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Unaudited Net Asset Value as at 30 June 2024
Unaudited Net Asset Value as at 30 June 2024.
About this update from Abrdn Property Income Trust Limited
[{"type":"text","content":"\n\n \n \n\n\n\n\n9th August 2024 abrdn PROPERTY INCOME TRUST LIMITED (LSE: API) LEI: 549300HHFBWZRKC7RW84 Unaudited Net Asset Value as at 30 June 2024 Net Asset Value and Valuations \tNet asset value (“NAV”) per ordinary share was 73.3p (Mar 2024 – 76.4p), a decrease of 4.1% for Q2 2024, comprising a NAV total return of -2.8% and dividends paid of -1.3%. The main components of NAV total return are -0.5% due to a reduction in property values, -2.3% attributable to a change in accounting basis and -0.8% due to further strategic review costs, partially offset by net income of 1.1%; \tOn a like-for-like basis, the Company saw a fall in the value of the portfolio of 0.5% over the quarter with valuation declines in the office and retail sectors. This accounted for 0.5p of the 3.1p decline in the NAV over the quarter. \t \tFollowing the Shareholder vote on the 28 May 2024, the Company is now in a managed wind-down and therefore no longer prepares its financial information on the going concern basis of accounting. This has reduced the NAV by 2.3% (1.8p) mainly due to the estimated costs of realising the portfolio. \tThe Q2 NAV was also impacted by costs associated with the strategic review (0.7% of the Q1 NAV) which had not been incurred by 31 March 2024. \tRent Collection remained robust with 99.8% collected so far for Q2. Since the beginning of 2021 quarterly rent collection has been consistently at or above 99%. \tEPRA Earnings excluding non-recurring items have increased by £300,000 in the period compared to Q1 (£300,000 decrease) primarily due to movements in lease incentives and backdated credits associated with rates relief. \tThe Company has formally agreed revised fee terms with the Investment Manager. Effective from 31 May 2024, the Investment Manager is entitled to a fee of 0.20% per annum on the average total assets payable each quarter, and a fee of 0.40% of the gross disposal proceeds payable in two tranches after 90% of the Portfolio has been disposed of; this was previously 0.6% of the total assets excluding long term financing. \tThe Board, with the Managers, are presently assessing a number of strategies for disposing of the property portfolio to maximise value for shareholders. This includes the potent...