Business
Net Asset Value
Net Asset Value.
About this update from Abrdn Property Income Trust Limited
[{"type":"text","content":"\n \n3 May 2019\n\nSTANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED (LSE: SLI)\n\nLEI: 549300HHFBWZRKC7RW84\n\nUnaudited Net Asset Value as at 31 March 2019\n\nKey Highlights\n\nSolid Performance\n\n\nNet asset value (“NAVâ€) per ordinary share was 91.1p (Dec 18 – 91.0p), a rise of 0.1%, resulting in a NAV total return, including dividends, of 1.4% for Q1 2019;\n\n\n\nThe portfolio valuation (before CAPEX) increased by 0.3% on a like for like basis, whilst the IPD/MSCI Monthly Index dropped by 0.8% over the same period.\n\n\n\nNAV adversely impacted by the movement in the Company’s interest rate swap, which now has a negative worth of £1.86 million (Q4 2018: £804,000). This value will revert to £nil on maturity of the swap in 2023.\n\n\nInvestment and letting activity\n\n\nNo purchases or sales were made during the quarter\n\nThree lettings were completed during the quarter securing a total of £132,000pa\n\nLease to Tesco renewed for a term of 15 years with tenant break at year 10 securing a rent of £107,250pa (same as previous rent).\n\nAfter the quarter end three rent reviews totalling £703,000 were agreed on industrial assets, securing an uplift of £135,000pa, (23.8%), on the previous rent.\n\nAlso after the quarter end, the Company took a surrender of a lease over an office in Staines and simultaneously re-let it on a 10 year lease at £715,000pa, which was above the previous rental level.\n\n\nStrong balance sheet with prudent gearing\n\n\nPrudent LTV* of 24.4% at the quarter end, one of the lowest in the Company’s peer group and the wider REIT sector.\n\n\nAttractive dividend yield\n\n\nDividend yield of 5.3% based on a quarterly dividend of 1.19p and the share price of 90.4p as at 31 March 2019 compares favourably to the yield on the FTSE All-Share REIT Index (4.3%) and the FTSE All-Share Index (4.2%) as at the same date. \n\n\n*LTV calculated as Debt less cash divided by portfolio value\n\nNet Asset Value (“NAVâ€)\n\nThe unaudited net asset value per ordinary share of Standard Life Investments Property Income Trust Limited (“SLIPITâ€) at 31 March 2019 was 91.1p. The net asset value is calculated under International Financial Reporting Standards (“IFRSâ€).\n\nThe net asset value incorporates the external portfolio valuation by Knight Frank LLP at 31 March 2019.\n\nBreakdown of NA...