Interim Results
TR Property Investment Trust PLC
3 December 2001
EMBARGOED FOR RELEASE AT 7.00 AM ON MONDAY 3 DECEMBER 2001
TR PROPERTY INVESTMENT TRUST PLC
HENDERSON GLOBAL INVESTORS
TR PROPERTY INVESTMENT TRUST PLC
Unaudited interim results for the half year ended 30 September 2001
Highlights
- The NAV Total Return of -6.2% compares with a total return of -8.8% from
the FTSE Real Estate Index
- The Revenue Return for the half year rose 31% to 1.19p
- The Interim Dividend is to be raised by 18% to 0.65p
- As from the start of October, the benchmark has been changed from the
FTSE Real Estate Index to the Schroder Salomon Smith Barney European
Property Index
- Alastair Ross Goobey is to succeed Grant Cochrane as Chairman of the
Board on 1 January 2002
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TR PROPERTY INVESTMENT TRUST PLC
Unaudited interim results for the half year ended 30 September 2001
Group Financial Highlights
Half year ended 30 September 2001 2000
(Unaudited) (Unaudited)
£'000 £'000
Gross revenue 8,136 7,383
Revenue pre-tax 5,788 4,896
Shareholders' funds 304,294 316,968
Pence Pence
per share per share
Revenue return - fully diluted 1.19 0.91
Capital (loss)/return (7.63) 12.49
Total (loss)/return (6.40) 13.42
Dividend (net) 0.65 0.55
Net asset value at 30 September - basic 71.50 71.57
- fully diluted 67.98 67.71
Market capitalisation at 30 September £228.8m £246.9m
Share price at 30 September 53.75p 55.75p
FTSE Real Estate Index at 30 September 2,013 2,111
% %
NAV - fully diluted ** -7.8 19.7
NAV Total Return + -6.2 23.1
Share Price Total Return + -6.5 25.1
Total Return from quoted securities * -9.6 24.3
FTSE Real Estate Index Total Return ** -8.8 20.2
FTSE Real Estate Index Price Change ** -10.4 18.0
Total Return from direct property * 2.8 10.9
IPD Monthly Index Total Return ** 3.3 5.0
Sources: +Henderson Global Investors/**Datastream/*WM Company
Dividend
An interim dividend of 0.65p (2000: 0.55p) per ordinary share has been
declared payable on 7 January 2002 to shareholders on the register on 14
December 2001. The shares will be quoted ex-dividend on 12 December 2001.
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TR PROPERTY INVESTMENT TRUST PLC
Unaudited interim results for the half year ended 30 September 2001
Chairman's Statement
NAV Performance
In the six months to 30 September our fully diluted NAV fell by 7.8% while the
FTSE Real Estate Index fell by 10.4%. The NAV total return was minus 6.2%
compared with a total return from the index of minus 8.8%. Our equity
portfolio is now being widened gradually onto a pan-European basis. To reflect
this broader investment strategy we have adopted the Schroder Salomon Smith
Barney European Property Index as the benchmark against which we measure our
manager's performance from the start of October. For the record, in the half
year to September this SSSB index fell by 10.1% and showed a total return of
minus 7.4%.
Revenue Result
In addition to the NAV outperformance we have had a strong revenue result in
the half year as compared to the same period last year, with earnings per
share rising by 31% from 0.91p to 1.19p. The growth has come from a number of
factors - higher rents from our direct portfolio, lower outgoings, a lower tax
charge and fewer shares in issue following share repurchases. I commented in
my annual statement that one effect of increasing our Continental equity
exposure would be to raise the Trust's income from equity dividends. This good
result for the half year now announced had only a very modest contribution
from Continental Europe. Our manager anticipates that it will not be until the
first half of next year that Continental European equity income contributes
significantly.
General Comments
Throughout Europe property and property shares have continued to show strong
defensive qualities in these very uncertain markets. In the UK the All-Share
Index fell 13.7% in the six month period and in Europe the FT Eurotop 300
Index (ex UK) fell by 20.3%. As an asset class property is enjoying a
renaissance of interest as a potential antidote to declining yields in bond
markets and shrinking earnings in equity markets. Many property shares are
offering deep discounts as well as secure and predictable cash flows, whilst
the potential for buyouts and share repurchases continues to limit the
downside in many share prices. Slower economic conditions have meant that
tenant demand for space in all sectors has reduced, but vacancy rates
throughout Europe are historically low and the fall in base rates is allowing
many companies to refinance their businesses advantageously.
