TIDMIPT

RNS Number : 5341O

ISIS Property Trust Limited

12 October 2012

   To:                   Company Announcements 
   Date:                12 October 2012 
   Company:        ISIS Property Trust Limited 
   Subject:           Net Asset Value

Net asset value

The unaudited net asset value per share of ISIS Property Trust Limited as at 30 September 2012 was 93.7 pence. This represents a decrease of 2.8 per cent from the net asset value per share as at 30 June 2012 of 96.4 pence.

The net asset value is based on the external valuation of the Group's property portfolio prepared by DTZ Debenham Tie Leung Limited.

The net asset value is calculated under International Financial Reporting Standards ("IFRS").

The net asset value includes all income to 30 September 2012 and is calculated after deduction of all dividends paid prior to that date. It does not include a provision for the dividend for the quarter to 30 September 2012 which is expected to be paid in November 2012.

Breakdown of NAV movement

Set out below is a breakdown of the change to the unaudited net asset value per share calculated under IFRS over the period from 30 June 2012 to 30 September 2012.

 
                                                  Pence       % of 
                                                    per    opening 
                                                  share        NAV 
----------------------------------------------  -------  --------- 
 Net asset value per share as at 30 June 
  2012                                             96.4 
----------------------------------------------  -------  --------- 
 Unrealised decrease in valuation of property 
  portfolio (including the effect of gearing)     (2.3)     (2.4)* 
----------------------------------------------  -------  --------- 
 Movement in interest rate swap valuation           0.2        0.2 
----------------------------------------------  -------  --------- 
 Movement in revenue reserves                     (0.6)      (0.6) 
----------------------------------------------  -------  --------- 
 Net asset value per share as at 30 September 
  2012                                             93.7      (2.8) 
----------------------------------------------  -------  ---------

*The un-geared decrease in the valuation of the property portfolio over the quarter to 30 September 2012 was 1.4%.

The net gearing as at 30 September 2012 was 33.6% #.

# Bank debt (less net current assets) divided by fair value of investment properties

 
 Portfolio Analysis     GBPm            % of     % capital 
                                   portfolio         value 
                                       as at      movement 
                                30 September    in quarter 
                                        2012 
--------------------  ------  --------------  ------------ 
 Offices                48.4            40.1         (2.2) 
--------------------  ------  --------------  ------------ 
 West End               17.4            14.4         (1.4) 
--------------------  ------  --------------  ------------ 
 South East             18.7            15.5         (3.1) 
--------------------  ------  --------------  ------------ 
 Rest of UK             12.3            10.2         (1.9) 
--------------------  ------  --------------  ------------ 
 Retail                 20.9            17.3         (2.7) 
--------------------  ------  --------------  ------------ 
 Rest of London          2.5             2.0             - 
--------------------  ------  --------------  ------------ 
 Rest of UK             18.4            15.3         (3.0) 
--------------------  ------  --------------  ------------ 
 Industrial             24.7            20.4           2.4 
--------------------  ------  --------------  ------------ 
 Rest of London          2.3             1.9           5.9 
--------------------  ------  --------------  ------------ 
 South East             16.3            13.4           0.3 
--------------------  ------  --------------  ------------ 
 Rest of UK              6.1             5.1           7.2 
--------------------  ------  --------------  ------------ 
 Retail Warehouse       26.8            22.2         (2.4) 
--------------------  ------  --------------  ------------ 
 Rest of London          7.3             6.1         (4.8) 
--------------------  ------  --------------  ------------ 
 Rest of UK             19.5            16.1         (1.5) 
--------------------  ------  --------------  ------------ 
 Total Property        120.8           100.0         (1.4) 
--------------------  ------  --------------  ------------

The property portfolio will next be valued by an external valuer during December 2012 and the net asset value per share as at 31 December 2012 will be announced in January 2013.

Enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1 3QL

   Tel: 01481 745001   Fax: 01481 745051

Ian McBryde

Scott Macrae

F&C Investment Business Ltd

   Tel: 0207 628 8000   Fax: 0131 225 2375

This information is provided by RNS

The company news service from the London Stock Exchange

END

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