REG-abrdn Property Income Trust Limited: Interim Results for the period ended 30 June 2025
Today 07:45
Guernsey: 26 September 2025
LEI: 549300HHFBWZRKC7RW84
abrdn Property Income Trust Limited
(“API” or the “Company”)
INTERIM RESULTS FOR THE PERIOD ENDED 30 JUNE 2025
Today the Board of abrdn Property Income Trust (“API” or the
“Company”) confirms the Company’s Interim Results to 30 June 2025. The
results will shortly be available to view on the Company's corporate website
at https://www.abrdnpit.co.uk/en-gb/literature.
PERFORMANCE SUMMARY
Earnings, Dividends & Costs 6 months to 30 June 2025 6 months to 30 June 2024
IFRS (Loss)/gain per share (p) (0.4) (3.0)
Dividends paid per ordinary share (p) - 2.0
Dividend Cover (%) ** - 36.4
Dividend Cover excluding non-recurring items (%) ** - 77.3
Ongoing Charges **
As a % of average net assets including direct property costs 3.5 2.3
As a % of average net assets excluding direct property costs 3.4 1.2
Capital Values & Gearing 30 June 2025 31 December 2024 Change %
Net assets (£million) 28.7 30.4 (6.4)
Net asset value per share (p) 7.5 8.0 (6.4)
Ordinary Share Price (p) 5.4 6.9 (21.7)
(Discount)/Premium to NAV (%) (27.6) (13.8)
* Calculated as profit for the period before tax (excluding capital items &
derivative movements) divided by weighted average number of shares in issue in
the period.
** As defined and calculated under API’s Alternative Performance Measures
(as detailed in the full Interim Accounts which can be found via the following
link: https://www.abrdnpit.co.uk/en-gb/literature)
Sources: Aberdeen
CHAIR’S STATEMENT
Review of 2025
The main focus for the Board and investment Manager continues to be
progressing a liquidation of the Company as swiftly as possible. The two
primary activities in this are the conclusion of matters relating to the
disposal of the Company’s subsidiaries to GoldenTree Asset Management LLP
(GoldenTree), and the disposal of the Company’s one remaining property
asset, Far Ralia.
Following completion of the sale of abrdn Property Holdings Limited (aPH) to
GoldenTree at the end of November 2024, the Investment Manager has been
working with the buyer’s appointed advisors to agree the final completion
account position. This had been delayed by a protracted handover between the
respective property managing agents, but the Investment Manager has recently
completed this exercise.
The loss per share of 0.4p for the period reflects, primarily, the valuation
reduction on Far Ralia of 0.6p. Company operating costs for the period have
been funded by interest from the money market investment and a gain arising
from the various handover processes referred to above on disposal of aPH. This
gain is explained in note 8 to the accounts.
Far Ralia
The tree planting programme and associated works have been completed at Far
Ralia, with a scheduled “beating up” exercise undertaken in August where
failed saplings were replaced. Despite unfavourable weather conditions
during the year, the failure rate was below expectations and well within the
Company’s capital expenditure forecasts. We also expect to receive the
£1.65m grant funding from Scottish Forestry (see Note 9). It had been
anticipated that this would have been received before now, but the process to
transfer the funding contracts following the sale of aPH has been
frustratingly slow.
In the meantime, the Company has continued to market its interest in the land
at Far Ralia. Originally acquired as a natural capital investment to aid the
Company in offsetting its own carbon emissions, a disposal hadn’t been
anticipated at this point in the asset life cycle. Forestry or natural
capital buyers tend to prefer to acquire assets where the trees are more
established as the risk of failure is reduced.
Additionally, the increased cost of capital, driven by higher, longer-term
risk-free rates, has resulted in some buyers, particularly institutional
investors, postponing purchases or not bidding with as much conviction as they
might have 2 or 3 years ago. This, in addition to the early-stage nature of
the investment, has meant that interest from potential buyers has been
limited. The fall in the value of Far Ralia reflects these factors as well as
the reduction over the period in carbon pricing
The Investment Manager continues to monitor the marketing process and is
preparing to implement a change in strategy to reinvigorate market interest.
The Board will endeavour to keep shareholders updated on progress with the
sale. However, given the sensitivity and confidentiality that usually
surrounds corporate property transactions, the Board may be restricted on what
can be announced and when.
REIT Status
The Company exited the REIT regime on completion of the sale of aPH in
November 2024. However, it is still required to distribute 100% of the
accumulated income profits of the Group’s UK property rental business
(“Property Income”). The detailed calculation of the final PID was subject
to some uncertainty around the recently finalised completion account
adjustments described in Note 8. Shareholders will recall that an interim
Property Income Distribution (“PID”) of 3p was made in January.
Board Composition
Following the resignation of three Directors on 31 December 2024, the Board
has comprised two members. This is in recognition of the reduced management
required by the Company during the managed wind-down and in an effort to
minimise costs. It is likely that, when the Company enters liquidation, this
will be further reduced to one.
Financial Resources
The transaction with GoldenTree included the transfer of the Group’s debt
facility with RBSI and the Company no longer has access to revolving credit
facilities (“RCF”) or other borrowings. The Board invested the residual
cash proceeds from the sale into a shorter-term money market fund, the abrdn
Liquidity Fund (Sterling Class), which offers a competitive rate of interest
and security of capital.
At the period end the Company held £19.3m in cash and had net current assets
excluding Far Ralia of £1.6m. No provision has been made for future operating
costs.
Final Distributions and Outlook
The current NAV is 7.5p, of which 2.1p relates to Far Ralia. The timing and
value of its eventual sale will impact future distributions. As previously
explained, the Investment Manager’s sole focus, together with the Board, is
to maximise the return of capital to shareholders as expeditiously as
possible.
Shareholders are reminded that as soon as liquidators are appointed the
Company’s shares will cease trading on the London Stock Exchange effectively
meaning the shares cannot be sold, with their value totally dependent on the
proceeds distributed by the liquidator after all assets are sold and
liabilities paid.
The Board are cognisant of ensuring that the final distribution is as close as
possible to the previously anticipated 64p per share as communicated following
the shareholder vote on implementing the Managed Wind-Down. To date, a total
of 56p per share has been distributed to shareholders (through a combination
of Income Distributions and the redemption of bonus shares). The Board believe
that the current NAV of 7.5p is still reflective of the initial projections
(which excluded future operating costs) except for the fall in valuation of
Far Ralia over the first 6 months of 2025.
