abrdn Property Income Trust net asset value falls in third quarter

(Alliance News) - abrdn Property Income Trust Ltd reported a decline in its net asset value for ...

Alliance News 7 November, 2024 | 4:13PM
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(Alliance News) - abrdn Property Income Trust Ltd reported a decline in its net asset value for the third quarter, primarily due to a revaluation ahead of its planned property portfolio sale.

The UK-focused real estate trust reported a total net asset value return of minus 10.1% for the third quarter ended September 30, alongside an 11.3% decline in net asset value per share to 65.0p, down from 73.3p at June 30. The decrease was primarily due to a revaluation linked to the planned sale of abrdn Property Holdings Ltd.

The trust declared a dividend of 1.0p per share for the third quarter, to be paid to shareholders on November 29.

At GBP351 million, the sale of abrdn Property Holdings Ltd to GoldenTree Asset Management LP, excluding the land at Far Ralia, which is being marketed separately, reflects a 6.7% discount to the September valuation of the total property portfolio of GBP386.3 million.

On a like-for-like basis, abrdn Property Income reported a 1.5% decline in portfolio value for the third quarter, driven by lower valuations in the office and retail sectors. This contributed 1.4p to the overall 8.3p drop, bringing net asset value per share to 65.0p by the end of September.

abrdn Property Income shares were 0.2% lower at 61.20 pence on Thursday afternoon in London.

By Eva Castanedo, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
abrdn Property Income Trust Ord 62.11 GBX 1.32 -

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