Interim Management Statement

RNS Number : 2677K

TR Property Investment Trust PLC

17 August 2012

 



TR Property Investment Trust plc

Interim Management Statement - 3 months to 30 June 2012

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 2012 to 30 June 2012, 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 Developed Europe Net Total Return Index in Sterling. This index, calculated by FTSE, is freefloat based and currently has 84 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 Developed Europe Net Total Return 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 2013, the Cap is £0.97 billion. The constituents are adjusted annually.  

Material events

David Watson joined the Board with effect from 1 April 2012. David has had a distinguished career as a Finance Director, including M&G Group plc; Prudential plc and most recently at Aviva as Chief Financial Officer of Aviva (formerly Norwich Union) General Insurance. He is presently a director with Charles Taylor Consulting plc, Kames Capital plc and Hermes Fund Managers Limited where he is Chairman of the Audit Committee. David is a Chartered Accountant and has wide experience including the operation and oversight of Unit and Investment Trusts.

The final results were announced on 25 May 2012.

Final dividends of 4.20p per Ordinary share and 1.65p per Sigma share were paid on 1 August  2012 to shareholders on the register on 6 July 2012. The shares were quoted ex-dividend on 4 July 2012.

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 24 July 2012 and all of the resolutions put to the meeting were approved unanimously.

Material Transactions

The Sigma share class bought back 250,000 shares during the period at an average price of 66.5 pence per share.

Subsequent to this reporting period, the Sigma share class has bought back a further 250,000 shares at an average price of 68.99p.

Following these buy-backs the Sigma shares in issue now stand at 123,972,000.

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

Ordinary Portfolio

Twenty largest equity holdings at 30 June 2012

	% of Portfolio
Unibail-Rodamco	13.7
Land Securities	9.1
Hammerson	5.4
British Land	4.7
Derwent London	3.2
PSP Swiss Property	3.2
Klépierre	3.2
GSW Immobilien	2.8
Corio	2.7
Great Portland Estates	2.6
Castellum	2.1
Swiss Prime Site	1.8
Gecina	1.6
Icade	1.6
Hufvudstaden	1.5
Foncière des Régions	1.3
Silic	1.3
Shaftesbury	1.3
Wihlborgs Fastigheter	1.3
Deutsche Wohnen	1.3

Four Largest property holdings (Values in excess of £4m) at 30 June 2012

Colonnades W2 - Mixed Use

Ferrier St, Wandsworth, London - Industrial

Field House, Harlow - Offices

Park Place, Vauxhall - Offices

Portfolio Allocation at 30 June 2012

UK Equities	37.0%
European Equities	52.5%
UK Direct Property	10.5%

Sigma Portfolio

Twenty largest equity holdings at 30 June 2012

	% of Portfolio
GSW Immobilien	6.9
Great Portland Estates	6.1
Deutsche Wohnen	5.3
Deutsche Euroshop	4.6
Shaftesbury	3.6
Eurocommercial	3.4
Wihlborgs Fastigheter	3.2
Workspace	3.0
London & Stamford Property	2.8
Alstria	2.7
Befimmo	2.3
Fabege	2.3
Norwegian Property	2.3
Tour Eiffel	2.2
Foncière de Murs	2.1
St Modwen Properties	2.1
CA Immobilien	2.0
Argan	1.8
Capital & Counties	1.8
Conwert	1.7

Portfolio Allocation at 30 June 2012

UK Equities                              34.7%

European Equities                     65.3%

Company's Financial Position and Performance:

Ordinary Shares

	As at 30 Jun 2012	As at 31 Mar 2012	As at 30 Jun 2011	3 Month % Change	12 Month % Change
Share Price	148.00p	154.50p	200.20p	-4.2	-26.1
Capital NAV per share1	174.96p	180.28p	215.64p	-3.0	-18.9
Income NAV per share2	184.04p	184.81p	224.34p	-0.4	-15.2
Benchmark (EPRA)
Capital Only	1,716.83	1,773.43	2,128.09	-3.2	-19.3
Total Return3	1,370.67	1,381.66	3,363.76	-0.8	-15.9
Gearing  (%) 4	8.90	8.95	5.26
Shares in issue	256,225,000	256,225,000	256,225,000	0.0	0.0

Sigma Shares

	As at 30 Jun 2012	As at 31 Mar 2012	As at 30 Jun 2011	3 Month % Change	12 Month % Change
Share Price	64.35p	70.70p	92.10p	-9.0	-30.1
Capital NAV per share 1	88.31p	92.97p	115.62p	-5.0	-23.6
Income NAV per share2	92.17p	94.62p	118.59p	-2.6	-20.4
Benchmark (EPRA SC)
Capital Only	1,479.83	1,561.06	1,907.57	-5.2	-22.4
Total Return3 Total	1,680.07	1,735.26	2,129.31	-3.2	-19.2
Gearing  (%) 4	5.60	5.25	6.70
Shares in issue	124,222,000	124,472,000	124,722,000	-0.2	-0.4

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  Total Return Benchmarks changed to Net basis from 31 March 2012

4  Net gearing calculated in accordance with the AIC definition.

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

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