Description Distribution (p per share)
Target Distribution 64.0
Third Quarter PID, paid Nov 24 (1.0)
Capital Distribution, paid Dec 24 (52.0)
Interim Balancing PID, paid Jan 25 (3.0)
Change in Far Ralia Valuation (0.5)
Variance to Target (0.0)
Residual NAV 7.5
At this stage, the Board anticipate making a further Capital Distribution
alongside the final PID referenced above in early November. It is the
Board’s intention to distribute not less than 3.85p per share with the
Capital portion being administered via the issue of further Bonus Shares.
Further details of the exact split between Capital and PID will be provided
closer to the time.
Shareholders are reminded that the NAV of 7.5p excludes any provision for
future costs associated with the running of the Company through to
liquidation. To date, these have largely been covered by the interest
generated from the money market investment. The anticipated distributions will
reduce interest income, hence, if everything stays the same, the NAV will fall
over time.
The Board will continue to update shareholders regarding the sale of Far Ralia
when pertinent, and its likely impact on the ultimate distribution they will
receive.
Potential Delisting
The Board continues to seek to minimise the operating costs of the Company and
in this regard is considering whether it would be in the best interests of
shareholders to delist the Company’s shares from the London Stock Exchange.
This would require the approval of 75% of shareholders in a general meeting
following publication of a circular. The Board will now consult with
shareholders to understand their views and expects to announce a decision in
early 2026.
29 September 2025
Mike Balfour
PRINCIPAL RISKS AND UNCERTAINTIES
The Company’s sole remaining asset is its interest in the land at Far Ralia
and excess cash, following the sale of its subsidiaries in November 2024. Its
principal risks are therefore related to the speed and value of the sale of
Far Ralia, the eventual liquidation of the Company and the ultimate
distribution to shareholders. The Board and Investment Manager seek to
mitigate these risks through regular review of forecast costs, scrutiny of the
selling agent (for the aforementioned interest in Far Ralia), and proactive
and regular discussions with the potential liquidator.
The Board has carried out an assessment of the risk profile of the Company
which concluded that the risks as at 30 June 2025, were not materially
different from those detailed in the statutory accounts for the Company for
the year ended 31 December 2024.
Having reviewed the principal risks, the Directors believe that the Company
has adequate resources to continue in operational existence throughout the
sale of Far Ralia and liquidation process following the planned
distributions. Given there is a clear indication to place the group into
liquidation at a point in the future, the financial statements to 30 June 2025
have been prepared on a basis other than going concern (as explained further
in Note 1).
STATEMENT OF DIRECTOR’S RESPONSIBILITIES CONDENSED
The Directors are responsible for preparing the Interim Report in accordance
with the applicable law and regulations. The Directors confirm that to the
best of their knowledge:
▸The Unaudited Condensed Consolidated Financial Statements have been
prepared in accordance with IAS 34; and;
▸ The Interim Report includes a fair review of the information required by
4.2.7R and 4.2.8R of the Financial Conduct Authority’s Disclosure Guidance
and Transparency Rules; and
▸ In accordance with 4.2.9R of the Financial Conduct Authority’s
Disclosure Guidance and Transparency Rules, it is confirmed that this
publication has not been audited or reviewed by the Company’s auditors.
The Interim Report, for the six months ended 30 June 2025, comprises an
Interim Report in the form of the Chair’s Statement, Principal Risks and
Uncertainties, the Directors’ Responsibility Statement and Unaudited
Consolidated Condensed Financial Statements. The Directors each confirm to the
best of their knowledge that:
▸ the Unaudited Condensed Consolidated Financial Statements are prepared in
accordance with IFRSs as adopted by the European Union, and give a true and
fair view of the assets, liabilities, financial position and profit or loss of
the Group; and
▸ the Interim Report includes a fair review of the development and
performance of the business and the position of the Group, together with a
description of the principal risks and uncertainties faced.
For and on behalf of the Directors of abrdn Property Income Trust Limited.
Approved by the Board on
29 September 2025
Mike Balfour
Chair
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the period ended 30 June 2025
01 Jan 25 01 Jan 24 01 Jan 24
to 30 Jun 25 To 30 Jun 24 to 31 Dec 24
Notes £ £ £
Rental income - 13,518,687 24,070,912
Service charge income 3 - 2,867,089 4,899,881
Service charge expenditure 3 - (3,372,243) (5,937,817)
Net Rental Income - 13,013,533 23,032,976
Administrative and other expenses
Investment management fee 3 (100,000) (1,080,365) (1,399,114)
Other direct property operating expenses 3 - (1,030,686) (2,447,020)
Net Impairment gain/(loss) on trade receivables 3 - 88,255 (110,725)
Fees associated with strategic review and aborted merger 3 - (2,764,182) (2,800,223)
Fees associated with managed wind-down and portfolio disposal 3 - (245,098) (399,197)
Other administration expenses 3 (412,016) (709,857) (1,505,185)
Total administrative and other expenses (512,016) (5,741,933) (8,661,464)
Operating profit before changes in fair value of investment properties (512,016) 7,271,600 14,371,512
Valuation loss from investment properties - (8,292,948) -
Valuation gain/(loss) from land 6 (2,183,886) 1,334,755 475,876
Estimated costs arising from future disposal 15 33,000 (6,690,173) (165,000)
Gain/(loss) on disposal of subsidiaries 8 549,839 (48,152,578)
Loss on disposal of investment properties 4 - (453,768) (2,063,652)
Operating (loss)/profit (2,113,063) (6,830,534) (35,533,842)
Finance income 450,559 52,081 649,889
Finance costs - (4,548,455) (7,955,137)
(Loss)/gain for the period before taxation (1,662,504) (11,326,908) (42,839,090)
Taxation
Tax charge - - (55,110)
(Loss)/gain for the period, net of tax (1,662,504) (11,326,908) (42,894,200)
Other comprehensive income/(loss)
Movement in fair value on interest rate cap - 356,278 98,784
Total other comprehensive income/(loss) - 356,278 98,784
Total comprehensive (loss)/gain for the period, net of tax (1,662,504) (10,970,630) (42,795,416)
(Loss)/earnings per share
Basic and diluted (loss)/earnings per share 7 (0.4) (3.0) (11.25)
All items in the above Consolidated Statement of Comprehensive Income derive
from discontinuing operations.
