Interim Management Statement

RNS Number : 7262M

TR Property Investment Trust PLC

19 August 2011

 



TR Property Investment Trust plc

Interim Management Statement - 3 months to 30 June 2011

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party for any other purpose.

This interim management statement relates to the period from 1 April 2011 to 30 June 2011, and contains information that covers this period, and up to the date of the publication of this interim management statement, unless otherwise specified.

Investment Objective and benchmark

Ordinary share class

The objective of the Ordinary share class is to maximise shareholders' total return by investing in property shares and property on an international basis.

The benchmark is the FTSE EPRA/NAREIT Europe Index in Sterling. This index, calculated by FTSE, is freefloat based and currently has 86 constituent companies. The Benchmark website www.epra.com contains further details about the index and performance.

Sigma share class

The objective of the Sigma share class is to maximise shareholders' total return by investing predominantly in shares of property companies with a market capitalisation of less than £1 billion on an international basis.

The benchmark is the FTSE EPRA/NAREIT Small Cap Europe Index in Sterling. This index is provided by FTSE, and is the EPRA/NAREIT Europe Index in Sterling adjusted to exclude those stocks with a market capitalisation exceeding a defined level or "Cap". The Cap is redefined each year by reference to the overall capital movement of the Small Cap Index over the preceding Financial Year. For the year to March 2012, the Cap is £1.126 billion. The constituents are adjusted annually.  

Material events

The final results were announced on 25 May including:

Final dividends of 3.70p per Ordinary share and 1.25p per Sigma share were paid on 2 August  2011 to shareholders on the register on 8 July 2011. The shares were quoted ex-dividend on 6 July 2011.

The full text of the announcement is contained in the Annual Report which is available on the Company's website www.trproperty.com

The Annual General Meeting of the company was held on 26 July 2011 and all of the resolutions put to the meeting were approved unanimously.

Material Transactions

The Sigma share class bought back 200,000 shares during the period for a total consideration of £180,000.

There were no buy-backs in the Ordinary share class.

On  27 July 2011 the Ordinary share class completed the purchase of the freehold of Park Pace, 10-12 Lawn Lane, Vauxhall, London W8 for a total cost including stamp duty and fees of £8.17 million.

Park Place, a converted Victorian Warehouse, provides 25,000 sq ft of good quality office accommodation in 3 buildings. The property is located close to the transport hub of Vauxhall Cross which provides access to the overland, underground and bus networks.

The building is multi-let to 9 tenants on 10 leases at a range of rents between £14 per sq ft to £30 per sq ft. The property produces a total rental income of £558,000 per annum. The expiry profile ranges from May 2012 to March 2021 which provides opportunities to refurbish space and increase rental levels.

The purchase is in line with the Trust's strategy of purchasing investments where there are opportunities to enhance capital values through asset management.

Ordinary Portfolio

Twenty largest equity holdings at 30 June 2011

	% of Net Assets
Unibail-Rodamco	15.2
Land Securities	8.2
British Land	6.3
Corio	4.1
Klépierre	3.6
Hammerson	2.8
Derwent London	2.8
Foncière des Régions	2.7
Castellum	2.4
Great Portland Estates	2.4
Segro	2.3
Swiss Prime Site	2.2
Eurocommercial Properties	2.1
Gecina	2.0
Icade	2.0
PSP Swiss Property	2.0
Silic	1.4
Wereldhave	1.4
GSW Immobilien	1.4
Capital Shopping Centres	1.3

4 Largest property holdings (Values in excess of £4m) at 30 June 2011

Colonnades W2 - Mixed Use

Ferrier St, Wandsworth, London - Industrial

Field House, Harlow - Offices

Solstice House, Milton Keynes - Offices

Portfolio Allocation at 30 June 2011

UK Equities	34.8%
European Equities	57.7%
UK Direct Property	7.3%
Fixed Interest	0.2%

Sigma Portfolio

Twenty largest equity holdings at 30 June 2011

	% of Net Assets
Eurocommercial	7.0
Great Portland Estates	5.7
Shaftesbury	4.9
CA Immobilien	4.1
Norwegian Property	4.1
GSW Immobilien	3.8
Deutsche Euroshop	3.7
Kungsleden	3.4
Alstria	3.3
Fabege	3.2
Capital & Counties	3.0
Conwert	2.8
Sponda	2.8
Beni Stabili	2.6
Citycon	2.6
Hansteen	2.5
Immobiliare Grande Distribuzione	2.3
Workspace	2.1
Foncière Paris France	1.9
Vastned Retail	1.9

  

Portfolio Allocation at 30 June 2010

UK Equities	31.3%
European Equities	68.7%

Company's Financial Position and Performance:

Ordinary Shares

	As at 30 Jun 2011	As at 31 Mar  2011	As at 30 Jun 2010	3 Month % Change	12 Month % Change
Share Price	200.20p	177.10p	138.90p	+13.0	+ 44.1
Capital NAV per share 1	215.64p	203.61p	152.93p	+  5.9	+ 41.0
Income NAV per share2	224.34p	208.05p	157.41p	+  7.8	+ 44.0
Benchmark (EPRA)
- Capital Only	2,128.09	2,034.33	1,538.02	+  4.6	+ 38.4
- Total Return	3,363.76	3,128.99	2,330.51	+  7.5	+ 44.3
Gearing (%) 3	6.32	7.48	10.54
Shares in issue	256,225,000	256,225,000	256,725,000	0.0	- 0.2

Sigma Shares

	As at 30 Jun 2011	As at 31 Mar  2011	As at 30 Jun 2010	3 Month % Change	12 Month % Change
Share Price	92.10p	83.40p	62.10p	+10.4	+48.3
Capital NAV per share 1	115.62p	110.40p	79.96p	+  4.7	+44.6
Income NAV per share2	118.59p	111.88p	81.07p	+  6.0	+47.4
Benchmark 4 (EPRA SC)
- Capital Only	1,907.57	1,841.88	1,370.86	+  3.6	+39.2
- Total Return	2,129.31	2,021.63	1,479.44	+  5.3	+43.9
Gearing (%) 3	6.70	8.49	12.58
Shares in issue	124,722,000	124,922,000	124,922,000	-  0.2	- 0.2

1	NAV per share is a capital only NAV calculated on the AIC basis
2	NAV including Income year to date calculated on the AIC basis. % Change information includes adjustment for dividends paid
3	Gearing calculated in accordance with the AIC definition, which does not take account of cash held on deposit
4	EPRA SC = EPRA Small Cap - Sigma benchmark with effect from 1 April 2009

 

Other Information

Further information and commentary, including up to date NAV and share price information, can be found on the Company's website www.trproperty.com

Enquiries:

John Crehan

For and on behalf of

Capita Company Secretarial Services

Secretary

020 7954 9528

 

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