abrdn Property Income Trust Limited - Unaudited Net Asset Value as at 30 September 2024

abrdn Property Income Trust Limited - Unaudited Net Asset Value as at 30 September 2024

PR Newswire

LONDON, United Kingdom, November 07

7thNovember 2024

abrdn PROPERTY INCOME TRUST LIMITED (LSE: API)

LEI: 549300HHFBWZRKC7RW84

Unaudited Net Asset Value as at 30 September 2024

Net Asset Value and Valuations

· Net asset value ("NAV") per ordinary share was 65.0p (Jun 2024 - 73.3p), a decrease of 11.3% for Q3 2024 and a NAV total return of -10.1%. The main component of the NAV movement is a reduction to reflect the realisable value of the property portfolio associated with the sale of abrdn Property Holdings Ltd to GoldenTree Asset Management LP (excluding Far Ralia) announced on 27th September 2024 ("Portfolio Sale").

· On a like-for-like basis, the Company saw a fall in the value of the portfolio of 1.5% over the quarter with valuation declines in the office and retail sectors. This accounted for 1.4p of the 8.3p decline in the NAV over the quarter.

· Following the Shareholder vote placing the Company into a managed wind-down the Company prepares its financial information on a non-going concern basis without accruing for future operating costs. The estimated costs of realising the portfolio were factored into the Q2 NAV. Following the agreement for the Portfolio Sale this estimate has been reassessed and reduced, increasing the NAV by 0.6% (0.4p).

· The cash consideration for the purchase of the portfolio of assets is £351million which represents a 6.7% discount to the September valuation. The final net proceeds are subject to normal adjustments including those arising from the completion process and final distributions to shareholders are, in addition, subject to future operating costs and other matters as previously announced. There is no material change to the previously guided pro-forma NAV of 64p.

Investment activity.

· As reported previously, two sales completed during the quarter totaling £13.8million.

· The Company has exchanged contracts for the sale of the shares in abrdn Property Holdings and its subsidiaries. Completion is expected on 29 November 2024.

Dividends

A dividend of 1p will be paid for the third quarter for shareholders on the register on 15 November and will be paid on 29 November.

Net Asset Value ("NAV")

The unaudited net asset value per ordinary share at 30 September 2024 was 65.0p. The net asset value is calculated under International Financial Reporting Standards ("IFRS") as amended for the Company operating on a non-going concern basis.

The net asset value incorporates the external portfolio valuation by Knight Frank LLP at 30 September 2024 of £386.3 million.

Breakdown of NAV movement

Set out below is a breakdown of the change in the unaudited NAV over the period from 30 June 2024 to 30 September 2024.

	Per Share (p)	Attributable Assets (£m)	% Opening NAV	Comment
Net assets as at 30 June 2024	73.3	279.5	100.0
Unrealised movement in valuation of property portfolio	-1.4	-5.3	(1.9)	Like for like decrease of 1.5% in portfolio value.
Realised Loss on sale	-0.1	-0.4	(0.1)	Associated with sale of two assets in Q3.
Portfolio Sale price discount to valuation	-6.6	-25.3	(9.0)
Adjustment to estimated costs of disposal of portfolio	0.4	1.6	0.6	The estimated costs of selling the portfolio have been reduced.
CAPEX in the quarter	-0.1	-0.3	(0.1)
Net income in the quarter after dividend	-0.4	-1.6	(0.6)	Rolling 12-month dividend cover 76.4% excluding non-recurring items associated with Corporate Activity.
Interest rate hedge mark to market revaluation	-0.1	-0.4	(0.1)	Interest rate cap valuation movement
Other movements in reserves	0.0	0.1	0.0	Movements in lease incentives.
Net assets as at 30 September 2024	65.0	247.9	88.7

European Public Real Estate Association ("EPRA")	30 Sep 2024	30 Jun 2024
EPRA Net Tangible Assets	£247.2m	£278.1m
EPRA Net Tangible Assets per share	64.9p	73.0p

The Net Asset Value per share is calculated using 381,218,977 shares of 1p each being the number in issue on 30 September 2024.

Investment Manager Review and Portfolio Activity

During the quarter the Company completed the sale of two separate assets - an office in Princess St Manchester and an industrial asset in Dover.

The Company exchanged contracts (with completion due on 29 November 2024) to sell its interest in abrdn Property Holdings Ltd (and its subsidiaries). The sale includes all property assets in the Company apart from the land at Far Ralia. The land at Far Ralia is being marketed for sale separately and updates will be provided to shareholders when appropriate.

Following completion of the Portfolio Sale the Board will communicate with shareholders on the process and timing to liquidate API, delist the shares and return capital to shareholders.

Net Asset analysis as at 30 September 2024 (unaudited)

	£m	% of net assets
Industrial	223.9	90.3
Office	47.9	19.3
Retail	68.0	27.4
Other Commercial	36.5	14.7
Land	10.0	4.0
Total Property Portfolio	386.3	155.7
Adjustment for lease incentives	-8.5	-3.4
Portfolio sale price discount to valuation	-25.3	-10.2
Estimated costs of disposal	-5.1	-2.0
Fair value of Property Portfolio	347.4	140.1
Cash	6.6	2.6
Other Assets	21.2	8.6
Total Assets	375.2	151.3
Current liabilities	-14.4	-5.8
Non-current liabilities (bank loans)	-112.9	-45.5
Total Net Assets	247.9	100.0

Except as described above, the Board is not aware of any significant property events or transactions which have occurred between 30 September 2024 and the date of publication of this statement which would have a material impact on the financial position of the Company.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014). Upon the publication of this announcement via Regulatory Information Service this inside information is now considered to be in the public domain.

Details of the Company may also be found on the Investment Manager's website at: www.abrdnpit.co.uk

For further information:-

For further information:-

Jason Baggaley - API Fund Manager, abrdn

Tel: [phone] or [e-mail]

Mark Blyth - API Deputy Fund Manager, abrdn

Tel: [phone] or [e-mail]

Craig Gregor - Fund Controller, abrdn

Tel: [phone] or [e-mail]

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Ltd

Trafalgar Court

Les Banques

St Peter Port

GY1 3QL

Tel: [phone]

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