The notes below are an integral part of these Consolidated Financial
Statements.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 June 2024
30 Jun 25 30 Jun 24 31 Dec 24
Assets Notes £ £ £
Current assets
Investment properties 4 - 342,733,133 -
Investment properties held for sale 5 - 39,757,987 -
Land 5,6 7,868,000 9,835,000 9,835,000
Trade and other receivables 9 2,616,459 15,572,608 2,171,092
Cash and cash equivalents 19,267,200 7,485,037 36,655,166
Interest rate cap - 1,350,870 -
Total assets 29,751,659 416,734,635 48,661,258
Liabilities
Current liabilities
Trade and other payables 10 1,050,332 11,358,974 6,860,858
Dividends payable - - 11,436,569
Bank borrowings 14 - 123,410,970 -
Obligation under finance leases - 2,481,258 -
Total liabilities 1,050,332 137,251,202 18,297,427
Net assets 28,701,327 279,483,433 30,363,831
Equity
Capital and reserves attributable to Company’s equity holders
Share capital 11 228,383,857 228,383,857 228,383,857
Treasury share reserve 11 (18,400,876) (18,400,876) (18,400,876)
Redeemable Bonus Share issue 11 (198,233,868) - (198,233,868)
Retained Earnings - - -
Capital reserves (50,623,304) (23,406,434) (49,022,257)
Other distributable reserves 67,575,518 92,906,886 67,636,975
Total equity 28,701,327 279,483,433 30,363,831
2025 (p) 2024 (p) 2024 (p)
NAV per share 7.53 73.3 7.96
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITYFor the period
ended 30 June 205
Notes Share Capital £ Treasury Shares £ Redeemable Bonus Shares £ Retained Earnings £ Capital Reserves £ Other Distributable Reserves £ Total Equity £
Opening balance 1 January 2025 228,383,857 (18,400,876) (198,233,868) - (49,022,257) 67,636,975 30,363,831
Loss for the period - - - (1,662,504) - - (1,662,504)
Other comprehensive income - - - - - - -
Total comprehensive loss for the period - - - (1,662,504) - - (1,662,504)
Valuation loss from land 6 - - - 2,183,886 (2,183,886) - -
Estimated costs arising from future disposal 15 - - - (33,000) 33,000 - -
Gain on disposal of subsidiaries 8 - - - (549,839) 549,839 - -
Transfer from Other distributable reserves - - - 61,457 - (61,457) -
Balance at 30 June 2025 228,383,857 (18,400,876) (198,233,868) - (50,623,304) 67,575,518 28,701,327
Opening balance 1 January 2024 228,383,857 (18,400,876) - - (9,660,578) 97,756,040 298,078,443
Loss for the period - - - (11,326,908) - - (11,326,908)
Other comprehensive income - - - - 356,278 - 356,278
Total comprehensive loss for the period - - - (11,326,908) 356,278 - (10,970,630)
Dividends paid 12 - - - (7,624,380) - - (7,624,380)
Valuation loss from investment properties - - - 8,292,948 (8,292,948) - -
Valuation gain from land 6 - - - (1,334,755) 1,334,755 - -
Estimated costs arising from future disposal 15 - - - 6,690,173 (6,690,173) - -
Loss on disposal of investment properties 4 - - - 453,768 (453,768) - -
Transfer from Other distributable reserves - - - 4,849,154 - (4,849,154) -
Balance at 30 June 2024 228,383,857 (18,400,876) - - (23,406,434) 92,906,886 279,483,433
Opening balance 1 January 2024 228,383,857 (18,400,876) - - (9,660,578) 97,756,040 298,078,443
Loss for the year - - - (42,894,200) - - (42,894,200)
Other comprehensive gain - - - - 98,784 - 98,784
Total comprehensive loss for the year - - - (42,894,200) 98,784 - (42,795,416)
Redeemable Bonus Shares - - (198.233.868) - - - (198,233,868)
Dividends paid 12 - - - (15,248,759) - - (15,248,759)
Dividends payable 12 - - - (11,436,569) - - (11,436,569)
Valuation gain from land 6 - - - (475,876) 475,876 - -
Reclassified from Other distributable reserves - - - 30,119,065 - (30,119,065) -
Transfer from Other distributable reserves - - - (10,279,891) 10,279,891 - -
Loss on disposal of subsidiaries 8 - - - 48,152,578 (48,152,578) - -
Loss on disposal of investment properties 4 - - - 2,063,652 (2,063,652) - -
Balance at 31 December 2024 228,383,857 (18,400,876) (198,233,868) - (49,022,257) 67,636,975 30,363,831
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
For the period ended 30 June 2025
01 Jan 25 01 Jan 24 01 Jan 24
to 30 Jun 25 to 30 Jun 24 to 31 Dec 24
Cash flows from operating activities Notes £ £ £
Loss for the year before taxation (1,662,504) (11,326,908) (42,839,090)
Movement in lease incentives - (53,108) 96,128
Movement in trade and other receivables (445,367) 353,512 3,055,794
Movement in trade and other payables (17,247,095) (3,249,221) (2,023,484)
Finance costs - 4,548,455 7,955,137
Finance income (450,559) (52,081) (649.889)
Valuation loss from investment properties 4 - 8,292,948 -
Valuation (gain)/loss from land 6 2,183,886 (1,334,755) (475,876)
Estimated costs arising from future disposal 15 (33,000) 6,690,173 165,000
Loss on disposal of subsidiaries 8 (549,839) 48,152,578
Loss on disposal of investment properties 4 - 453,768 2,063,652
Net cash (outflow)/inflow from operating activities (18,204,478) 4,322,783 15,499,950
Cash flows from investing activities
Finance income 450,559 52,081 649,889
Additions to land 6 (183,886) (415,245) (1,274,124)
Capital expenditure on investment properties 4 - (2,369,803) -
Net proceeds from disposal of investment properties 4 - 29,146,232 42,986,348
Net proceeds from disposal of subsidiaries 8 549,839 - 234,298,743
Net cash inflow from investing activities 816,512 26,413,265 276,660,856
Cash flows from financing activities
Bonus share distribution in period 11 - - (198,233,868)
Borrowing on RCF 14 - 10,300,000 13,300,000
Repayment of RCF 14 - (28,274,379) (41,874,379)
Interest paid on bank borrowing - (4,816,402) (9,755,493)
Receipts on Interest rate Cap - 544,080 1,123,358
Finance lease interest - (33,768) (33,768)
Dividends payable to the Company’s shareholders 12 - - (11,436,569)
Dividends paid to the Company’s shareholders 12 - (7,624,380) (15,248,759)
Net cash outflow from financing activities - (29,904,849) (262,159,478)
Net (decrease)/increase in cash and cash equivalents (17,387,966) 831,199 30,001,328
Cash and cash equivalents at beginning of period 36,655,166 6,653,838 6,653,838
Cash and cash equivalents at end of period 19,267,200 7,485,037 36,655,166
Notes TO the consolidated financial statements
1. Accounting policies
Basis of preparation
The Unaudited Consolidated Financial Statements have been prepared in
accordance with International Financial Reporting Standard (“IFRS”) IAS 34
‘Interim Financial Reporting’ and, except as described below, the
accounting policies set out in the statutory accounts of the Group for the
year ended 31 December 2024. The condensed Unaudited Consolidated Financial
Statements do not include all of the information required for a complete set
of IFRS financial statements and should be read in conjunction with the
Consolidated Financial Statements of the Group for the year ended 31 December
2024, which were prepared under full IFRS requirements.
