based on the external valuation of the Company's direct
property portfolio. It includes all current period income and is calculated
after the deduction of all dividends paid prior to 30 September 2017. It does
not include provision for any unpaid dividends relating to periods prior to 30
September 2017, i.e. the proposed dividend for the period to 30 September 2017.
The NAV per share at 30 September 2017 is based on 1,299,412,465 shares of 25p
each, being the total number of shares in issue at that time.
The EPRA NAV per share (excluding swap liability) is 90.6p (Jun 2017 - 89.1p)
with EPRA earnings per share for the quarter (excluding deferred tax movement)
being 0.82p (Jun 2017 - 0.86p).
Sector analysis
Portfolio Exposure as Like for Like Capital Value Shift
Value as at at 30 Sep Capital Value (including sales &
30 Sep 2017 2017 (%) Shift (excluding purchases) (GBPm)
(GBPm) sales, purchases
& capex)
(%)
Valuation as of 30 1,323.1
June 2017
Retail 506.1 37.1 2.4 11.9
High St - South East 2.8 0.0 0.0
High St - Rest of UK 5.0 1.8 1.2
Shopping Centres 7.9 1.6 1.7
Retail Warehouse 21.4 3.2 9.0
Offices 267.4 19.7 1.0 2.8
City 2.2 2.7 0.8
West End 6.8 1.8 1.6
South East 1.7 0.0 0.0 Rest of UK 9.0 0.3 0.4 Industrial 457.8 33.6 2.6 24.1 South East 23.8 2.7 4.1 Rest of UK 9.8 2.3 20.0 Leisure/Other 131.3 9.6 0.5 0.7 External valuation at 1,362.6 100.0 2.0 1,362.6 30 September 2017 The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014). Upon the publication of this announcement via Regulatory Information Service this inside information is now considered to be in the public domain. Details of the Company may also be found on the Company's website which can be found at: www.ukcpt.co.uk For further information please contact: Will Fulton / Graeme McDonald, Standard Life Investments Tel: 0131 245 2799 / 0131 245 3151 Edward Gibson-Watt / Oliver Kenyon, J.P. Morgan Cazenove Tel: 020 7742 4000 Richard Sunderland / Claire Turvey, Eve Kirmatzis, FTI Consulting Tel: 020 3727 1000 UKCPT@fticonsulting.com The above information is unaudited and has been calculated by Standard Life Investments Limited. END
(END) Dow Jones Newswires
October 26, 2017 02:00 ET (06:00 GMT)
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