Business
Results in Respect of the Half Year Ended 30 Ju...
Results in Respect of the Half Year Ended 30 Ju....
About this update from Abrdn Property Income Trust Limited
[{"type":"text","content":"\n \n LKKL14 September 2021\n STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST\n LEI: 549300HHFBWZRKC7RW84\n RESULTS IN RESPECT OF THE HALF YEAR ENDED 30 JUNE 2021\n \n Performance Summary - Financial Review\n \n - NAV total return 10.2 PERCENT\n NAV total return of 10.2.% in the six months to 30 June 2021 (H1 2020: -9.0%) as UK commercial property values began to recover, particularly in sectors where the Company is strongly positioned. Over the longer term the Company has continued to outperform its peer group returning 159.2% over ten years compared to the AIC Property Direct – UK Commercial sector total return of 56.6% and open ended property funds total return of 38.5%.\n - Loan to value17.6 PERCENT\n Loan to value of 17.6% (H1 2020: 26.2%) – Prudent gearing levels with bank covenants comfortably met.\n - Share price total return 20.2 PERCENT\n Share price total return of 20.2% (H1 2020: -30.9%) as the share price discount reduced from 26.8% to 20.6%. Over the longer term the Company has outperformed its peer group returning 94.4% over ten years compared to the AIC Property Direct – UK Commercial sector total return of 33.6%.\n - Dividends paid 1.9875p per share\n (H1 2020: 2.38p per share)\n Includes a top-up dividend for 2020 of 0.381p and reflects a 25% increase in the level of dividends announced since the second half of 2020.\n - Available for investment £80m\n Significant financial resources at 30 June 2021 of £80 million available for investment, comprising £55m in the form of the Company’s low cost revolving credit facility (“RCF”) and £25m of uncommitted cash balances.\n - Share Buybacks £4.5m\n Share buybacks totalling £4.5m for the six month period at significant discounts to NAV which are accretive to both NAV performance and earnings.\n \n Performance Summary – Portfolio Review\n \n - Occupancy rate 87.8 PERCENT\n Occupancy rate of 87.8% as at 30 June 2021 (H1 2020: 92.2%) with a fall as a result of selling let assets and muted office demand.\n - Rent collection 93 PERCENT\n As at 31 August 2021, rent collection of 94% for quarter 3 and 92% for quarter 2 which averages out to 93% for the first half.\n - Operational CO2 saved 221 TONNES\n 221 tonnes of CO2 emissions saved through the installation of Solar PV schemes in the portfolio.\n - 3 new lettings and 1 lease renewal securing £445,000 per annum in rent...