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Standard Life Investments Property Income Trust - Asset Management Update

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STANDARD LIFE INVESTMENTS PROPERTY INCOME TRUST LIMITED

Date: 22 November 2021

LEI: 549300HHFBWZRKC7RW84

Asset Management Update

Standard Life Investments Property Income Trust (SLIPIT) would like to update the market on several asset management initiatives.

Two new leases have been completed. The vacant industrial unit in Dover that represented 2% of portfolio voids has been let to a Government agency on a ten year lease (with tenant break in year 5) securing an annual rent of just over £600,000pa. The new rent is 25% higher than the previous rent on the building. In addition, a letting has been completed on a 5,700sqft suite at Hagley Rd Birmingham, maintaining the rental tone of £20psf.

Two rent reviews have also been completed, the first on a logistics unit in Bristol showing a 12% increase compared to the previous rent, and the second on an office, also in Bristol, securing a 30% increase in rent. Combined, the two give the Company £95,710pa in additional rent.

In the recent NAV statement comment was made about taking legal action to recover arrears from one particular tenant who the manager believed had every ability to pay but had chosen not to, and represented the largest arrear in the Company. Full payment of that debt has now been received. This has the effect of increasing rent recovery over each time period by circa 1% with a receipt of £ 625,850. The rent arrears for this tenant had been provided for in the Company’s provisions.

Rent payment summary

Year

Quarter

Retail

Industrial

Office

Other

TOTAL % Received

2020

1

100%

100%

98%

100%

99%

2

78%

99%

97%

92%

96%

3

81%

106%

92%

98%

98%

4

104%

98%

93%

98%

97%

2020 FY

93%

100%

95%

97%

98%

2021

1

82%

99%

93%

100%

95%

2

89%

99%

86%

89%

93%

3

85%

99%

91%

91%

94%

4

58%

80%

73%

78%

87%

2021 FY

79%

94%

86%

89%

92%

With monthly rents being paid by a number of tenants, we expect Q4 to be in line with other quarters this year.
For further information:-


Jason Baggaley – Real Estate Fund Manager, Aberdeen Standard Investments
Tel: 07801039463 or jason.baggaley@abrdn.com

Mark Blyth – Real Estate Deputy Fund Manager, Aberdeen Standard Investments
Tel: 07703695490 or mark.blyth@abrdn.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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