Adjusted Net Asset Value


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Adjusted Net Asset Value

An expression of the underlying value of the company. It is calculated by taking the market value of assets and subtracting the value of all its liabilities, including those not reflected on a balance sheet. Critics maintain that the adjusted net asset value understates a company's real value because it does not properly account for intangible assets. It is also called the adjusted book value.
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However, adjusted net asset value per share - total assets minus debt divided by the number of shares in circulation and a widely used measure of property investment companies' performance - rose to 514 pence, an increase of 21.8 per cent from last year.
Diluted adjusted net asset value, a key performance gauge that shows the value of commercial property holdings, rose to 966p per share for the year ended March 31, up from 859p a year earlier.
Their adjusted net asset value rose to 1,486 pence per share to year end March 31, compared with a restated 1,128 pence a year ago.
Slough said diluted adjusted net asset value (NAV) - a key performance factor for property firms - rose to 680.4 pence a share as of end-December versus 558.4p a year earlier.
An adjusted profit of pounds 7.2 million is 11.2 per cent higher, while the adjusted net asset value per share has risen by 9.4 per cent to 417p.
It reported a 13.8 per cent rise in adjusted net asset value to 1,694 pence-a-share, driven by a 7.2 per cent increase in the value of its investments and by pounds 300 million of profits from the sale of its stake in the Telereal joint venture.
British Land said diluted adjusted net asset value - a key performance gauge for property firms that shows the value of their holdings - rose to 1,111 pence per share for the year ending March 31, up from966p a year ago.
Under IFRS, its adjusted net asset value per share was restated at pounds 945 million, up from pounds 936 million.
Adjusted net asset value, the key indicator of a property company's performance, rose by 14.3 per cent to 376p from 329p and earnings per share rose by a similar proportion to 18.3p.
Adjusted net asset value (NAV) for the year to December 30 was 710 pence per share on a fully-diluted basis, up from the 521p seen at the end of 2003.
British Land's diluted adjusted net asset value (NAV) - a key performance gauge for property firms - rose to 1,049 pence a share at the end of September, up 20.7 per cent on a year earlier and up 8.6 per cent over end of March levels.
The interim dividend is raised by 6.4 per cent to 5.45p while the adjusted net asset value per share - a key measure of shareholder value - rose by five per cent to 844p.

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