Assessment of Going Concern
Following completion of the sale of its wholly owned subsidiaries to
GoldenTree Asset Management LP on 29th November 2024, the Group’ assets have
consisted solely of the Company’s interest in the land at Far Ralia and cash
retained from the sales proceeds to cover anticipated costs until fully
liquidated. The Board is satisfied that the Company will have no material
difficulty in meetings its liabilities as they fall due during the period
until fully liquidated. There is a clear intention to enter liquidation once
Far Ralia is sold. As such, in accordance with IAS1 para 25 and IAS 10 (Events
after the Reporting Period) para 14, these interim financial statements have
been prepared on a basis other than that of going concern.
As a result of adopting a basis other than that of going concern, the Board
has deemed it appropriate to reduce the fair value of the land by the expected
costs of disposal. No other costs of operation or liquidation have been
recognised other than those committed or incurred at the balance sheet date.
Adjustments to going concern basis of accounting
In addition to assessing the Company’s significant accounting judgements,
estimates and assumptions, the Board has also considered the following areas
where it might be appropriate to apply adjustments to the ‘normal’ IFRS
basis:
1) Measurement of Assets
It is appropriate to consider the need to write down assets to their net
realisable value. Land and Financial Instruments are stated at fair value,
while other assets including trade receivables are recognised at their
recoverable amount already. The Board has assessed the basis for and
measurement of Land and have decided to reduce fair value by the estimated
cost of disposal. Further details can be found in note 15.
2) Liabilities
The Board recognise that it would be appropriate to accrue costs associated
with potentially onerous contracts by applying guidance in IAS 37
‘Provisions, Contingent Liabilities and Contingent Assets’. However, at
the date of approval of the financial statement, no such contracts exist, and
accordingly no provisions have been made.
3) Presentation and disclosure
The Board has assessed the classification of assets and liabilities between
current and non-current. Assets that met the criteria to be classified as held
for sale at 30 June 2025 have been classified as current assets. Non-current
assets and liabilities have been reclassified as current as they are expected
to be realised in less than 12 months.
After careful consideration, the Board believes that it would not be
meaningful to present the results of discontinued operations as a separate
financial statement line item of income or loss (in accordance with IFRS 5)
because this would not result in meaningful information in a situation where
all of an entity’s operations will be discontinued.
Finally, the Board has assessed whether adoption of a basis other than going
concern would have any material impact on comparatives and have concluded this
not to be relevant as both the financial statements as at 31 December 2024 and
interim financial statements as at 30 June 2024 were prepared under a similar
basis.
2. Related Party Disclosure
Parties are considered to be related if one party has the ability to control
the other party or exercise significant influence over the other party in
making financial or operational decisions.
Directors’ remuneration
The Directors of the Company are deemed as key management personnel and
received fees for their services. Total fees for the period ended 30 June 2025
were £59,795 (period ended 30 June 2024: £256,081) none of which remained
payable at the end of June.
Investment manager
abrdn Fund Managers Limited (formerly known as Aberdeen Standard Fund Managers
Limited), as the Manager of the Group from 10 December 2018, received fees for
their services as Investment Managers. Further details are provided in note 3.
3. Administrative and Other Expenses
6 months to 6 months to Year to
30 Jun 25 30 Jun 24 31 Dec 24
Notes £ £ £
Investment management fees 3a 100,000 1,080,365 1,399,114
Other direct property expenses
Vacant Costs (excluding void service charge) - 449,622 1,263,429
Repairs and maintenance - 164,039 341,480
Letting fees - 211,037 377,364
Other costs - 205,988 464,747
Total Other direct property expenses - 1,030,686 2,447,020
Net Impairment gain on trade receivables * - (88,255) 110,725
Fees associated with strategic review and aborted merger* 3b - 2,764,182 2,800,223
Fees associated with managed wind down and disposal* 3b - 245,098 399,197
Other administration expenses
Directors’ fees and subsistence 2 59,795 256,081 389,757
Valuer’s fees 6,000 35,248 57,835
Auditor’s fees 62,390 76,450 167,125
Marketing 42,000 76,425 118,425
Other administration costs 241,831 265,653 772,043
Total Other administration expenses 412,016 709,857 1,505,185
Total Administrative and other expenses 512,016 5,741,933 8,661,464
* In the prior period, fees associated with the managed wind down and disposal
(£245,098) were included as part of the total amount discussed under the
strategic review and aborted merger. These have now been separated for
clarity.
