Business
Interim Results
Interim Results.
About this update from Abrdn Property Income Trust Limited
[{"type":"text","content":"\n \n31 August 2017\n\nSTANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST\n\nRESULTS IN RESPECT OF THE PERIOD ENDED 30 JUNE 2017\n\nFinancial Highlights- NAV total return of 6.6% in the six month period, driven by above benchmark valuation increases and successful asset management activity.\n\n- Strong share price total return over the period of 6.0% compared to total return on FTSE All-Share Index of 5.5% and FTSE All-Share REIT Index of 3.5% with the Company’s shares trading at a premium to NAV of 6.4% as at 30 June 2017.\n\n- The Company has continued to reduce gearing as proceeds from £22.3 million of sales was used to reduce LTV to 19.9% at period end (31 Dec 2016: 26.0%). Post the period end, significant net investment has been made into the portfolio but with LTV still remaining prudent at 23.6% as at 23 August 2017.\n\n- Dividend cover of 111% over the period (103% if one-off dilapidation receipts excluded) as successful asset management activity helped negate effect of sales.\n\n- The yield on the Company’s share price as at 30 June 2017 stood at 5.3% which compares favourably to the FTSE All-Share Index (3.6%) and FTSE All-Share REIT Index (3.6%) at the same date.\n\n- A total of 8.125 million shares were issued under the Company’s blocklisting facility in the six month period generating net proceeds of £6.9 million for investment into the portfolio.\n\n- Overall, the Company, with a market capitalisation of £347 million as at 30 June 2017, has a secure and growing balance sheet, significant financial resources and a portfolio of assets that continues to underpin an attractive and covered dividend for shareholders.\n\nProperty Highlights- As at 30 June 2017, the portfolio was valued at £418.1 million and yielded 5.9%.\n\n- Property total return for the period was 5.6%, significantly ahead of the IPD Quarterly version of Monthly Index total return of 4.5%. The capital return of 2.2% and the income return of 3.3% from the portfolio both continued to outperform the comparative benchmark figures (2.0% and 2.4% respectively).\n\n- Net sales totalled £22.3million in the period, including the Company’s largest and only City of London asset at White Bear Yard, in order to realise profit and remove the risk of potential future underperformance.\n\n- Post the period end, significant net investment was made into the por...