Portfolio Spread
As I have already remarked, our equity portfolio is being widened gradually
onto a pan-European basis to more closely match the spread of the new
benchmark which is currently 54% UK and 46% Continental Europe. At the end of
September we held £50m or 14% of the Trust's gross assets in Continental
European property shares and this figure is likely to expand to around 30% by
next March. We are pleased with the progress to date. Broadening the benchmark
is adding diversity to the portfolio and reducing the weighting to London, a
city whose property values are probably more closely linked to the health of
the financial and TMT sectors than those of most continental cities. There
were no changes to our UK direct property portfolio during the half year. This
part of the portfolio produced a pleasing total return of 2.8% and therefore
made a very positive contribution to the Trust's total performance. Since the
end of September we have sold our building in St James's Street for £12.9m. We
have no plans to make any direct property purchases outside the UK in the
foreseeable future.
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TR PROPERTY INVESTMENT TRUST PLC
Unaudited interim results for the half year ended 30 September 2001
Dividend
The Board has declared an interim dividend of 0.65p per share, an increase of
18% over last year's interim payment of 0.55p per share. On current forecasts
we hope to be able to make a similar percentage increase in the final
dividend.
Share and Warrant Repurchases
We have continued to exercise the share and warrant buy-back powers when
suitable opportunities have occurred. During the half year 13.995 million
shares and 9.290 million warrants were repurchased at a total cost of £9.66m.
Together these repurchases served to increase net assets per share by some £
2.9m equivalent to 0.6p per share on a fully diluted basis.
Prospects
The yield attractions of property as an asset class have been strengthened by
the continued fall in both short and medium term interest rates. In the UK,
institutional investor demand for commercial property has declined but there
is no great selling pressure and non-institutional investors remain active in
the market. Tenant demand across Europe is not as strong as it was earlier in
the year, particularly from 'new economy' businesses, but vacancy rates are
low and speculative development pipelines are small. Meanwhile in the retail
market consumer expenditure remains extraordinarily resilient across Europe.
Chairmanship
This is my last statement to you as Chairman. As I said in the last annual
report, it has been my intention to step down during the current year. I am
delighted to report that Alastair Ross Goobey has agreed to take over as
Chairman from 1 January 2002. He has been a non-executive director of the
Trust since 1994 and is due to retire from his current role as CEO of Hermes
Pensions Management at the end of 2001. His breadth of knowledge of equity and
property markets must be virtually unrivalled in the City and I know that I am
leaving the Chairmanship in the most capable of hands.
Manager's Report
Background
Equity markets have continued to be turbulent as the outlook for the global
economy remains uncertain. Physical property and property shares have again
proved their worth both by outperforming and showing greater value stability
than other asset classes. Indeed, property shares have been roughly half as
volatile as the general equity market over the summer, while TR Property
shares have distinguished themselves by being one of the least volatile of the
constituents of the All-Share Index in the calendar year to date.
Activity
We have become more cautious as the year has progressed, particularly in
relation to the London property market. Accordingly, we have deliberately
reduced our holdings in shares with heavy London office portfolio weightings
and, in line with the new pan-European benchmark, re-invested the proceeds in
Continental European property equities. While re-weighting the portfolio we
have also been trying to reduce the inherent gearing and to improve the
liquidity and the portfolio's potential dividend income stream.
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TR PROPERTY INVESTMENT TRUST PLC
Unaudited interim results for the half year ended 30 September 2001
The Trust has had a large exposure to the London property market over the past
four years. This has served us very well as London property values have risen
faster than those in other world markets over the period. While we expect the
London economy to remain very vibrant in the medium to long term, employment
in the area has a high exposure to finance, tourism and the 'new economy'.
