ABRDN PROPERTY INCOME TRUST LIMITED
Unaudited Net Asset Value as at 31 December 2023
Net Asset Value and Valuations
– Net asset value (“NAV”) per ordinary share was 78.4p (Sep 2023 82.2p), a decrease of 4.6% for Q4 2023, resulting in a NAV total return, including dividends, of -3.5% for the quarter;
– The Company saw an increase in the value of its industrial assets (which make up 57% of the portfolio) of £6.9m (excluding sales), whilst its office assets (16.5% of the portfolio) fell by £7.5m. Retail and “Other” assets fell slightly by £1.0m and £2.4m respectively.
– The portfolio again outperformed the MSCI monthly index with a capital value decline of 2.2% on a like for like basis during the quarter, compared to the MSCI Monthly Index decline of 2.6% over the same period.
– The portfolio ERV of £34.2m is £7.0.m (25.7%) above the current contracted rent, demonstrating the significant reversionary potential.
– Rent Collection remained robust with 99% collected so far for Q4. Since the beginning of 2021 quarterly rent collection has been consistently at or above 99%.
– EPRA Earnings have increased by £132,000 (4.3%) compared to Q3 (£274,000 increase in Q3 over Q2).
Investment and letting activity
– Four lettings completed over the quarter totalling £1.14m pa rent along with a lease extension for 5 years securing £160,000pa.
– Three rent reviews settled on logistics assets providing an uplift in annual rent of £236,487 (52% above the previous rent passing, and 12% above the valuation assumption).
Financial Position
– Robust balance sheet with financial resources available for investment of £25.0 million (from the Company’s revolving credit facility) net of current cash after dividend and other financial commitments.
Occupancy / Void / WAULT
The Company had a vacancy rate of 7.6% as at end Q4 2023 (Q3 8.0%). Although new leases were completed that would have reduced the vacancy rate to 4.4% on a like for like basis, we had a new vacancy on a logistics unit in late November. That unit is now under offer to sell.
Debt Facility and Gearing
API currently has two facilities with RBSI, an £85m term loan (fully drawn) and an £80m Revolving Credit Facility (RCF) of which £56.9m was drawn as at 31st December. Both facilities are at a margin of 150bps over SONIA and an interest rate cap on SONIA has been put in place at 4% over the term loan (all-in rate of 5.5%). As at 31 December 2023, the Company had a Loan to Value (LTV) of 30.8%*.
*LTV calculated as debt less all cash divided by investment portfolio value
Dividends
A dividend of 1p will be paid for the quarter which means that the dividend is therefore being maintained at an annualised rate of 4p per share. The dividend cover for Q4 2023 is 83.4% (Sep 23 – 79.9%). The Board has provided guidance of its intention to maintain the current dividend level.
Net Asset Value (“NAV”)
The unaudited net asset value per ordinary share at 31 December 2023 was 78.4p. The net asset value is calculated under International Financial Reporting Standards (“IFRS”).
The net asset value incorporates the external portfolio valuation by Knight Frank LLP at 31 December 2023 of £439.2 million.
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