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Fund Performance

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Investments

Investment trusts

Factsheet

Investments

FCPT Limited

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

Richard Kirby»

18-Mar-2005 to Present

* Primary manager

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.

	1y	3y	5y	12m-24m	24m-36m	36m-48m	48m-60m
FCPT LIMITED	+16.3	-24.6	-13.7	+0.2	-35.3	-3.6	+18.6
NAV	+33.4	-22.0	+19.2	-27.1	-19.8	+16.1	+31.7
Property - Direct UK	+12.3	-27.5	-17.7	+5.3	-38.8	-5.4	+20.0

Share Price
	Share	Type	Price	Date	Discount	Diluted NAV		Gearing	Div yield
	Share	Type	Price	Date	Discount	Estim	Last pub.	Gearing	Net	Gross
	FCPT LIMITED	ORD	89.05 (p)	02-Sep-2010	-4.94	93.20	93.20 30-Jun-2010	136	2.8	2.8

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	602.96	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	£863.6m / $1,335.0m
Sector	Property - Direct UK
Asset Class	Property
Own ISA wrapper
Savings plan
PEP transfer
Annual accounts	(Click to order)
Last report / accounts	26-Mar-2010
Last AGM	19-May-2010
Next AGM	May 2011
EGM	09-Aug-2010
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

Peer groups
Region	Asset Class	Investment Focus	Sector
United Kingdom	Property	Mixed	Property - Direct UK

Largest holdings, 31-Mar-2010
Holding	(%)	Rank	Prev	Holding	(%)	Rank	Prev
ST CHRISTOPHER'S PLACE ESTATE, LONDON	15.50	1	(1)	84, ECCLESTON SQUARE, LONDON SW1	5.40	6	(6)
NEWBURY RETAIL PARK, NEWBURY	8.50	2	(2)	UXBRIDGE, 3 THE SQUARE STOCKLEY PARK	4.70	7	(7)
LONDON SW1, CASSINI HOUSE, ST JAMES’S STREET	7.50	3	(4)	LONDON SW1, CHARLES HOUSE, 5-11 REGENT STREET	4.40	8	(9)
SEARS RETAIL PARK, SOLIHULL	6.90	4	(3)	ROCHDALE, DANE STREET	4.30	9	(8)
WIMBLEDON BROADWAY, LONDON SW19	6.20	5	(5)	GLASGOW, ALHAMBRA HOUSE, WELLINGTON ST	3.40	10	(10)
				Total	66.80

more history»

Regional weightings, 31-Mar-2010
Region	(%)	Rank	Prev
London - West End & Rest of London	40.30	1	(1)
South East	28.20	2	(2)
Midlands	14.40	3	(3)
North West	7.50	4	(4)
Scotland	6.40	5	(5)
Eastern	2.30	6	(6)
Others	0.90	7	(7)
Total	100.00

more history»

Sector weightings, 31-Mar-2010
Sector	(%)	Rank	Prev
Offices - Property	42.40	1	(1)
Retail - Property	25.40	2	(2)
Warehouse - Property	19.80	3	(3)
Industrial - Property	12.40	4	(4)
Total	100.00

more history»

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.