These are all business areas which are likely to suffer in employment terms in
the near future. London's commercial and residential property values have
grown so fast relative to inflation and to values elsewhere that a correction
should be expected, not only in absolute terms but also relative to other
markets.
In Europe, with a few notable exceptions such as Dublin, property value growth
has been much slower than in London. Primarily we think this has been due to
lower employment growth - a reflection perhaps of stricter employment laws.
While Continental European values will not be immune to a downturn if the
world economy moves into recession, we feel more comfortable with the
sustainability of current lower rental and capital levels, and see this as an
opportune moment to implement our new investment strategy. One useful side
effect of this move will be to increase our dividend income. Average property
equity yields on the Continent are some 30% higher than in the UK - partly
reflecting the difference in tax regimes. However, as most Continental
European dividends are paid once a year in the April to July period, our
revenue account will not see the full benefit of this income until the first
half of the financial year starting in April 2002.
As well as shifting the geographical base of the portfolio we have altered our
top down view on the different property uses. We have been underweight in
shares of companies specialising in retail property for two years and
overweight in offices and warehouse space. Now we see offices as having a
higher risk profile while retail property, having underperformed, now seems
more sensibly priced. We are gradually reversing these weightings.
We are also trying to lower the inherent gearing in the portfolio whilst, at
the same time, hoping to increase the liquidity of our equity assets. To do
this we have been gradually reducing holdings in some of our smaller highly
geared equity investments and buying the shares of larger companies with lower
gearing. We hope this will help to protect the net asset value of our
investment in any setback. At the same time the increased liquidity in the
shareholdings should allow us to manoeuvre the portfolio more easily when the
economic outlook becomes clearer.
Distribution of Assets
Reflecting the above comments, the major change in the asset spread over the
last six months has been in the Trust's exposure to Continental European
property shares which has risen from 4% to 14%. At the same time the exposure
to UK property shares has dropped from 72% to 59%. Our directly held UK
property, which outperformed our equities over the period, rose from 22.5% to
26% of gross assets. Since the half year end a property sale has reduced this
percentage to 22%. As set out in the last annual report, the current target
distribution is 35% to 55% in UK equities, 35% to 55% in continental equities
and 10% to 30% in UK direct property. The gradual process of realigning the
portfolio towards these targets continues.
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TR PROPERTY INVESTMENT TRUST PLC
Unaudited interim results for the half year ended 30 September 2001
Changes in Largest Investments
The holding in Land Securities has been increased over the period to become
the largest asset of the Trust. This is the biggest quoted property company in
Europe, but has not been our largest asset for many years as we have always
felt that the conservative management, 50% retail content and low gearing were
not conducive to outperformance in bull property market conditions. For the
time being we value these qualities rather more highly, and the shares have
the additional attraction of very good liquidity.
We have reduced our investment in the other largest UK property companies.
Slough Estates has substantial exposure to the Thames Valley business space
market where the weakness in the telecom business has sharply reduced tenant
demand. At British Land the gearing is well above average though the revenue
stream is protected by a lease length profile which is the longest in the
industry. We remain underweight in Canary Wharf shares. Our Hammerson holding
has also been reduced, though we are overweight in the shares of the company
which has a significant presence in office and retail markets in the Paris
region.
The largest of our small company holdings is the Big Yellow Group, the AIM
listed self storage company. We took up only a small portion of our
entitlement in the recent rights issue and our holding dropped from 13% of the
equity to 10%. The company is on target with its imaginative business plan but
the shares suffered a 35% fall over the half year. Smaller companies where
holdings have been reduced have included Helical Bar, a long standing
favourite of the Trust where we lowered our holding by a third.
The majority of our Continental European purchases have been in the French and
Dutch markets. The only new entrant to the top ten is Unibail at number six.
This is the largest French quoted property company, and concentrates its
activities on investment in Paris offices, particularly at La Defence and in
regional French shopping centres. The company is well run and has a fine
growth record.
Gearing and Currency Exposure
The Trust's balance sheet gearing has fallen only modestly from 19% to 17%
over the period, but the underlying see-through gearing has fallen from 90% to
around 75%. Throughout the majority of the half year we hedged the Euro
currency exposure by borrowing funds in Euros to make investments on the
continent. Since the end of September the hedge positions against the Euro
have been removed.
