Interim Management Statement

RNS Number : 6764X

TR Property Investment Trust PLC

17 February 2012

 



TR Property Investment Trust plc

Interim Management Statement - 3 months to 31 December 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 October 2011 to 31 December 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 83 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 £1.1 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 "large cap" stocks.  The "large cap" threshold and constituents are adjusted annually. For the year to 31 March 2012 the index excludes stocks with a market capitalisation exceeding £1.1 billion.

Material events

The interim results were announced on 23 November. Interim dividends of 2.40p per Ordinary share and 0.95p per Sigma share were announced and paid on 10 January 2012 to shareholders on the register on 9 December 2011.

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

 

Material Transactions

On 24 November 2011, the £50 million revolving loan facility with the Royal Bank of Scotland was renewed. £40 million of this facility is allocated to the Ordinary share class and £10 million to the Sigma share class. Together with a two year £30m loan facility from ING which was entered into in May 2011, this provides total loan facilities of £64 million to the Ordinary share class and £16 million to the Sigma share class.

At 31 December 2011 the Ordinary share class had drawn £40.0 million of these facilities and the Sigma share class £6.7 million. At the date of publication of this Interim Management Statement the drawings are £40.0 million and £5.5 million respectively.

Transaction in Own Shares

On 6 January 2012 the Company purchased 250,000 Sigma shares at an average price of 61.10 pence per share for cancellation.

There were no transactions in the Ordinary share class.

Ordinary Portfolio

Twenty largest equity holdings at 31 December 2011

	% of Portfolio
Unibail-Rodamco	14.6
Land Securities	7.9
British Land	4.8
Hammerson	4.2
Corio	4.1
Klépierre	3.1
Derwent London	3.0
GSW Immobilien	2.3
Castellum	2.3
PSP Swiss Property	2.1
Segro	2.0
Great Portland Estates	1.9
Foncière des Régions	1.8
Deutsche Euroshop	1.7
Swiss Prime Site	1.6
Gecina	1.5
Icade	1.5
Silic	1.5
Hufvudstaden	1.4
Wereldhave	1.3

4 Largest property holdings (Values in excess of £4m)

Colonnades W2 - Mixed Use

Ferrier St, Wandsworth, London - Industrial

Park Place, Vauxhall - Offices

Field House, Harlow - Offices

 

Portfolio Allocation at 31 December 2011

UK Equities	33.7%
European Equities	55.1%
UK Direct Property	11.2%

Sigma Portfolio

Twenty largest equity holdings at 31 December 2011

	% of Portfolio
Shaftesbury	5.4
Great Portland Estates	5.3
GSW Immobilien	5.2
Deutsche Euroshop	5.2
Vastned Retail	4.1
Deutsche Wohnen	3.8
Fabege	3.8
Eurocommercial	3.7
Wihlborgs Fastigheter	3.4
Kungsleden	3.2
Befimmo	2.8
Capital & Counties	2.8
Norwegian Property	2.5
Workspace	2.4
CA Immobilien	2.3
Tour Eiffel	2.2
Sponda	1.9
Argan	1.9
Foncière des Murs	1.9
Conwert	1.8

Portfolio Allocation at 31 December 2011

UK Equities	33.1%
European Equities	66.2%
Fixed Interest	0.7%

Company's Financial Position and Performance:

Ordinary Shares

	As at 31 Dec	As at 30 Sep	As at 31 Dec	3 Month	12 Month
	2011	2011	2010	% Change	% Change
Share Price	137.90p	161.00p	167.40p	-14.3	- 17.6
Capital NAV per share 1	161.73p	166.15p	190.85p	-  2.7	- 15.3
Income NAV per share2	165.35p	171.73p	194.49p	- 2.3	- 11.8
Benchmark (EPRA)
Capital Only	1,628.23	1,675.79	1,924.33	- 2.8	- 15.4
Total Return	2,597.97	2,659.89	2,941.93	- 2.3	- 11.7
Gearing  (%) 3	12.31	11.85	8.12
Shares in issue	256,225,000	256,225,000	256,225,000	0.0	0.0

Sigma Shares

	As at 31 Dec	As at 30 Sep	As at 31 Dec	3 Month	12 Month
	2011	2011	2010	% Change	% Change
Share Price	60.75p	75.50p	78.00p	- 19.5	-22.1
Capital NAV per share 1	84.08p	88.33p	104.08p	-  4.8	-19.2
Income NAV per share2	85.44p	90.22p	104.92p	- 4.2	-16.5
Benchmark4 (EPRA SC)
Capital Only	1,455.96	1,512.05	1,766.20	- 3.7	-17.6
Total Return	1,645.93	1,693.73	1,927.25	- 2.8	-14.6
Gearing  (%) 3	8.96	7.72	9.79
Shares in issue	124,472,000	124,722,000	124,922,000	- 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  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

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

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

END

 

 

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