The Standard Life Investments Property Income Trust is pleased to report that the Net Asset Value (NAV) per ordinary share at 31 December 2005 was 124.0p, representing an increase of 8.5% over the last reported NAV at 30 September 2005. The results show continued growth in the NAV of the company which has increased 17.9% over the calendar year 2005 and by 27.8% since the company's launch in December 2003. Over the past year* (*12 month returns to 11/01/06, source: datastream), total returns to shareholders (share price growth plus dividends paid) have amounted to some 23.5%.
Commenting on the results, fund manager of Standard Life Investments' Property Income Trust, David Stewart said: During the year we have invested £27.5 mln, acquiring additional investment properties and have now achieved the company's objective of fully investing it's long term debt facility. We have also been able to maintain the vacancy rate on the property portfolio at under 1% for the majority of 2005. These key factors have combined with the company's strategic sector weighting towards offices and retail warehousing, to drive the growth in NAV during the year. Looking ahead, we believe the company is well structured to continue to benefit from an improving UK office market."
Source: Standard Life Investments