Standard Life Investments Property Income

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Well-positioned portfolio with strong ESG foucs

Standard Life Investments Property Income* was launched in December 2003 and has been managed by Jason Baggaley of Aberdeen Standard Investments (ASI) since September 2006. It was announced on 6 May that Oli Lord, the fund’s deputy manager for the last three years, had been promoted into a new role in the Transaction team at ASI, and Mark Blyth had been appointed in his place as deputy fund manager. Mark has been with ASI for 10 years and has 20 years’ experience in real estate. The fund’s objective is to provide an attractive level of income along with the prospect of income and capital growth from investing in a diversified UK commercial property portfolio.

On 6 May the fund published a NAV update for the three months to 31 March 2021. The NAV per share increased by 4.0% over the quarter from 82.0p to 85.3p, while the NAV total return was +4.9%. The property portfolio valuation, before capex, increased by 2.5% on a like-for-like basis to £439m. After initially cutting the quarterly dividend by 40% last year in response to the Covid-19 pandemic, the Board has declared an increased dividend of 0.8925p per share in respect of the quarter to 31 March 2021. This is equivalent to an annualised dividend of 3.57p per share, representing 75% of the pre-pandemic rate and a yield of 5.3% on the current share price.

*Denotes a corporate broking client of Winterflood Securities

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