Business
Unaudited Net Asset Value as at 31 March 2020
Unaudited Net Asset Value as at 31 March 2020.
About this update from Abrdn Property Income Trust Limited
[{"type":"text","content":"\n \n 12 May 2020\n STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED (LSE: SLI)\n LEI: 549300HHFBWZRKC7RW84\n Unaudited Net Asset Value as at 31 March 2020\n Net Asset Value and Valuations\n \n Net asset value (“NAV”) per ordinary share was 83.2p (Dec 19 – 89.9p), a decline of 7.5%, resulting in a NAV total return, including dividends, of -6.2% for Q1 2020;\n \n \n The portfolio valuation (before CAPEX) reduced by 4.9% on a like for like basis, whilst the IPD/MSCI Monthly Index dropped by 2.7% over the same period.\n \n As at the valuation date of March 31 2020 the country was in the early days of the lockdown, and the investment market had come to a near virtual standstill. There was a lack of relevant transactional evidence, so the independent valuers inserted a material uncertainty clause in the valuation.\n Investment and letting activity\n \n In January 2020 the Company completed the sale of a single let office building in Staines for a net price of £10.7 million reflecting an equivalent yield of 5.7%. The asset was disposed of after completing a successful asset management initiative which maximised the return on the asset.\n \n \n Two lettings were completed in Q1 securing £269,000 per annum in rent, along with two lease renewals securing £141,713 per annum.\n \n \n The Company completed three rent reviews securing an increase of £16,250 per annum (on average 19% above the previous rental level).\n \n \n As at close of business on 4 May 2020, the Company had received payments reflecting 71% of rents due for what can collectively be termed advance billing for the second quarter of the year; this comprises both old and new English quarter days (25th March and 1st April) and the Scottish quarter day (28th February). The comparable figure previously announced on 23 April 2020 was 66%.\n \n Strong balance sheet with prudent gearing\n \n Prudent LTV* of 24.4% at the quarter end.\n \n \n As at 31 March 2020 the Company had £8m drawn from its existing revolving credit facility with £47m still available for investment to take advantage of suitable opportunities that may become available in the near future.\n \n \n On 4 February 2020 the Company issued 1 million shares at a premium to prevailing net asset value resulting in net proceeds of £953,000.\n \n Dividends\n \n As previously announced the Company intends to pay a ful...