Final Results

TR Property Investment Trust PLC 7 June 2002 HENDERSON GLOBAL INVESTORS TR PROPERTY INVESTMENT TRUST PLC EMBARGOED FOR RELEASE AT 7.00 AM FRIDAY 7 JUNE 2002 TR PROPERTY INVESTMENT TRUST PLC UNAUDITED PRELIMINARY GROUP RESULTS FOR THE YEAR ENDED 31 MARCH 2002 7 June 2002 Highlights • NAV total return of 8.9%. Share price total return of 14.3%. Benchmark total return of 4.1%. • Strong revenue growth. Earnings per share up 16.9%. Net dividend per share increased by 17.9%. • Good period for property and property shares relative to bonds and general equities. • Benchmark and portfolio successfully enlarged onto a Pan European base improving diversification and the Trust's income potential. Financial Highlights 31 March 31 March % 2002 2001 Change Revenue Gross revenue (£'000) 13,751 13,307 +3.3 Revenue pre-tax (£'000) 9,027 8,204 +10.0 Revenue per share (fully diluted) 1.80p 1.54p +16.9 Net dividend per share 1.65p 1.40p +17.9 Balance Sheet Gross assets (£'000) 428,553 415,424 +3.2 Shareholders' funds (£'000) 342,481 342,556 -0.02 Shares in issue at end of period (m) 416.6 439.0 -5.1 Gearing (%) 24 19 Net asset value - basic 82.21p 78.03p +5.4 - fully diluted 78.08p 73.18p +6.7 Performance 31 March 31 March Assets and Benchmarks 2002 2001 Benchmark performance (price only)* +1.6% +25.5% NAV (fully diluted) price only return +6.7% +29.5% Benchmark performance (total return)* +4.1% +28.8% NAV (fully diluted) total return* +8.9% +32.2% IPD Monthly Index total return** +7.2% +9.1% Total return from direct property# +12.8% +21.3% Performance 31 March 31 March % Share Price and Warrants 2002 2001 Change Share price at 31 March 64.75p 58.25p +11.1 Share price total return+ +14.3% +31.9% Warrant price 16.75p 12.00p +39.6 Market capitalisation at 31 March £270m £256m +5.6 Source: +AITC/*Datastream/#WM Company/**IPD - MORE - - 2 - UNAUDITED PRELIMINARY GROUP RESULTS FOR THE YEAR ENDED 31 MARCH 2002 EXTRACTS FROM CHAIRMAN'S STATEMENT Introduction I am pleased to report a busy year and one which has again been fruitful in terms of asset and revenue performance. The NAV total return of 8.9% and the share price total return of 14.3% both exceeded the benchmark total return of 4.1%. Revenue earnings have risen 16.9% and the board is recommending a 17.9% increase in the full year dividend. It was by no means a great year for European property shares per se, but they shone relative to general equities and bonds. Across Europe investors have bought real estate stocks as a counterweight to the uncertainty prevailing in most other equity sectors and to the low income returns from bonds and cash. As a sector specialist Trust the board measures the managers' performance against a real estate index, but it is nevertheless satisfying to note that the total return on the Trust's ordinary shares has beaten the FTSE All Share Index total return by 72% over the last three years and 53% over the last five years. The board changed the Trust's benchmark from a UK only index to a Pan European index at the end of September 2001, and, by March 2002, Continental equity shareholdings made up almost 30% of our total assets. As the UK quoted property sector is larger than all the Continental country sectors put together, the majority of our assets are likely to remain within the UK. Within our new benchmark, the Continental portion outperformed with a total return of 8.5% versus 2.5% from the UK portion. The widening of the benchmark is providing the managers with greater manoeuvrability and new investment opportunities which I hope will add to our performance potential in years to come. Our direct property holdings, which remain all within the UK, produced an ungeared total return of 12.4% compared with the IPD Monthly Index total return of 7.2%. Over the last three years our ungeared total return from direct property has been 67% compared with the IPD Index figure of 35%, an outperformance which betters the ungeared returns shown by the majority of UK property companies with their own portfolios over the period. Revenue Earnings Fully diluted revenue earnings have risen by 16.9% from 1.54p to 1.80p per share. Though gross revenue rose only 3.3%, net revenue before tax was up by 10.0% partly due to lower costs. Earnings per share growth benefited from the reduction in the number of shares following repurchases. The average yield from Continental European real estate shares is some 2% p.a. higher than from their UK counterparts. Most of these continental investments produced no income for the Trust in our last financial year as their dividends are paid once a year in the April to July period. The managers therefore anticipate that the Trust's dividend income should show a further advance in the current year. Dividend The board now proposes a final dividend of 1.00p, which, added to the interim dividend of 0.65p already paid, produces a total payment for the year ended 31 March 2002 of 1.65p per share, a 17.9% increase over the total dividends of 1.40p per share paid last year. Expiry of the Warrants Warrant holders will receive with the Annual Report a Circular letter reminding them that the last date on which they can exercise the warrants is 31 July 2002. Details of the action that holders need to take is set out in this letter. Arrangements have been made for warrants not exercised to be taken up and sold in the market and the proceeds distributed to the relevant holders. Those uncertain of what action to take should consult their financial advisor. - MORE - - 3 - UNAUDITED PRELIMINARY GROUP RESULTS FOR THE YEAR ENDED 31 MARCH 2002 Share Buy-Backs The board is seeking renewal of powers at the AGM to buy back ordinary shares. During the last financial year a total of £17.93m was spent buying back just under 23 million shares and just over 26 million warrants, reducing the outstanding number of ordinary shares by 5.2% and the outstanding number of warrants by 31%. The average prices