Investment trusts / Fund factsheet / F&C Asset Management Plc

Contact details

Exchange House, Primrose Street, London, EC2A 2NY
0131 243 1330 (Fax Number)
0800 136 420 (Main Number)
www.fandc.com
investor.enquiries@fandc.com

To provide ordinary shareholders with an attractive dividend yield with the potential for income and capital growth from investing in a diversified UK commercial property portfolio.

Select time period 1 month 3 months 6 months 1 year 3 years 5 years

		1y	3y	5y	12m-24m	24m-36m	36m-48m	48m-60m
	FCPT LIMITED	+48.7	-27.9	n/a	-35.8	-24.5	+5.6	n/a
	NAV	+2.9	-31.1	n/a	-30.4	-3.9	+23.6	n/a
	Property - Direct UK	+142.3	-30.4	-8.6	-60.0	-28.2	+9.3	+20.1

Share Price

	Share	Type	Price	Date	Discount	Diluted NAV		Gearing	Div yield
						Estim	Last pub.		Net	Gross
	FCPT LIMITED	ORD	91.50 (p)	08-Feb-2010	+6.27	86.10	86.10 31-Dec-2009	139	2.7	2.7

Capital structure & income

Share	Type	Exchange	Nominal value	Issued	Market value (m)	Wind-up date	Splits	News
FCPT LIMITED	ORD	London	1	680,537,000	622.69	n/a	n/a
Share identifiers: TIDM: FCPT; SEDOL: B4ZPCJ0; ISIN: GG00B4ZPCJ00

Detailed fund information

Fund type	Guernsey-registered Investment Trusts
Launched	2005
Gross assets	£815.1m / $1,274.6m
Sector	Property - Direct UK
Asset Class	Property
Own ISA wrapper
Savings plan
PEP transfer
Annual accounts	(Click to order)
Last report / accounts	03-Aug-2009
Last AGM	01-May-2009
Next AGM	May 2010
EGM	29-Oct-2009
Stockbroker(s)	n/a
Management contract	The Company has an unlimited life, however at the AGM to be held in 2015 shareholders will vote on a continuation resolution. Directors have the authority to repurchase up to 14.99% of the Company's Ordinary Shares. This authority is to be renewed annually. The Board seeks to limit the discount to NAV at which the Under the investment management agreement, the investment manager will receive an aggregate annual fee, payable quarterly in arrears, at the rate of 0.60% p.a. of invested assets plus 0.25% per annum of cash held. The Board has also agreed to pay a performance fee equal to 20% of the total return of the Funds directly held properties exceed 110% of the total return on the Funds benchmark. This excludes indirect property holdings. The fee is capped at 1% of gross assets per financial year. Any fee due in excess of this 1% can be carried forward for up to 2 years. The fee is subject to a high watermark. The Agreement is for a fixed initial period of four years, and with effect from the third anniversary is terminable by any parties on 12 months notice. An administrative fee of GBP 106,000 per annum (which will increase annually in line with inflation) is also due. The fees of any managing agents appointed by the investment manager will be payable out of this fee. The administrator shall receive a fee of GBP50,000 per annum payable quarterly in arrears and the Administration and Secretarial Agreement can be terminated by either party on 90 days prior notice.
Borrowing limit	The Company will have the power to borrow an amount of up to 50 per cent. of the Group's gross assets as defined in its Articles. It is the present intention of the Directors that the Company will put in place long term borrowings, through the issue of the Bonds, equal to approximately 25 per cent. of the Group's Total Assets following drawdown and that the aggregate of all borrowings of the Company will be limited to 35 per cent. of the Group's Total Assets at the time of drawdown.
Continuation / Wind-up provision	Under the investment management agreement, the investment manager will receive an aggregate annual fee, payable quarterly in arrears, at the rate of 0.60% p.a. of invested assets plus 0.25% per annum of cash held. The Board has also agreed to pay a performance fee equal to 20% of the total return of the Funds directly held properties exceed 110% of the total return on the Funds benchmark. This excludes indirect property holdings. The fee is capped at 1% of gross assets per financial year. Any fee due in excess of this 1% can be carried forward for up to 2 years. The fee is subject to a high watermark. The Agreement is for a fixed initial period of four years, and with effect from the third anniversary is terminable by any parties on 12 months notice. An administrative fee of GBP 106,000 per annum (which will increase annually in line with inflation) is also due. The fees of any managing agents appointed by the investment manager will be payable out of this fee. The administrator shall receive a fee of The Company has an unlimited life, however at the AGM to be held in 2015 shareholders will vote on a continuation resolution. Directors have the authority to repurchase up to 14.99% of the Company's Ordinary Shares. This authority is to be renewed annually. The Board seeks to limit the discount to NAV at which the Company's shares trade at a level significantly below 5%. Should the average discount exceed 5% for a certain period, the Company will offer to repurchase Shares.
Dividend policy	n/a
Investment restrictions	n/a
Reconstruction proposal	n/a
Settlement details	n/a
Tax policy	n/a

Regional weightings, 30-Sep-2009

Region	(%)	Rank	Prev
London - West End	39.30	1	(1)
South East	30.30	2	(2)
West Midlands	9.70	3	(4)
North West	8.10	4	(3)
Scotland	7.00	5	(5)
Eastern	2.60	6	(6)
Others	1.60	7	(8)
Yorkshire & Humberside	1.40	8	(7)
Total	100.00

Sector weightings, 30-Sep-2009

Sector	(%)	Rank	Prev
Offices - Property	44.20	1	(1)
Retail - Property	27.80	2	(2)
Warehouse - Property	20.00	3	(3)
Industrial - Property	8.00	4	(4)
Total	100.00

All prices in Pence Sterling (GBX) unless otherwise specified. Price total return performance figures are calculated using closing mid prices and with net income (dividends) reinvested. NAV total return performance figures are calculated using fully diluted (where applicable) daily estimated NAV figures from Thomson Financial Datastream and with gross income (dividends) reinvested.

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