6 months to 6 months to Year to
30 Jun 25 30 Jun 24 31 Dec 24
£ £ £
Total service charge billed to tenants - 2,714,494 4,244,088
Service charge due from tenants - 152,595 655,793
Service charge income - 2,867,089 4,899,881
Total service charge expenditure incurred - 2,867,089 4,899,881
Service charge incurred in respect of void units - 505,154 1,037,936
Service charge expenditure - 3,372,243 5,937,817
3a. Investment management fees
From 1 January 2023, the Group agreed a 10bps reduction in the fee payable to
the Investment Manager under the terms of the IMA; effective from 1 January
2023 this was 0.60% of total assets up to £500m, and 0.50% of total assets in
excess of £500 million. Considering a proposed merger (with Custodian
Property Income REIT), the Board served notice on the Investment Management
Agreement on 12 October 2023. Following the Shareholder vote to place the
Group into a Managed Wind-Down on 28 May 2024, a new agreement was signed
effective 31 May 2024. Under the novated agreement, the Investment Manager
is entitled to a fee of 0.20% per annum on total assets (with a floor of
£50,000 per quarter until there are no properties remaining and £35,000
thereafter). The Investment Manager is also entitled to a further 0.40%
payable based on the Gross Disposal proceeds of the underlying portfolio –
£1,459,100 had been recognised in accordance with the assets up to and
including 31 December 2024. As at 30 June 2025, £1,094,325 has been paid
while the remainder remains as an accrual.
As detailed further in Note 16, the Investment Manager receives an
‘Incentive Fee’ based on the cumulative Gross Disposal Proceeds relative
to valuation of the portfolio as at 31 May 2024, with the fee only being
triggered if this is greater than 90% of said valuation and if all assets are
sold prior to November 2025; if Far Ralia is sold at its current valuation,
this fee would be £186,388 if sold prior to 28 November 2025. This fee has
been deemed a contingent liability and has not been provided for in the
current net assets as at 30 June 2025.
In addition, the Company paid the Investment Manager a sum of £35,000
excluding VAT (2024: £98,688 excluding VAT) to participate in the Managers
marketing programme.
3b. Fees associated with strategic review and aborted merger
As described previously, the Board undertook a strategic review during the
second half of 2023 after concerns over the Company’s size, liquidity,
persistent discount to NAV and dividend cover. The outcome of this review,
following interest from other listed REITs, was that the Board recommended to
shareholders that they vote in favour of a proposed merger with Custodian
REIT. The costs associated with the initial Rule 2.7 announcement (including
advisor, due diligence and valuation fees) were £2,041,248. Since the end of
2023, further fees and costs of £3,199,420 were recognised in 2024 of which
£399,197 relates to the Managed Wind-Down and portfolio disposal. These fees
exclude transaction costs which are explained in note 15.
4. Investment Properties
The valuations were historically performed by Knight Frank LLP, acting in the
capacity of a valuation adviser to the AIFM, accredited external valuers with
recognised and relevant professional qualifications and recent experience of
the location and category of the investment properties being valued. The
valuation model in accordance with Royal Institute of Chartered Surveyors
(‘RICS’) requirements on disclosure for Regulated Purpose Valuations was
applied (RICS Valuation - Global Standards, which incorporate the
International Valuation Standards). These valuation models were consistent
with the principles in IFRS 13.
Valuation gains and losses from investment properties are recognised in the
Consolidated Statement of Comprehensive Income for the period and are
attributable to changes in unrealised gains or losses relating to investment
properties held at the end of the reporting period.
In the condensed unaudited cash flow statement, loss from disposal of
investment properties arises as follows:
30 Jun 25 30 Jun 24 31 Dec 24
£ £ £
Opening market value of disposals - 29,600,000 45,050,000
Loss on disposal - (453,768) (2,063,652)
Net proceeds from disposal of investment properties - 29,146,232 42,986,348
Valuation Methodology
The fair value of completed investment properties were historically determined
using the income capitalisation method and were all categorised as Level 3.
The income capitalisation method is based on capitalising the net income
stream at an appropriate yield. In establishing the net income stream the
valuers reflected the current rent (the gross rent) payable to lease expiry,
at which point the valuer assumed that each unit would be re-let at their
opinion of ERV. The valuers made allowances for voids where appropriate, as
well as deducting non recoverable costs where applicable. The appropriate
yield was selected on the basis of the location of the building, its quality,
tenant credit quality and lease terms amongst other factors.
Descriptions and definitions
The tables below include the following descriptions and definitions relating
to valuation techniques and key observable inputs made in determining the fair
values.
Estimated rental value (ERV)
The rent at which space could be let in the market conditions prevailing at
the date of valuation.
Equivalent yield
The equivalent yield is defined as the internal rate of return of the cash
flow from the property, assuming a rise or fall to ERV at the next review or
lease termination, but with no further rental change.
Initial yield
Initial yield is the annualised rents of a property expressed as a percentage
of the property value.
Reversionary yield
Reversionary yield is the anticipated yield to which the initial yield will
rise (or fall) once the rent reaches the ERV.
The table below shows the ERV per annum, area per square foot, average ERV per
square foot, initial yield and reversionary yield as at the Balance Sheet
date.
30 Jun 25 30 Jun 24 31 Dec 24
ERV p.a. £nil £32,550,144 £nil
Area sq.ft. - 3,341,499 -
Average ERV per sq.ft. £nil £9.74 £nil
Initial yield N/A 6.0% N/A
Reversionary yield N/A 7.5% N/A
The table below presents the sensitivity of the valuation to changes in the
most significant assumptions underlying the valuation of completed investment
property.
30 Jun 25 30 Jun 24 31 Dec 24
£ £ £
Increase in equivalent yield of 50 bps - (26,544,103) -
Decrease in rental rates of 5% (ERV) - (14,521,858) -
Below is a list of how the interrelationships in the sensitivity analysis
above can be explained.
In both cases outlined in the sensitivity table the estimated Fair Value would
increase (decrease) if:
* The ERV is higher (lower)
* Void periods were shorter (longer)
* The occupancy rate was higher (lower)
* Rent free periods were shorter (longer)
* The capitalisation rates were lower (higher)
5. Assets Held for Sale
Following the sale of the subsidiaries on the 29 November 2024, the Group no
longer has any investment properties. The Company is actively seeking a buyer
for the Land at Far Ralia, however, for the purposes of these Financial
Statements it has been elected not to classify it as Held for Sale because it
has already been reclassified as a current asset.
