Business
Unaudited Net Asset Value as at 30 June 2020
Unaudited Net Asset Value as at 30 June 2020.
About this update from Abrdn Property Income Trust Limited
[{"type":"text","content":"\n \n 3 August 2020\n STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED (LSE: SLI)\n LEI: 549300HHFBWZRKC7RW84\n Unaudited Net Asset Value as at 30 June 2020\n Net Asset Value and Valuations\n \n Net asset value (“NAV”) per ordinary share was 79.6p (Mar 2020 – 83.2p), a decline of 4.3%, resulting in a NAV total return, including dividends, of -3.0% for Q2 2020;\n \n \n The portfolio valuation (before CAPEX) reduced by 2.5% on a like for like basis, whilst the IPD/MSCI Monthly Index dropped by 3.6% over the same period.\n \n Investment and letting activity\n \n One letting was completed in Q2 securing £110,000 per annum in rent to an existing tenant expanding their business, who also extended their original lease.\n \n \n The Company completed a lease renewal and a lease restructure securing £491,788 per annum, a 19.5% increase on the previous rents.\n \n Financial Position and Gearing\n \n Strong balance sheet with significant financial resources available of £41 million (£14 million currently drawn from its £55 million low cost, revolving credit facility.\n \n \n As at 30 June 2020, the Company had a Loan to Value (“LTV”) of 26.2%* which remains at the lower end of the Company’s peer group and the wider REIT sector. The debt currently has an overall blended interest rate of 2.59% per annum. Loan covenants for the quarter ended 30 June 2020, as reported to the Royal Bank of Scotland (“RBS”), have been comfortably met as set out below.\n \n *LTV calculated as debt less cash and cash held by managing agents divided by portfolio value\n \n \n \n Actual Interest Cover Requirement\n \n 437% (Limit 175%)\n \n \n \n LTV\n \n 27.3%** (Limit 55%)\n \n \n **Loan value less cash held in RBS accounts only divided by pledged portfolio\n Rent collection\n As at close of business on 22 July 2020, the Company had received payments reflecting 60% of rents due for what can collectively be termed advance billing for the third quarter of the year; this comprises both old and new English quarter days (24th June and 1st July) and the Scottish quarter day (28th May). The figures below include those tenants with whom it has been agreed, and have paid, on a monthly in advance basis. Assuming those tenants continue to pay rent monthly the collection figure should increase to 69%. The statistics, split between sectors, are shown below.\n \n \n...