Business
Unaudited NAV as at 30 September 2021
Unaudited NAV as at 30 September 2021.
About this update from Abrdn Property Income Trust Limited
[{"type":"text","content":"\n \n 4 November 2021\n STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED (LSE: SLI)\n LEI: 549300HHFBWZRKC7RW84\n Unaudited Net Asset Value as at 30 September 2021\n Net Asset Value and Valuations\n \n Net asset value (“NAV”) per ordinary share was 93.1p (Jun 2021 – 88.3p), an increase of 5.4% for Q3 2021, resulting in a NAV total return, including dividends, of 6.5% for the quarter;\n \n \n The portfolio valuation (before CAPEX) increased by 4.7% on a like for like basis, whilst the MSCI Monthly Index increased by 3.3% over the same period.\n \n Investment and letting activity\n \n During the quarter, the Company disposed of a small office in Bishops Stortford for £3.75m as part of our future-fit portfolio strategy and acquired 1,440 hectares of open moorland in the Scottish highlands as part of the Company’s net zero carbon strategy.\n Two lease renewals completed securing £286,500pa, and a new letting securing £137,400pa.\n \n Financial Position and Gearing\n \n Strong balance sheet with significant financial resources available for investment of £73 million in the form of the Company’s low cost, revolving credit facility of £55 million plus uncommitted cash after dividend and other financial commitments of £18 million.\n As at 30 September 2021, the Company had a Loan to Value (“LTV”) of 18.1%*. The debt currently has an overall blended interest rate of 2.725% per annum. \n \n *LTV calculated as debt less cash divided by portfolio value\n Dividend\n \n Dividend for Q3, 2021 maintained at 0.8925p.\n \n Rent collection\n Rent collection remains a challenge with some tenants paying rent monthly, despite it being billed quarterly as per the lease terms. There are very few new “non-payers” with the majority of arrears coming from tenants who have previously not paid. Although there is one particular tenant (with the most significant arrears) that is open, trading, and has paid rent to some landlords, where we have taken legal action, most of the Company’s tenants are at least paying part of their rent, and those with repayment plans are keeping to them.\n Collection rate for Q3 2021 currently stands at 91%, but this is expected to increase still further. The Company has made prudent provisions against arrears, and in Q3 these reduced slightly due to recovery of rent previously provided for.\n Dividends\n The Board rec...