6. Land
6 months 6 months Year
to 30 Jun 25 to 30 Jun 24 to 31 Dec 24
£ £ £
Cost
Balance at the beginning of the year 10,869,679 9,595,555 9,595,555
Additions 183,886 1,053,052 2,300,154
Government Grant Income receivable - (637,807) (1,026,030)
Balance at the end of the year 11,053,565 10,010,800 10,869,679
Changes in fair value
Balance at the beginning of the year (869,679) (1,345,555) (1,345,555)
Valuation gain/(loss) from land (2,183,886) 1,334,755 475,876
Balance at the end of the year (3,053,565) (10,800) (869,679)
Land Impairment for projected sales costs (see note 13) (132,000) (165,000) (165,000)
Carrying amount as at 31 December 7,868,000 9,835,000 9,835,000
Valuation methodology
The Land is held at fair value and is categorised as Level 3. The Group
appoints suitable valuers (such appointment is reviewed on a periodic basis)
to undertake a valuation of the land on a quarterly basis. The valuation is
undertaken in accordance with the current RICS guidelines by Knight Frank LLP
whose credentials are set out in note 4.
Additions represent costs associated with the reforestation and peatland
restoration at Far Ralia. Grants are receivable from the Scottish Government
for such costs. The conditions of the grant are deemed to be complied with on
initial completion of work on the associated Work Areas identified under the
Grant agreement. As at 30 June 2025, no grant income has yet been received
and no further grant income has been recognised in accordance with the
Group’s policy for grant recognition in 2025 (to date, £1,646,507 has been
recognised in total); there are no concerns in such grant income eventually
being received by the Company, as such there are no provisions in place for
this income.
As noted in more detail in note 1, the current condensed unaudited Interim
Report & Accounts are not prepared on a going concern basis with the carrying
value reduced by estimated costs of disposal of £132,000 has been recognised
to write down the Land to its projected net realisable value. Further details
are provided in note 15.
7. Earnings per share
Basic earnings per share amounts are calculated by dividing profit for the
year net of tax attributable to ordinary equity holders by the weighted
average number of ordinary shares outstanding during the year. As there are no
dilutive instruments outstanding, basic and diluted earnings per share are
identical.
The earnings per share for the year is set out in the table below.
Earnings for the period to 30 June 2025 should not be taken as a guide to the
results for the year to 31 December 2025.
6 months to 6 months to Year to
30 Jun 25 30 Jun 24 31 Dec 24
£ £
Loss for the year net of tax (1,662,504) (11,326,908) (42,839,200)
Weighted average number of ordinary shares outstanding during the year 381,218,977 381,218,977 381,218,977
Loss per ordinary share (pence) (0.4) (3.0) (11.25)
Profit for the year excluding capital items (£) (61,457) 2,775,226 7,011,154
8. Investments in Limited Partnership and Subsidiaries
The Company historically owned 100 per cent of the issued ordinary share
capital of abrdn Property Holdings Limited, a company with limited liability
incorporated and domiciled in Guernsey, Channel Islands, whose principal
business is property investment. abrdn Property Holdings Limited, in turn,
owned the entire issued share capital of a nominee company and a general
partner which held, through a Limited Partnership, a portfolio of UK real
estate assets. These are set out below:
• abrdn Property Holdings Limited, a property investment company with
limited liability incorporated in Guernsey, Channel Islands.
• abrdn (APIT) Limited Partnership, a property investment limited
partnership established in England.
• abrdn APIT (General Partner) Limited, a company with limited liability
incorporated in England, whose principal business is property investment.
• abrdn (APIT Nominee) Limited, a company with limited liability
incorporated and domiciled in England, whose principal business is property
investment.
On 29th November 2024, the Company completed on the disposal of 100% of the
share capital of abrdn Property Holdings Limited. The transaction included the
disposal of the entire group of subsidiaries listed above. Following
subsequent negotiations over the Completion Accounts, the final price paid by
GoldenTree was £234.3m. Included within the transaction costs associated with
the sale, were £1,459,100 payable to the Investment Manager.
6 months to 30 Jun 25 6 months to 30 Jun 25 Year to 31 Dec 24
£ £ £
Disposal of abrdn Property Holdings Limited (4,814) - 234,298,743
Less: transaction costs associated with the sale - - (5,237,261)
Net Proceeds (4,814) - 229,061,482
Net Assets of disposal Group at date of sale (post review) - - 276,614,616
Derecognition of Far Ralia (transferred to Company) - - (10,000,000)
Derecognition of Accrued Grant Income for Far Ralia - - (1,646,507)
Net settlement of Service Charge post completion (10,803)
Trade and Other Receivables transferred to Company (543,850) - (505,296)
Adjusted Net Assets of disposal Group (554,653) - 264,462,813
(Gain)/Loss on Disposal of Subsidiaries (549,839 ) - 35,401,331
Reclassification of unrealised losses in Investment Portfolio to Realised Losses - - 12,751,247
Realised (Gain)/Loss on Disposal of Subsidiaries (549,839) - 48,152,578
The adjustment to the disposal price of abrdn Property Holdings Limited of
£4,814 recognised in the first 6 months to 30 June 2025 represents minor
costs relating to the property portfolio previously not accounted for in the
completion accounts.
After a protracted negotiation period with the appointed agents, an agreement
has been reached on the net settlement of service charges (£10,803 due to the
Company).
In addition to the net settlement noted above, there has been a further
£543,850 of trade and other receivables transferred to the Company following
the sale, made up of:
* £271,428 - Representing the return of forward funding on service charges.
* £228,715 - Following the period post completion, the appointed agents for
GoldenTree have received a further £228,715 from tenants relating to the
Company’s period of ownership. Under the terms of the sale, these funds are
due to the Company.
* £43,707 - Net return of historic arrears (not included in the £228,715
transfer above) of £54,770, less an adjustment of £11,063 relating to
insurance credits.