Direct Property Portfolio
Our direct property portfolio produced a total return of 2.8% in the half year
- well ahead of the return from equities over the period. The income return
was 3.5% and we suffered a 0.7% reduction on the value of the assets following
an external professional valuation at the end of September. These figures
compare with the total return of 3.3% shown by the IPD Monthly Index over the
same period. Additions to existing holdings included the purchase of the
freehold of the Colonnades complex at Paddington in April. Just after the end
of the half year we sold 30, St James's Street SW1, one of our two largest
West End office buildings, for £12.9m compared with a valuation in March 2001
of £13m.
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TR PROPERTY INVESTMENT TRUST PLC
Unaudited interim results for the half year ended 30 September 2001
Direct Property Portfolio (cont'd)
We continue to seek consent for development at three locations. However, the
planning environment remains complex, time consuming and uncertain. At both
Battersea and Piccadilly, we are working with central governmental agencies
(such as English Heritage) and the local planning authorities on a range of
development issues that have arisen. Matters have moved more swiftly at
Southwark where we have gained consent for 12 residential units on part of the
car park behind our business centre. We will now complete certain enabling
works before offering the site for sale.
Unquoted Investments
This area of the portfolio now amounts to well under 1% of assets. The only
remaining asset of any significance is in Controlrun, a joint venture
investing in petrol filling stations. Sales of these assets are being made on
a gradual basis at satisfactory prices.
Outlook
The end of a bull cycle in a physical property market is usually marked by a
sharp increase in speculative trading and new construction activity, as the
skyline becomes filled with cranes. This current cycle is different in that
external events have cut it short before the froth arrived. Today vacancy
rates are low right across Europe and the positive gap between property yields
and borrowing costs is substantial. These two factors give real estate
investors strong downside protection and should ensure that there is no
dramatic reduction in values in any economic downturn.
The discounts to asset value on property equities (adjusted for the fair value
of debt) are now around 27% in the UK and 33% on the Continent. These
discounts imply that the expectation that asset values will fall next year is
already priced into the market. The Trust's own discount to NAV is around the
18% area, and we think shareholders may take some comfort from the thought
that a combination of both discounts together means that the Trust's shares
have a see-through discount to NAV of very close to 40%.
European property shares have outperformed by some 60% over the past 18
months. If general equity prices are now poised for a sharp recovery, property
shares may lose some of this outperformance. However we believe that the
sector's reliability over the past 18 months will have helped to prove that,
looking ahead, any sensibly diversified investment portfolio should not fail
to have some representation in property or property shares.
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TR PROPERTY INVESTMENT TRUST PLC
Unaudited interim results for the half year ended 30 September 2001
Group Statement of Total Return (Incorporating the Revenue Account)
for the half year ended 30 September 2001
(Unaudited) (Unaudited)
Half year ended 30 September Half year ended 30 September
2001 2000
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Total - (30,098) (30,098) - 59,210 59,210
capital (losses)/
gains from
investments
