(FCPT.L) F&C Commercial Property Trust Buy/Sell

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(RNS) 2009-10-28 16:30 F&C Com Pty Tst Ltd - Net Asset Value(s)
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RNS Number : 5435B F&C Commercial Property Trust Ld 28 October 2009 `To: Company Announcements` `Date: 28 October 2009` Company: F&C Commercial Property Trust Limited `Subject: Net Asset Value` Net Asset Value The unaudited net asset value ('NAV') per share of the Group as at 30 September 2009 was 77.0 pence. This represents an increase of 1.4 per cent from the published NAV per share as at 30 June 2009 of 75.9 pence. The NAV has been calculated under International Financial Reporting Standards ('IFRS'). It is based principally on the external valuation of the Group's direct property portfolio prepared by DTZ Debenham Tie Leung Limited. The NAV includes all income to 30 September 2009 and is calculated after deduction of all dividends paid prior to that date. As at 30 September 2009 no adjustments were required to the NAV in respect of dividends for which the share price had gone ex-dividend. Analysis of Movement in NAV The following table provides an analysis of the movement in the unaudited NAV per share for the period from 30 June 2009 to 30 September 2009 (including the effect of gearing): `Pence per share % of opening NAV` `Published NAV per share as at 30 June 2009 75.9` `Unrealised increase in valuation of direct 1.6 2.1` property portfolio `Increase due to movement in Indirect - -` Holdings (realised and unrealised) `Movement in revenue reserve (0.5) (0.7)` `Published NAV per share as at 30 September 77.0 1.4` 2009* THE UNGEARED INCREASE IN THE VALUATION OF THE DIRECT PROPERTY PORTFOLIO OVER THE QUARTER TO 30 SEPTEMBER 2009 WAS 1.8%, AFTER ALLOWING FOR PROPERTY ACQUISITION COSTS AND CAPITAL EXPENDITURE. `Portfolio Analysis` `£m % of portfolio as at %` `30 September 2009 unrealised` `movement in quarter` `Offices 279.2 44.2 2.2` `West End 134.3 21.2 4.6` `South East 82.6 13.1 (1.7)` `Rest of UK 56.2 8.9 2.0` `City 6.1 1.0 6.1` `Retail 175.8 27.8 1.6` `South East 157.0 24.8 2.3` `Rest of UK 18.8 3.0 (4.5)` `Industrial 47.3 7.4 (1.7)` `South East 13.5 2.1 0.2` `Rest of UK 33.8 5.3 (2.5)` `Retail Warehouse 126.3 20.0 3.1` `Total Direct Property 628.6 99.4 1.8` `Indirect Holdings 3.7 0.6` `Total Property Portfolio 632.3 100.0` The next quarterly valuation of the direct property portfolio will next be conducted by an external valuer during December 2009 and the NAV per share as at 31 December 2009 will be announced in January 2010. Enquiries: Richard Kirby F&C REIT Property Asset Management plc Tel: 0207 499 2244 Graham Reaves G&N Collective Funds Services Limited Tel: 0131 226 4411 This information is provided by RNS The company news service from the London Stock Exchange END NAVZGMZGVRLGLZM
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