9. Trade and other receivables
30 Jun 25 30 Jun 24 31 Dec 24
£ £ £
Trade receivables 363,405 3,066,105 189,460
Less: provision for impairment of trade receivables (134,691) (491,188) (189,460)
Trade receivables (net) 228,714 2,574,917 -
Rental deposits held on behalf of tenants - 1,202,344 -
Lease incentives - 8,929,966 -
Accrued grant income (see Note 6) 1,646,507 1,258,284 1,646,507
Prepaid Expenditure 16,281 44,969 19,289
Net service charge settlement following disposal 10,803 - -
Forward funding 271,428 - -
Other receivables 442,726 1,562,128 505,296
Total trade and other receivables 2,616,459 15,572,608 2,171,092
The estimated fair values of receivables are the discounted amount of the
estimated future cash flows expected to be received and approximate their
carrying amounts. Amounts are considered impaired when it becomes unlikely
that the full value of a receivable will be recovered.
Following final negotiations as part of the disposal of abrdn Property
Holdings Limited, the final service charge settlement was agreed as a net
settlement of £10,803 in addition to the return of £271,428 forward funding.
Other receivables as of 30 June 2025 represents an insurance premium refund
(on the former property portfolio) due from the insurance provider. This was
received 4 July 2025.
10. Trade and other payables
30 Jun 25 30 Jun 24 31 Dec 24
£ £ £
Trade and other payables - 474,309 516,907
Accruals 1,050,332 2,453,096 6,343,951
VAT payable - 1,401,601 -
Deferred rental income - 5,827,624 -
Rental deposits due to tenants - 1,202,344 -
Total trade and other payables 1,050,332 11,358,974 6,860,858
11. Share capital
Under the Company’s Articles of Incorporation, the Company may issue an
unlimited number of ordinary shares of 1 pence each, subject to issuance
limits set at the AGM each year. As at 30 June 2025 there were 381,218,977
ordinary shares of 1p each in issue (31 December 2024: 381,218,977). All
ordinary shares rank equally for dividends and distributions and carry one
vote each. There are no restrictions concerning the transfer of ordinary
shares in the Company, no special rights with regard to control attached to
the ordinary shares, no agreements between holders of ordinary shares
regarding their transfer known to the Company and no agreement which the
Company is party to that affects its control following a takeover bid.
Allotted, called up and fully paid: 30 Jun 25 31 Dec 24 30 Jun 24
£ £
Opening balance 228,383,857 228,383,857 228,383,857
Shares issued - - -
Closing balance 228,383,857 228,383,857 228,383857
Redeemable Bonus Shares
Following the disposal of the Group's subsidiaries on 29 November 2024, the
Company issued to Shareholders a recommended proposal for adoption of a
Redeemable Bonus Share Scheme to return capital to Shareholders as efficiently
as possible. The proposal noted that each API Shareholder would receive 1
Redeemable Bonus Share for each API Share they held, which would then be
immediately redeemed for a cash payment equal to the redemption price (noted
as 52p). On 17 December 2024, Shareholders voted in favour of this motion and
the redemption and cancellation of these shares occurred on 19 December 2024,
with proceeds subsequently being returned to Shareholders on 24 December 2024.
Allotted, called up and fully paid: 30 Jun 25 31 Dec 24 30 Jun 24
£ £
Opening balance 198,233,868 - -
Shares redeemed during the year - 198,233,868 -
Closing balance 198,233,868 198,233,868 -
Treasury Shares
30 Jun 25 31 Dec 24 30 Jun 24
£ £ £
Opening balance 18,400,876 18,400,876 18,400,876
Bought back during the year - - -
Closing balance 18,400,876 18,400,876 18,400,876
The number of shares in issue on 30 Jun 2025 and 2024 are as follows
30 Jun 25 31 Dec 24 30 Jun 24
Number of shares Number of shares Number of shares
Opening balance 381,218,977 381,218,977 381,218,977
Issue of Redeemable Bonus Share - 381,218,977 -
Redemption / cancellation of Redeemable Bonus Shares - (381,218,977) -
Closing balance 381,218,977 381,218,977 381,218,977
12. Dividends and Property Income Distributions Gross of Income Tax
Dividends 12 months to Dec 24 PID pence Non-PID pence Total Pence PID £ Non-PID £
Quarter to 31 December of prior year (paid in February) 0.3980 0.6020 1.0000 1,517,252 2,294,938
Quarter to 31 March (paid in May) 1.0000 - 1.0000 3,812,190 -
Total dividends paid 1.3980 0.6020 2.0000 5,329,442 2,294,938
Quarter to 30 June (paid in August) 0.4500 0.5500 1.0000 1,715,485 2,096,705
Quarter to 30 September (paid in November) 0.3000 0.7000 1.0000 1,143,657 2,668,533
Total dividends paid 2.1480 1.8520 4.0000 8,188,584 7,060,176
Quarter to 31 December of current year (paid after year end) 3.0000 - 3.0000 11,436,569 -
Prior period dividends (per above) (0.3980) (0.6020) (1.0000) (1,517,252) (2,294,938)
Total dividends paid 4.7500 1.2500 6.0000 18,107,901 4,765,238
13. Financial Instruments
Fair Values
Set out below is a comparison by class of the carrying amounts and fair value
of the Group’s financial instruments that are carried in the financial
statements at amortised cost.
Carrying amount Fair Value
30 Jun 25 31 Dec 24 30 Jun 25 31 Dec 24
Financial Assets £ £ £ £
Cash and cash equivalents 19,267,200 36,655,166 19,267,200 36,655,166
Trade and other receivables 2,616,459 2,171,092 2,616,459 2,171,092
Financial liabilities
Trade and other payables 1,050,332 18,297,427 1,050,332 18,297,427
The fair value of the financial assets and liabilities are included at an
estimate of the price that would be received to sell a financial asset or paid
to transfer a financial liability in an orderly transaction between market
participants at the measurement date. The following methods and assumptions
were used to estimate the fair value:
• Cash and cash equivalents, trade and other receivables and trade and
other payables are the same as fair value due to the short-term maturities of
these instruments. Trade and other receivables/payables are measured in
reference to contractual amounts due to/from the Group. These contractual
amounts are directly observable.
The table below shows an analysis of the fair values of financial assets and
liabilities recognised in the Balance Sheet by the level of the fair value
hierarchy:
Level 1 – Quoted (unadjusted) market prices in active markets for identical
assets or liabilities.
Level 2 – Valuation techniques for which the lowest level input that is
significant to the fair value measurement is directly or indirectly
observable.