Repurchase - (1,377) (1,377) - (721) (721)
of warrants
Investment 4,773 - 4,773 4,589 - 4,589
income
Net rental 3,101 - 3,101 2,506 - 2,506
income --------- ------- --------- ---------- -------- ---------
7,874 (31,475) (23,601) 7,095 58,489 65,584
Interest 262 - 262 288 - 288
receivable
and similar
income
--------- ------- --------- ---------- -------- ---------
Gross 8,136 (31,475) (23,339) 7,383 58,489 65,872
revenue and
capital
(losses)/gains
Management (895) (447) (1,342) (707) (1,212) (1,919)
and performance
fees
Other (160) - (160) (486) - (486)
administrative
expenses
--------- ------- --------- ---------- -------- ---------
Net 7,081 (31,922) (24,841) 6,190 57,277 63,467
return/(loss)
on ordinary
activities before
interest payable
and taxation
Interest (1,293) (1,293) (2,586) (1,294) (1,294) (2,588)
payable and --------- ------- --------- ---------- -------- ---------
similar
charges
Net 5,788 (33,215) (27,427) 4,896 55,983 60,879
return/(loss)
on ordinary
activities
before
taxation
Taxation on (496) 418 (78) (696) 363 (333)
net --------- ------- --------- ---------- -------- ---------
return/(loss)
on ordinary
activities
Net 5,292 (32,797) (27,505) 4,200 56,346 60,546
return/(loss)
on ordinary
activities
after taxation
Equity - - - (12) - (12)
minority
interests
--------- ------- --------- ---------- -------- ---------
Net 5,292 (32,797) (27,505) 4,188 56,346 60,534
return/(loss)
attributable
to ordinary
shares
Ordinary
dividends
Interim of (2,766) - (2,766) (2,431) - (2,431)
0.65p (2000:
0.55p)
Final (year - - - - - -
ended 31
March 2001: 0.85p)
--------- ------- --------- ---------- -------- ---------
(2,766) - (2,766) (2,431) - (2,431)
--------- ------- --------- ---------- -------- ---------
Transfer 2,526 (32,797) (30,271) 1,757 56,346 58,103
to/(from)
reserves
====== ===== ====== ====== ===== ======
Return/(loss)
per ordinary
share (Note 1)
Basic 1.23p (7.63)p (6.40)p 0.93p 12.49p 13.42p
Fully 1.19p (7.35)p (6.16)p 0.91p 12.29p 13.20p
diluted
The revenue columns of this statement represent the revenue accounts of the
Group.
Group Statement of Total Return (Incorporating the Revenue Account)
for the half year ended 30 September 2001 continued
(Audited)
Year ended 31 March
2001
Revenue Capital Total
£'000 £'000 £'000
Total capital (losses)/gains from - 91,408 91,408
investments
Repurchase of warrants - (970) (970)
Investment income 7,713 - 7,713
Net rental income 5,139 - 5,139
----------- --------- ----------
12,852 90,438 103,290
Interest receivable and similar 455 - 455
income
----------- --------- ----------
Gross revenue and capital 13,307 90,438 103,745
(losses)/gains
Management and performance fees (1,546) (3,696) (5,242)
Other administrative expenses (949) - (949)
----------- --------- ----------
Net return/(loss) on ordinary 10,812 86,742 97,554
activities before interest
payable and taxation
Interest payable and similar (2,608) (2,608) (5,216)
charges
----------- --------- ----------
Net return/(loss) on ordinary 8,204 84,134 92,338
activities before taxation
Taxation on net return/(loss) on (1,123) 782 (341)
ordinary activities
----------- --------- ----------
Net return/(loss) on ordinary 7,081 84,916 91,997
activities after taxation
Equity minority interests (12) - (12)
----------- --------- ----------
Net return/(loss) attributable to 7,069 84,916 91,985
ordinary shares
Ordinary dividends
Interim of 0.65p (2000: 0.55p) (2,431) - (2,431)
Final (year ended 31 March 2001: (3,653) - (3,653)
0.85p)
----------- --------- ----------
(6,084) - (6,084)
----------- --------- ----------
Transfer to/(from) reserves 985 84,916 85,901
====== ===== =====
Return/(loss) per ordinary share
(Note 1)
Basic 1.58p 19.03p 20.61p
Fully diluted 1.54p 18.52p 20.06p
The revenue columns of this statement represent the revenue accounts of the
Group.
