FCPX F&C Commercial

 

TIDMFCPX 
 
RNS Number : 7779W 
F&C Commercial Property Trust Ltd 
03 August 2009 
 

To:    Company Announcements 
Date:3 August 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 Company as at 30 June 
2009 was 75.9 pence. This represents a decrease of 1.0 per cent from the 
published NAV per share as at 30 April 2009 of 76.7 pence. 
The NAV has been calculated under International Financial Reporting Standards 
('IFRS'). It is based principally on the external valuation of the 
Company's direct property portfolio prepared by DTZ Debenham Tie Leung Limited. 
As previously announced, the Board has appointed an independent valuer to value 
the Company's unitised investments in two indirectly held property funds, the 
Industrial Property Investment Fund and The Mall Fund (the 'Indirect 
Holdings'). The NAV per share as at 30 June 2009 incorporates the Indirect 
Holdings at the Directors' valuation which reflects these independently produced 
values. 
 
 
The basis of valuation of the Indirect Holdings will continue to be reviewed 
regularly by the Board, with independent advice as appropriate, and amended, as 
required, to reflect changes in market conditions and practice. 
 
 
The NAV includes all income to 30 June 2009 and is calculated after deduction of 
all dividends paid prior to that date. As at 30 June 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 April 2009 to 30 June 2009 (including the 
effect of gearing): 
+----------------------------------------------------+--------+---------+ 
|                                                    |  Pence |    % of | 
|                                                    |    per | opening | 
|                                                    |  share |     NAV | 
+----------------------------------------------------+--------+---------+ 
| Published NAV per share as at 30 April 2009        |   76.7 |         | 
+----------------------------------------------------+--------+---------+ 
| Unrealised decrease in valuation of direct         |  (0.2) |  (0.2)* | 
| property portfolio                                 |        |         | 
+----------------------------------------------------+--------+---------+ 
| Increase due to movement in Indirect               |      - |       - | 
| Holdings (realised and unrealised)                 |        |         | 
+----------------------------------------------------+--------+---------+ 
| Movement in revenue reserve                        |  (0.6) |   (0.8) | 
+----------------------------------------------------+--------+---------+ 
| Published NAV per share as at 30 June 2009         |   75.9 |   (1.0) | 
+----------------------------------------------------+--------+---------+ 
 
 
* the ungeared decrease in the valuation of the direct property portfolio over 
the two months to 30 June 2009 was 0.2%. 
 
 
 
 
 
 
Portfolio Analysis 
+------------------------------------------+-------+-----------+------------+ 
|                                          |  GBPm |      % of |          % | 
|                                          |       | portfolio | unrealised | 
|                                          |       |  as at 30 |   movement | 
|                                          |       | June 2009 |     in two | 
|                                          |       |           |     months | 
+------------------------------------------+-------+-----------+------------+ 
| Offices                                  | 273.3 |      45.4 |      (0.4) | 
+------------------------------------------+-------+-----------+------------+ 
| West End                                 | 128.5 |      21.3 |        0.7 | 
+------------------------------------------+-------+-----------+------------+ 
| South East                               |  84.0 |      14.0 |      (1.2) | 
+------------------------------------------+-------+-----------+------------+ 
| Rest of UK                               |  55.0 |       9.1 |      (1.8) | 
+------------------------------------------+-------+-----------+------------+ 
| City                                     |   5.8 |       1.0 |          - | 
+------------------------------------------+-------+-----------+------------+ 
| Retail                                   | 172.2 |      28.6 |        0.5 | 
+------------------------------------------+-------+-----------+------------+ 
| South East                               | 153.4 |      25.5 |        0.6 | 
+------------------------------------------+-------+-----------+------------+ 
| Rest of UK                               |  18.8 |       3.1 |      (0.7) | 
+------------------------------------------+-------+-----------+------------+ 
| Industrial                               |  30.0 |       5.0 |          - | 
+------------------------------------------+-------+-----------+------------+ 
| South East                               |  13.5 |       2.2 |      (0.1) | 
+------------------------------------------+-------+-----------+------------+ 
| Rest of UK                               |  16.5 |       2.8 |          - | 
+------------------------------------------+-------+-----------+------------+ 
| Retail Warehouse                         | 122.6 |      20.4 |          - | 
+------------------------------------------+-------+-----------+------------+ 
| Total Direct Property                    | 598.1 |      99.4 |      (0.2) | 
+------------------------------------------+-------+-----------+------------+ 
| Indirect Holdings                        |   3.7 |       0.6 |            | 
+------------------------------------------+-------+-----------+------------+ 
| Total Property Portfolio                 | 601.8 |     100.0 |            | 
+------------------------------------------+-------+-----------+------------+ 
 
 
It is expected that the direct property portfolio will next be valued by an 
external valuer during September 2009 and the NAV per share as at 30 
September 2009, which will also include the valuation of the Indirect Holdings 
on that date, will be announced in October 2009. 
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 
 
 NAVZGGGRFFDGLZM 
 

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