Level 3 – Valuation techniques for which the lowest level input that is
significant to the fair value measurement is unobservable.
Year ended 30 June 2025 Level 1 Level 2 Level 3 Total fair value
Financial assets
Trade and other receivables - 2,616,459 - 2,616,459
Cash and cash equivalents 19,267,200 - - 19,267,200
19,267,200 2,616,459 - 21,601,427
Financial liabilities
Trade and other payables - 1,050,332 - 1,050,332
- 1,050,332 - 1,050,332
Year ended 31 December 2024 Level 1 Level 2 Level 3 Total fair value
Financial assets
Trade and other receivables - 2,171,092 - 2,171,092
Cash and cash equivalents 36,655,166 - - 36,655,166
36,655,166 2,171,092 - 38,826,258
Financial liabilities
Trade and other payables - 18,297,427 - 18,297,427
- 18,297,427 - 18,297,427
14. Bank borrowings
30 Jun 25 £ 30 Jun 24 £ 31 Dec 24 £
Loan facility (including Rolling Credit Facility) - 165,000,000 -
Drawn down outstanding balance - 123,900,000 -
The Groups £165m debt facility with Royal Bank of Scotland International
(‘RBSI’) was transferred as part of the sale of the subsidiaries on 29
November 2024. At the time of the disposal, £28.3m of the RCF was drawn (31
December 2023 £56.9m) in addition to the term loan of £85m.
30 Jun 25 £ 30 Jun 24 £ 31 Dec 24 £
Opening carrying value of expired facility as at 1 January - 141,251,910 141,251,910
Borrowings drawn down - 10,300,000 13,300,000
Repayments - (28,274,379) (41,874,379)
Elimination on sale - - (113,300,000)
Elimination of residual unamortised arrangement costs on sale - - 377,952
Amortisation of arrangement costs - 133,439 244,517
Closing carrying value - 123,410,970 -
15. Non-Going Concern adjustment for estimated costs of disposal of property
portfolio
As explained in note 1 the Group’s financial statements are no longer
prepared on a going concern basis. The Board have assessed the consequences of
this and the decision made in May 2024 to realise the Group’s portfolio of
assets and return proceeds to shareholders. As the disposal decision was made
before 30 June 2024, the Board concluded that it was appropriate to accrue for
the estimated costs of disposal and reduce the fair market value of investment
property and land by this amount. This policy continues to be applied in
relation to the Land at Far Ralia and has resulted in a reduction in accrual
of £33,000 due to the reduction in the value of the asset.
30 June 25 31 Dec 24
£ £
Fair Value of Land 8,000,000 10,000,000
Assumed average sales costs of 1.25% (100,000) (125,000)
abrdn disposal fee (32,000) (40,000)
Estimated disposal costs (132,000) (165,000)
Carrying Value 7,868,000 9,835,000
The assumed rate of 1.25% in the table above represents the best estimate of a
reasonable average for the sales costs across the portfolio – taking into
consideration that such costs could vary between asset to asset depending on
level of complexity. The abrdn disposal fee has been calculated in
accordance with the terms of the revised IMA as explained in note 3a.
16. Commitments and Contingent Liabilities
The Company had no contracted capital commitments as at 30 June 2025 (31
December 2024: £nil).
As discussed in note 3a, following the Shareholder vote to place the Group
into a Managed Wind-Down, a new agreement with the Investment Manager was
signed effective 31 May 2024. As part of this agreement, the Investment
Manager is entitled to an Incentive Fee payable following the sale of the
final investment. This fee is only payable if the Gross Disposal Proceeds
equal or exceed 90% (£366,651,000) of the May 2024 Portfolio Value
(£407,390,000) and if all assets are disposed of prior to 28 November 2025.
Following the sale of the Group’s subsidiaries on 29th November, the
cumulative Gross Disposal Proceeds (which excludes Far Ralia) was
£364,775,000. Hence, if Far Ralia is sold prior to 28 November 2025 and the
Gross Disposal Price needs exceeds £1,876,000, the Investment Manager will to
be entitled to a fee of 0.05% of the ultimate Gross Disposal Proceeds.
Threshold Valuation
£ £
Cumulative Gross Disposal Proceeds (to date) 364,775,000 364,775,000
Theoretical Gross Disposal Proceeds of Far Ralia 1,876,000 8,000,000
Theoretical Gross Disposal Proceeds of May 2024 Portfolio 366,651,000 372,775,000
Incentive Fee Incentive Fee
£ £
Sold after 28 November 2025 (0.00%) - -
Sold prior to 28 November 2025 (0.05%) 183,326 186,388
As detailed further in note 3a, the Investment Manager receives a Disposal fee
of 0.4% of the Gross Disposal Price.
The Incentive Fee has not been accrued in the results as at 30 June 2025 as it
is dependent on the timing of the sale of Far Ralia.
17. Reconciliation to Unaudited Published NAV
30 Jun 25 31 Dec 24
Number of ordinary shares at the reporting date 381,218,977 381,218,977
30 Jun 25 31 Dec 24
£ £
Total equity 28,701,327 30,363,831
NAV per share (p) 7.53 7.96*
Published NAV per share (p) 7.45 7.96*
* Previously published rounded to 8.0p per share.
The variance between the unaudited published NAV and Interim Accounts of 0.08p
per share represents the recognition of the anticipated final Service Charge
settlement (see Note 8, £10,803 and £271,428) following final negotiations
as part of the disposal of abrdn Property Holdings Limited.
18. Events after the balance sheet date
There are no events after the reporting date which have an impact on the
Company, and which are required to be disclosed.
Please note that past performance is not necessarily a guide to the future and
that the value of investments and the income from them may fall as well as
rise. Investors may not get back the amount they originally invested.
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.
All enquiries to:
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
Jason Baggaley – Real Estate Fund Manager, abrdn
Tel: 07801039463 or jason.baggaley@aberdeenplc.com
Mark Blyth – Real Estate Deputy Fund Manager, abrdn
Tel: 07703695490 or mark.blyth@aberdeenplc.com
Craig Gregor - Fund Controller, abrdn
Tel: 01313729392 or craig.gregor@aberdeenplc.com
Copyright (c) 2025 PR Newswire Association,LLC. All Rights ReservedRecent news on abrdn Property Income Trust
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