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TR PROPERTY INVESTMENT TRUST PLC
Unaudited interim results for the half year ended 30 September 2001
Group Balance Sheet
as at 30 September 2001
(Unaudited) (Unaudited) (Audited)
Half year ended Half year ended Year ended
30 September 30 September 31 March
2001 2000 2001
£'000 £'000 £'000
Fixed assets
Tangible assets - 56 -
Investments 352,255 382,896 414,582
----------- ----------- -----------
352,255 382,952 414,582
----------- ----------- -----------
Current assets
Debtors 4,105 4,134 8,089
Cash at bank and short term 8,578 4,774 1,351
deposits
----------- ----------- -----------
12,683 8,908 9,440
Creditors - amounts falling due
within one year 20,478 34,682 41,285
----------- ----------- -----------
Net current liabilities (7,795) (25,774) (31,845)
----------- ----------- -----------
Total assets less current 344,460 357,178 382,737
liabilities
Creditors - amounts falling due
after more than one year 40,166 40,210 40,181
----------- ----------- -----------
Total net assets 304,294 316,968 342,556
======= ======= =======
Capital and reserves
Called up share capital 106,400 110,722 109,747
Share premium 29,207 28,450 28,538
Warrant reserve 3,935 4,556 4,469
Other non-distributable reserves 147,435 158,067 185,011
Revenue reserve 17,317 15,173 14,791
----------- ----------- -----------
Equity shareholders' funds 304,294 316,968 342,556
======= ======= =======
Net asset value per share:
Basic 71.50p 71.57p 78.03p
Fully diluted 67.98p 67.71p 73.18p
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TR PROPERTY INVESTMENT TRUST PLC
Unaudited interim results for the half year ended 30 September 2001
Group Cash Flow Statement
for the half year ended 30 September 2001
(Unaudited) (Unaudited) (Audited)
Half year Half year Year
ended ended ended
30 30 31
September September March
2001 2000 2001
£'000 £'000 £'000
Net cash inflow from operating activities 4,509 4,373 8,983
Net cash outflow from servicing of finance (2,587) (2,533) (5,168)
Net tax (paid)/recovered (66) 185 162
Net cash inflow from financial investment 32,845 8,351 7,068
Equity dividends paid (3,653) (3,635) (6,066)
----------- ----------- -----------
Net cash inflow before financing 31,048 6,741 4,979
Net cash outflow from financing (9,368) (6,879) (12,606)
----------- ----------- -----------
Increase/(decrease) in cash 21,680 (138) (7,627)
======= ======= =======
Reconciliation of operating revenue to net
cash inflow from operating activities
Net revenue before interest payable and 7,082 6,190 10,812
taxation
Decrease/(increase) in operating debtors 622 (173) (347)
Decrease in operating creditors (2,542) (1,133) (505)
Tax deducted at source (206) (164) (173)
Scrip dividends included in investment - (6) (63)
income
Depreciation of tangible fixed assets - 8 22
Management fee charged to capital (447) (349) (763)
----------- ----------- -----------
4,509 4,373 8,983
======= ======= =======
Reconciliation of net cash flow to movement
in net debt
Increase/(decrease) in cash as above 21,680 (138) (7,627)
Net repayment of loans - - 2,621
----------- ----------- -----------
Change in net debt resulting from cash 21,680 (138) (5,006)
flows
Exchange movements (255) 84 (394)
----------- ----------- -----------
Movement in net debt in the period 21,425 (54) (5,400)
Net debt at the beginning of the period (64,957) (59,557) (59,557)
----------- ----------- -----------
Net debt at the end of the period (43,532) (59,611) (64,957)
======= ======= =======
Represented by:
Bank balances, short term deposits and 8,578 4,774 (24,776)
overdrafts
Debt falling due within one year (11,944) (24,175) -
Debt falling due after more than one year (40,166) (40,210) (40,181)
----------- ----------- -----------
(43,532) (59,611) (64,957)
======= ======= =======
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TR PROPERTY INVESTMENT TRUST PLC
Unaudited interim results for the half year ended 30 September 2001
Notes to the Accounts
1. Return per ordinary share
Revenue return per ordinary share is calculated by dividing
the net revenue return available for ordinary shareholders of
£5,292,000 (half year ended 30 September 2000: £4,188,000 and
year ended 31 March 2001: £7,069,000) by 429,860,592 (half
year ended 30 September 2000: 451,174,347 and year ended 31
March 2001: 446,171,463) being the weighted average number of
ordinary shares in issue. Capital return per ordinary share is
calculated by dividing the net capital loss attributable to
ordinary shareholders of £32,797,000 (half year ended 30
September 2000: £56,346,000 gain and year ended 31 March 2001:
£84,916,000 gain) by the weighted average number of ordinary
shares in issue, as shown above.
Fully diluted returns per ordinary share have been calculated in
accordance with Financial Reporting Standard 14, 'Earnings per
Share'.