paid were 60.6p for the shares and 15.3p for the warrants. The immediate enhancement to the diluted NAV per share was some 1.2p per share. We have continued to use our buy-back powers judiciously, subject to market conditions in the current year. Prospects Generally across Europe real estate investment demand is much stronger than tenant demand, particularly in office markets. Buyers are attracted by high initial yields, the stability and transparency of real estate and by the positive spread of rents over borrowing costs. They are also encouraged by a plethora of forecasts which predict an early return of higher levels of tenant demand on the basis of a smooth increase in economic growth over the next two years across Europe. This outlook is one that the board treats with some scepticism. Two years ago, property was considered the quintessential 'old economy' sector: the technology revolution was going to make many of the traditional investment fields obsolete, and the way in which companies occupied business premises was going to change irreversibly. The investing institutions had been reducing their exposure to property shares and direct property investment throughout the 1990s. Today there is a focus on income producing investments, of which property is the most obvious. Many shareholders will be familiar with these violent swings in sentiment, and the fact that the investing institutions are showing renewed interest in the sector is no guarantee of future performance. The institutions have shown themselves past masters at investing via the rear-view mirror, buying what has performed well recently, rather than looking to the future. I believe it is unlikely that the relative performance of the property sector will be as strikingly good over the next two years as it has been over the last two. While the wider geographical spread which we now have gives us greater flexibility, we need to be vigilant. Across Europe strong growth in money supply and low interest rates have fuelled a mini-consumer boom and a frenzy in some residential markets. In several Eurozone countries inflation is now above the ECB base rate. Base rate rises both in the UK and in the Eurozone look likely later in the year. If these increases have to be made while economic growth remains anaemic their consequence may be a setback in both consumer demand and in investor sentiment and they may only serve to defer further the timing of any sustained economic recovery. - MORE - - 4 - UNAUDITED PRELIMINARY GROUP RESULTS FOR THE YEAR ENDED 31 MARCH 2002 EXTRACTS FROM THE MANAGER'S REPORT When I wrote the interim manager's report last November, markets were in sombre mood. I was cautious about property values, particularly in the London market. I reported that the level of the Trust's borrowings had been reduced and that I had increased the holdings in lightly geared and liquid shares, such as Land Securities. Soon after I wrote that report it became apparent that I was being much too gloomy. Strong demand was returning in investment markets and for property shares as well. Discarding the cautious policy, we bought shares (including our own shares and warrants) and increased our debt so that, at the year end, our borrowings stood at a record level having nearly doubled in the six months since September 2001. These moves greatly assisted us in being able to report a record asset value per share at the year end. The uncertainty which investors felt last autumn and still feel today towards many equity sectors has revived interest in property shares across Europe. Stocks are primarily rated against independently assessed asset values and not by reference to earnings. Most companies we invest in employ so few people that any pension fund deficit would make very little difference to their value. Property shares may lack financial sophistication but they have tangible assets, real income and a business that can be clearly understood without a PhD. Direct property has now become the best performing UK asset class (compared with equities and bonds) on one, three, five and ten year timescales. I hope that the recent surge in interest in property and property shares is not just the sector's 'fifteen minutes of fame', but a move towards a long term re-rating of the asset class. Nevertheless property demand does not exist in a vacuum but is reliant on the economy and commercial and residential rents must be paid out of tenants' profits and employees' pay packets. Property Market Comment In the UK, I have continued to become more cautious of the London office property market. While we expect the London economy to remain vibrant in the medium to long term, the area has the largest exposure of any European city to the finance, telecoms and media industries. These are all sectors of the international economy which are now suffering in employment terms. We have reduced our weightings in stocks with the majority of their portfolios in London offices and sold one of our large office buildings in the capital. London's residential property values have also grown very fast relative to values elsewhere in Europe and the values of three of the Trust's direct property holdings have significantly benefited. I find London house prices to now be at a level that baffles me. Elsewhere in the UK, shop property demand has recovered from a lethargic three years thanks to the strong consumer spending levels seen since last autumn. The out of town retail warehouse market has remained buoyant and tenant demand continues to be stronger than supply of new space. Office markets around the M25 are quiet and demand very modest. Supply of secondhand space is rising as both the telecom and technology industries retrench. In Continental Europe, property markets are generally performing to a similar pattern. House prices are rising, though only in Spain are they rising at anything like the rate in the UK, and in East Germany they are still