Standard Life Property Income beats IPD over 2014

Standard Life Investments Property Income has published results for the year ended 31 December 2014. Over the period the fund produced a total return on net assets of 23.2% and a share price total return of 18.8%. The EPRA net asset value rose by 16.8% to 76.6p and, at the end of 2014, the share price was trading at a 2.2% premium to this and a 3.7% premium to the unadjusted net asset value. The dividend was increased by 1.9% from 4.532p to 4.616p. The return on the property portfolio was 18% – just ahead of the 17.9% return generated by the IPD monthly index.

The most significant changes to the portfolio during the year were the sales of the largest asset for £16.1m, a logistics unit in Bolton let to Tesco, and three retail warehouses for £10.9m. The major acquisitions included a Grade A office in Farnborough for £14.9m, three logistics units in Derbyshire for £27.3m, a logistics and industrial investment in Rotherham for £14.6m, five industrial and logistics units for £23.7m and a mixed use retail and leisure investment in Glossop for £10.1m.

The Company has an average unexpired lease term to the earliest of lease end or tenant break of 6.5 years. They ended the year with voids of 1.4%.

SLI : Standard Life Property Income beats IPD over 2014