REG-abrdn Property Income Trust Limited: Unaudited Net Asset Value as at 30 June 2025 and Shareholder Update

abrdn Property Income TrustAnnouncement

14/07/2025 07:02

14 July 2025

 

abrdn PROPERTY INCOME TRUST LIMITED (LSE: API)

 

LEI: 549300HHFBWZRKC7RW84

 

Unaudited Net Asset Value as at 30 June 2025 and shareholder update

 

Net Asset Value and Valuations

 

·    Net asset value (“NAV”) per ordinary share at 30 June 2025 was
7.45p (31 December 2024 – 7.96p), a decrease of 6.4%.  The main component
of the NAV movement is a reduction in the value of Far Ralia.

 

·    On a like-for-like basis, the value of Far Ralia fell over the first
six months of the year from £10 million to £8 million. This was due to a
lower forecast carbon unit price and an increase in the discount rate, both
reflecting a less positive background to the carbon market.

 

·    The reduction in the value of Far Ralia resulted in a decline of
0.52p in the NAV over the period, offset by 0.1p net increase from other
items.

 

·    The NAV is prepared on a non-going concern basis which includes the
estimated costs of realising Far Ralia, but does not accrue for future
operating costs.

 

·    As previously communicated, the final net proceeds of the sale to
GoldenTree Asset Management are subject to normal adjustments including those
arising from the completion process. The areas being actively resolved involve
final handovers between the appointed managing agents, particularly with
respect to historic service charge recoveries and outstanding rents.

 

·    The Investment Manager is actively monitoring the completion process
for any liabilities accruing or possible balancing credits due back to the
Company. It is believed that most material adjusting items have now been
identified and included in the NAV.

 

Far Ralia Sale Process

 

The Investment Manager continues to market the sole remaining property via
their appointed agent. The Board and Manager had hoped to have disposed of Far
Ralia in the first half of the year. While several discussions have taken
place with interested parties, given the unique nature of the property and a
relatively narrow set of potential purchasers, it is difficult to estimate
when, and at what value, the property will be sold.

 

Net income and expenses

 

The Company holds approximately £19.3m in cash. Cash is held in a money
market fund currently yielding above 4.0%. At present, the interest being
earned on the cash balance is approximately equal to running expenses of the
Company. There is likely to be a small amount of ongoing capital expenditure
on Far Ralia (some of which may be recoverable through grants) although all
the significant capital expenditure has been undertaken. An estimate of grant
funding due to the Company from the Scottish Government for past capex of
£1.6 million is reflected in the 30 June 2025 NAV.

 

Distributions

As noted above, the Investment Manager is currently actively monitoring the
remaining final handovers between the appointed managing agents. Once
finalised, it will be possible for the Board to determine the final Property
Income Distribution to be paid to shareholders and the Company will make an
announcement at that time. The Board also anticipate making a prudent interim
capital distribution at the same time.

 

Net Asset Value

 

The unaudited NAV per ordinary share as at 30 June 2025 was 7.45p. The net
asset value is calculated under International Financial Reporting Standards 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 June 2025 of £8.0 million (December 24 - £10 million)

 

 

Breakdown of NAV movement

 

Set out below is a breakdown of the change in the unaudited NAV over the
period from 31 December 2024 to 30 June 2025.

 

 

                                                                                Per Share (p)  Attributable Assets (£m)   % Opening NAV  Comment                                                                
 Net assets as at 31 December 2024                                              7.96           30.4                       100.0                                                                                 
 Unrealised movement in valuation of property portfolio (including impairment)  (0.52)         (2.0)                      (6.6)                                                                                 
 Realised Gain on sale                                                          0.06           0.2                        0.7                                                                                   
 Adjustment to estimated costs of disposal of portfolio                         0.01           0.0                        0.1            The estimated costs of selling the remaining asset have been reduced.  
 CAPEX in the period                                                            (0.06)         (0.2)                      (0.6)                                                                                 
 Net income in the period                                                       0.00           0.0                        0.0                                                                                   
 Net assets as at 30 June 2025                                                  7.45           28.4                       93.6                                                                                  

 

 

The Net Asset Value per share is calculated using 381,218,977 shares of 1p
each being the number in issue on 30 June 2025.

 

 

Net Asset analysis as at 30 June 2025 (unaudited)

 

                                      £m     % of net assets  
 Land                                 8.0    28.2             
 Total Portfolio                      8.0    28.2             
 Estimated costs of disposal          (0.1)  (0.5)            
 Fair value of Portfolio              7.9    27.7             
 Cash                                 19.3   67.8             
 Trade Debtors (Net of provisioning)  0.2    0.8              
 Other Assets                         2.1    7.4              
 Total Assets                         29.5   103.7            
 Current liabilities                  (1.1)  (3.7)            
 Total Net Assets                     28.4   100.0            

 

Except as described above, the Board is not aware of any significant property
events or transactions which have occurred between 30 June 2025 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:-

 

Jason Baggaley – API Fund Manager, Aberdeen

Tel:  07801039463 or jason.baggaley@aberdeenplc.com

 

Mark Blyth – API Deputy Fund Manager, Aberdeen

Tel: 07703695490 or mark.blyth@aberdeenplc.com

 

Craig Gregor - Fund Controller, Aberdeen

Tel: 0131 372 9392 or craig.gregor@aberdeenplc.com

 

 

 

 

 

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Ltd

Trafalgar Court

Les Banques

St Peter Port

GY1 3QL
 

Tel: 01481 745001



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