2. Changes in share capital
During the period the Company made authorised market purchases
for cancellation of 13,995,000 of its own issued ordinary
shares of 25p. Also during the period the Company repurchased
9,290,000 warrants and 605,780 warrants were exercised. As at
30 September 2001 there were 425,599,673 ordinary shares and
72,991,941 warrants in issue.
3. Interim statement
The interim accounts have been approved by the directors on 30
November 2001.
4. Comparative information
The financial information contained in this interim statement
does not constitute statutory accounts as defined in section
240 of the Companies Act 1985. The financial information for
the six months ended 30 September 2000 and 30 September 2001
have not been audited. The figures and financial information
for the year ended 31 March 2001 are an extract from the
latest published accounts and do not constitute statutory
accounts for that year. Those accounts have been delivered to
the Registrar of Companies and included the report of the
auditors which was unqualified and did not contain a statement
under either section 237(2) or 237(3) of the Companies Act
1985.
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TR PROPERTY INVESTMENT TRUST PLC
Unaudited interim results for the half year ended 30 September 2001
Largest Quoted Investments as at 30 September 2001
Market Market Market
Value Value Value
£'000 £'000 £'000
Land Securities 24,967 Pillar 5,131 Eurocommercial 2,231
Properties (Netherlands)
British Land 18,774 Great Portland 4,892 Minerva 2,223
Hammerson 16,634 Derwent Valley 4,355 Grantchester 2,205
Slough Estates 15,075 Development 4,249 Beni Stabili 2,182
Securities (Italy)
Canary Wharf Group 14,805 Castellum 4,042 Quintain 2,130
(Sweden)
Unibail (France) 13,640 Rugby Estates 4,041 Freeport Leisure 1,902
Big Yellow Group 12,397 Ashtenne 3,953 UK Land 1,699
St Modwen Properties 11,227 Grainger Trust 3,409 Inmobiliaria 1,598
Colonial
(Spain)
Helical Bar 9,855 Liberty 3,356 Cofinimmo 1,498
International (Belgium)
Chelsfield 7,249 PSP 3,103 Rodamco Europe 1,480
(Switzerland) (Netherlands)
Rodamco North America 6,530 London 2,804 Silic (France) 1,458
(Netherlands) Merchant
Securities
Benchmark 5,978 Green Property 2,719 Safeland 1,286
(Ireland)
Brixton Estate 5,578 CLS 2,409
Compco 5,451 Capital & 2,376
Regional
The above 40 largest quoted investments amount to £241m or 68% of total
investments (convertibles and all classes of equities in any one company are
treated as one investment).
Principal Investment Properties as at 30 September 2001
Location Sector Tenure Size
(sq ft)
Value in excess of £5m
198/202 Piccadilly and 32/34 Jermyn West End Offices Leasehold 65,000
Street, London W1 and Retail
29/30 St. James's Street and 25/27 West End Offices Leasehold 29,209
Bury Street, London SW1 and Retail
Elizabeth House, Duke Street, Woking Offices Freehold 54,150
The Colonnades, Bishops Bridge Road, Mixed Use Freehold 44,000
London W2
Cambridge Science Park, Cambridge Offices Leasehold 38,500
Southbank Commercial Centre, Light Industrial Freehold 49,000
and Offices
Battersea Park Road, London SW11
HQ3, Hook Rise, Tolworth Warehousing Freehold 56,100
Value between £2m and £5m
The Quay, Ocean Village, Southampton Offices Virtual 23,150
Freehold
268 London Road, Staines Car Showroom Freehold 23,000
Unit 3, Interface Business Park, Industrial Freehold 20,000
Wootton Bassett
Ferrier Street, London SW18 Industrial Freehold 38,500
Value at under £2m
At 30 September 2001 the Group owned 6 further properties with individual
values of under £2m. They are located in Addlestone, London SE16, London W2,
Swanley, Wallington and Weybridge. Their aggregate value was £7.5m.
- ENDS -
For further information, please contact :
Chris Turner
TR Property Investment Trust PLC
Tel: 020 7818 4348
Vicki Staveacre
The Press Office
Henderson Global Investors
Tel: 020 7818 4028
Stephen Westwood
Henderson Global Investors
Tel: 020 7818 5517
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