Business
Unaudited Net Asset Value as at 30 June 2019
Unaudited Net Asset Value as at 30 June 2019.
About this update from Abrdn Property Income Trust Limited
[{"type":"text","content":"\n \n6 August 2019\n\nSTANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED (LSE: SLI)\n\nLEI: 549300HHFBWZRKC7RW84\n\nUnaudited Net Asset Value as at 30 June 2019\n\nKey Highlights\n\nSolid Performance\n\n\nNet asset value (“NAVâ€) per ordinary share was 91.1p (Mar 19 – 91.1p), resulting in a NAV total return, including dividends, of 1.3% for Q2 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 0.7% over the same period.\n\n\n\nNAV continues to be adversely impacted by the movement in the Company’s interest rate swap, which now has a negative worth of £2.4 million (Q1 2019: £1.9 million). This value will revert to £nil on maturity of the swap in 2023.\n\n\nInvestment and letting activity\n\n\nThe Company completed the sale of a small office in Milton Keynes for £6 million. The sale realised a profit on the asset whilst reducing future capex and void risk, as it was expected the tenant would vacate on lease expiry in 2021.\n\nThree lettings were completed during the quarter securing a total rent of £838,750 per annum\n\nThree rent reviews were settled during Q2 on industrial / logistics assets with an uplift of 19.2% on the previous rent.\n\n\nStrong balance sheet with prudent gearing\n\n\nPrudent LTV* of 23.4% at the quarter end, one of the lowest in the Company’s peer group and the wider REIT sector.\n\nThe Company also entered into a new arrangement with the Royal Bank of Scotland International Limited (RBSI) to extend its Revolving Credit Facility (RCF) by £20m in the quarter. The Company currently has £18m undrawn from its existing facility, and has not drawn the new facility, which has an expiry coterminous with the existing debt provided by RBSI, in April 2023. The new facility has a margin of 160bps above Libor. The debt is available to enable the Company to take advantage of opportunities that might become available in the near future.\n\n\nAttractive dividend yield\n\n\nDividend yield of 5.1% based on a quarterly dividend of 1.19p and the share price of 94.2p as at 30 June 2019 compares favourably to the yield on the FTSE All-Share REIT Index (4.5%) and the FTSE All-Share Index (4.1%) as at the same date. \n\n\n*LTV calculated as Debt less cash divided by portfolio value\n\nNet Asset Value (“NAVâ€)\n\nTh...