AXA PROPERTY TRUST LTD - Net Asset Value(s)

To:            Company Announcements
Date:          26 November 2014
Company:       AXA Property Trust Limited

Subject:       Net Asset Value 30 September 2014 (Unaudited)


CORPORATE SUMMARY

The Company's unaudited Consolidated Net Asset Value at 30 September 2014 was
£51.47 million (55.62 pence per share), an increase of £1.04 million (1.12 pence
per share) since 30 June 2014 when the NAV was £50.43 million (54.50 pence per
share).

The Company and its subsidiaries made a profit after tax of £2.09 million (2.26
pence per share) in the three month period to 30 September 2014.


CONSOLIDATED PERFORMANCE SUMMARY



                              Audited         Unaudited
                          12 months ended  3 months ended
                           30 June 2014   30 September 2014 Quarterly Movement
                          Pence per share Pence per share   Pence per share /(%)

Net Asset Value per            54.50            55.62       1.12 (2.1%)
share

Losses / Earnings per          -2.44            2.26        4.70
share

Share price (mid market)       41.50            40.40       -1.10 (-2.7%)

Share price discount to        23.9%            27.4%       3.5 percentage points
Net Asset
Value


Total return                                  Audited         Unaudited
                                          12 months ended  3 months ended
                                           30 June 2014   30 September 2014

Net Asset Value Total Return1                 (7.92%)           2.06%

Share Price Total Return

- AXA Property Trust                           14.3%            -1.2%

- FTSE All Share Index                         13.1%            -1.0%

- FTSE Real Estate Investment Trust Index      23.9%            2.0%

Source: Datastream; AXA Real Estate

1On a pro-forma basis which includes adjustments to add back any prior NAV
deductions for share redemptions.

Total net profit was £2.09 million (2.26 pence per share) for the three months
to 30 September 2014, including £0.37 million of "revenue" profit (excluding
capital items such as revaluation of property) and £1.72 million "capital" gain
analysed as follows:

                                                             Audited         Unaudited
                                                         12 months ended  3 months ended
                                                          30 June 2014   30 September 2014
                                                            £million         £million

Net property income                                            6.10             1.37

Net foreign exchange losses                                   (0.06)           (0.14)

Investment Manager's fees                                     (0.88)           (0.12)

Other income and expenses                                     (1.86)           (0.31)

Net finance costs                                             (2.11)           (0.43)

Current tax                                                      -                -

Revenue profit                                                 1.19             0.37


Unrealised (losses) / gains on revaluation of investment      (2.24)            1.82
properties

Net losses on disposal of investment properties               (0.47)              -

(Losses) / gains on financial instruments (hedging            (0.31)            0.21
interest rate and currency exposures)

Share in profit of a joint venture                             0.17             0.16

Finance costs                                                 (0.45)           (0.28)

Net foreign exchange losses                                   (0.09)           (0.10)

Deferred tax                                                  (0.19)           (0.09)

Capital (loss) / gain                                         (3.58)            1.72


Total net (loss) / profit                                     (2.39)            2.09



NET ASSET VALUE

The Company's unaudited Consolidated Net Asset Value per share as at 30
September 2014 was 55.62 pence (54.50 pence as at 30 June 2014), an increase of
1.12 pence.

The Net Asset Value attributable to the Ordinary Shares is calculated under
International Financial Reporting Standards. It includes all current year
income after the deduction of dividends paid prior to 30 September 2014.

The £1.04 million decrease in Net Asset Value over the quarter ended 30
September 2014 can be analysed as follows:

                                                             Audited         Unaudited
                                                         12 months ended  3 months ended
                                                          30 June 2014   30 September 2014
                                                            £million         £million

Opening Net Asset Value                                       59.22            50.43

   Share redemption                                          (4.10)              -

   Net (loss) / profit after tax                             (2.39)            2.09

   Other comprehensive loss                                  (2.30)           (1.05)

Closing Net Asset Value                                       50.43            51.47

In Sterling terms the property valuation decreased by £4.57 million (5.5%) to £
78.07 million (including the effects of valuation movements, capital
expenditure, disposals and foreign exchange movements). On a like-for-like
basis the Euro valuation of the property portfolio increased by EUR2.28m
(2.27%) to EUR100.19 million for the quarter. The £/EUR foreign exchange rate
applied to the Company's Euro investments in its subsidiary companies at 30
September 2014 was 1.283 (30 June 2014: 1.249).


SHARE PRICE AND DISCOUNT TO NET ASSET VALUE

As at close of business on 30 September 2014, the mid market price of the
Company's shares on the London Stock Exchange was 40.40 pence, representing a
discount of 27.4% on the Company's Net Asset Value at 30 September 2014.

As at close of business on 24 November 2014, the mid market price of the
Company's shares was 41.38 pence, representing a discount of 25.6% on the
Company's Net Asset Value at 30 September 2014.


FUND GEARING

                               Audited     Unaudited
                                 30            30
                              June 2014   September 2014      Movement
                             £million /%   £million /%        £million /%

Property portfolio *            82.64         78.07           -4.57 (5.5%)


Borrowings (net of              32.39         30.08           -2.31 (7.1%)
capitalised issue costs)

Total gross gearing             39.2%         38.5%      -0.7 percentage points

Total net gearing               34.6%         30.6%      -4.0 percentage points


*Portfolio value based on the Company's independent valuation

Fund net gearing decreased by 4.0 percentage points over the quarter to 30.6%
as at 30 September 2014.

Fund gearing is included to provide an indication of the overall indebtedness
of the Company and does not relate to any covenant terms in the Company's loan
facilities. Gross gearing is calculated as debt over property portfolio at fair
value. Net gearing is calculated as debt less cash over property portfolio at
fair value.


Company website:
http://www.axapropertytrust.com


All Enquiries:

Investment Manager
AXA Investment Managers UK Limited
Broker Services
7 Newgate Street
London EC1A 7NX
Tel: [phone]
Email: [e-mail]


Broker
Oriel Securities Limited
Neil Winward / Mark Bloomfield / Matthew Marshall
Tel: [phone]


Company Secretary
Northern Trust International Fund Administration Services (Guernsey) Limited
Trafalgar Court
Les Banques
St Peter Port
GY1 3QL
Tel: [phone]
Fax: [phone]