Replacement Interim Managemen

RNS Number : 9178B

TR Property Investment Trust PLC

22 August 2008

 



TR Property Investment Trust plc

Replacement Interim Management Statement - 3 months to 30 June 2008

The Interim Management Statement which was released on 18 August 2008 at 12 Noon has been amended. The amendment is identified with an asterisk (*). The full amended text is shown below.

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 2008 to 30 June 2008, 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

To maximise shareholders' total return by investing in property shares and property on an international basis.

Benchmark

FTSE EPRA/NAREIT Europe Index in Sterling. This index, calculated by FTSE, is freefloat based and currently has 93 constituent companies. The Benchmark website www.epra.com contains further details about the index and performance.

Material events

The final results were announced on 28 May. Final dividends of 3.30p per Ordinary share and 0.65p per Sigma share were announced and following shareholder approval on 29th July were paid on 5 August 2008 to shareholders on the register on 4 July 2008.

Material Transactions

During the three-month period to the end of June 2008, the Company purchased 1,350,000 ordinary shares of 25p each for cancellation for a total consideration of £2,329,000. Since the 30th June up to the date of this statement, a further 100,000 shares have been purchased for a total consideration of £144,250 *.

During the three-month period to the end of June 2008, the Company purchased 265,000 Sigma shares of 12.5p each for cancellation for a total consideration of £210,000. Since the 30th June up to the date of this statement, a further 100,000 shares have been purchased for a total consideration of £69,000.

Ordinary Portfolio

Twenty largest equity holdings at 30 June 2008

	% of Portfolio
Unibail-Rodamco	14.13
Land Securities	12.19
British Land	5.58
Segro	3.50
Big Yellow	3.23
Hammerson	3.11
Fonciere des Regions	2.98
Klepierre	2.60
Liberty International	2.33
Castellum	2.32
Corio	2.08
Derwent London	2.02
Great Portland Estates	1.91
St Modwen	1.62
Gecina	1.51
Icade	1.40
Eurocommercial Properties	1.40
Kardan	1.32
Cofinimmo	0.97
Fonciere Lyonnaise	0.86

5 Largest property holdings (Values in excess of £5m)

Colonnades Leasehold W2 - Mixed Use

Field House, Harlow - Offices

Ferrier St, Wandsworth, London - Industrial

Elizabeth House, Woking - Offices

Cambridge Science Park - Offices

Portfolio Allocation at 30 June 2008

UK Equities	39.4%
European Equities	38.6%
UK Direct Property	14.3%
Cash	7.7%

Sigma Portfolio

Twenty largest equity holdings at 30 June 2008

	% of Portfolio
Unibail-Rodamco	9.51
Land Securities	9.04
British Land	4.69
Great Portland Estates	4.50
Hansteen Holdings	4.48
Big Yellow	4.29
Kardan	3.80
Castellum	3.66
Fonciere des Murs	3.16
Societe Fonciere Paris Ile de France	2.72
Eurocommercial Properties	2.68
Local Shopping REIT	2.55
RGI International	2.15
St Modwen	2.14
IFM Immobilien	1.80
Corio	1.80
NR Nordic and Russia Properties	1.73
Segro	1.68
Gecina	1.54
Orchid Developments	1.47

Portfolio Allocation at 30 June 2008

UK Equities	42.6%
European Equities	42.0%
Cash	15.4%

Company's Financial Position and Performance:

Ordinary Shares

	As at 30 Jun 2008	As at 31 Mar 2008	As at 30 Jun 2007	3 Month % Change	12 Month % Change
Share Price	153.75p	188.30p	216.25p	-18.3%	-28.9%
Capital NAV per share*	180.38p	216.70p	248.28p	-16.8%	-27.3%
Income NAV per share**	187.29p	N/A	N/A
Benchmark (EPRA)	2,005.31	2,472.34	2,847.57	-18.9%	-29.6%
Gearing (%) #	6.72	5.78	9.09
Shares in issue	257,250,000	258,600,000	325,950,000	-0.5%	-21.1%

Sigma Shares

	As at 30 Jun 2008	As at 31 Mar 2008	As at 24 Jul 2007	3 Month % Change	% Change Since Inception
Share Price	72.50p	92.0p	-	-21.2%	-
Capital NAV per share##	88.61p	107.5p	120.84	-17.6%	-26.7%
Income NAV per share	91.10p	N/A	N/A
Benchmark** (EPRA)	2,005.31	2,472.34	2,794.56	-18.9%	-28.2%
Gearing (%) #	6.54	5.53	6.44
Shares in issue	127,415,000	127,680,000	131,795,747	-0.2%	-3.3%

* NAV per share is a capital only NAV calculated on the AIC basis

**  NAV including Income year to date. Produced with effect from 31 May 2008

# Gearing calculated in accordance with the AIC definition, which does not take account of cash held on deposit. As at 31 December 2008, both share classes had repaid all short term borrowings and held cash on deposit in excess of the amount of the share class apportionment of the debentures, therefore the effective gearing level was zero.

## NAV per share is a capital only NAV calculated on the AIC basis. Ordinary shares were converted to Sigma shares and new Sigma shares issued based on an IFRS NAV, which included retained earnings to 20th July, provision for deferred tax and debenture debt marked to market . The NAV per share of the Sigma shares on this basis at 24th July 2007 was 121.92p per share.

Other Information

Further information and commentary can be found on the Company's website www.trproperty.com

 

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