falling. Demand for retail space is stable to good, strongest in out of town locations and weakest in smaller town centres. Office markets are almost all quiet. Demand is noticeably weaker in peripheral and suburban markets than in central business districts, but even here vacancy rates are rising and tenants have more bargaining power. Those cities which, like London, saw the strongest demand from technology business in 1998-2000 now have the fastest increases in office vacancy rates - Stockholm, Dublin and Madrid. In Paris the Central Business District is stable as it is in Brussels, where the continued growth of the EU civil service creates its own special demand. New development starts are not a major issue in most markets, though Amsterdam has over 7 million feet or 10% of total stock coming out of the ground now. - MORE - - 5 - UNAUDITED PRELIMINARY GROUP RESULTS FOR THE YEAR ENDED 31 MARCH 2002 Changes in Investments Valuation Purchases Sales Appreciation/ Valuation 2001 Proceeds (Depreciation) 2002 £'000 £'000 £'000 £'000 £'000 % Direct Property (UK) 93,323 277 14,410 3,780 82,970 19.36 UK 297,600 36,711 122,614 9,746 221,443 51.67 Belgium - 3,762 368 143 3,537 0.82 Denmark - 2,040 288 (133) 1,619 0.38 France 7,049 26,038 1,396 650 32,341 7.55 Germany - 2,546 - (465) 2,081 0.49 Ireland 4,550 - 1,703 (12) 2,835 0.66 Italy - 4,478 - 389 4,867 1.14 Netherlands 703 39,640 807 4,368 43,904 10.25 Spain 1,592 10,267 84 1,361 13,136 3.06 Sweden 2,416 12,364 1,333 1,379 14,826 3.46 Switzerland - 4,390 - (270) 4,120 0.96 Continental Europe 16,310 105,525 5,979 7,410 123,266 28.77 North America 7,349 - 7,243 (106) - 0.00 Other 842 259 230 3 874 0.20 Total 415,424 142,772 150,476 20,833 428,553 100.00 Distribution of Assets and Property Share Activity The major activity during the year has been the enlargement of the Continental share section of the portfolio. This grew from 4% of gross assets at the start of the year to 29% at the year end. To make way for this growth, the percentage in UK property shares fell from 71% to 52%, UK directly held property dropped from 22% to 19% and other overseas stocks dropped from 2% to nil. The table above headed 'Changes in Investments' details the opening and closing valuations in each country together with the purchases, sales and valuation movements. The current target distribution of the portfolio is 35% to 55% in UK equities, 35% to 55% in Continental equities and 10% to 30% in UK direct property. Last year in summary we raised a net £86m from UK shareholdings, £14m from direct property, £7m from the USA and spent a net £100m in Continental Europe and (omitted from the table) £18m on share and warrant buy-backs. In the UK the bulk of the sales were aimed at reducing the overweight exposure to the London office market. This position has served us well but is no longer justified on a one to two year outlook. Equally we have been underweight in UK town centre retail for two to three years and the recovery in retailing profits and tenant demand has caused us to reweigh this sector back to its normal level. We were buyers of Liberty International and Land Securities partly on this basis. Of the £100m net spent on the continent nearly 40% went into companies based in the Netherlands. The Dutch property companies in which we have invested all have what is termed 'BI Status'. A company that has this status pays no corporation tax provided it pays out 100% of its fiscal earnings (usually equivalent to 80% of the commercial earnings). All these Dutch BI companies have yields of between 6% and 11% and many of them hold all or the majority of their assets outside Holland. Aside from Finland which has only one small listed stock, Dutch companies produced the highest total return in the benchmark last year. - MORE - - 6 - UNAUDITED PRELIMINARY GROUP RESULTS FOR THE YEAR ENDED 31 MARCH 2002 We spent £25m net on French property shares. Half our French portfolio is in Unibail, a company whose management we admire. The two other main holdings in this market are Klepierre, a specialist shopping centre owner, and Silic which has all its investments in Paris industrial and business space. The main shareholding in Sweden is Castellum, and in Spain is Vallehermoso. Areas where we have generally avoided investment are Germany, where the economy is weak and tenant demand likewise, and Switzerland, where there is stability but little growth potential. Take-overs, Privatisations and Other Corporate Deals The European real estate sector saw six companies taken private in the year to March 2002 involving some £1,500m, a sharp reduction on the £5,000 million seen in the previous twelve months. Again we have been fortunate to have significant holdings in three of the companies involved, Asda Properties and BPT, both of which featured in our top twenty investments last March. We also held 4% of Jermyn Investments which was taken over for shares by Real Estate Opportunities Ltd. The shares we received in the latter company were sold at an early date. Recommended bids were outstanding for two more of our top twenty holdings at March 2002 - Rodamco North America and Haslemere. Largest Equity Investments Despite the significant switch of assets onto the Continent during the year, fourteen of the names in the list of our top twenty equity investments are the same as at March 2001. The new entrants to the list are all continental companies and four are based in Holland giving us the benefit of the high yields available under the BI tax status. Gearing Over the year the Trust's on balance sheet gearing has risen from 19% to 24% with net debt rising from £65.0m to £82.2m. The increase in debt was not spread evenly over the year, indeed in the first half of the year we repaid borrowings as share prices fell, so that at September gearing was 17% and net debt down to £43.5m. When we felt that equilibrium had been re-established in real estate equities after the shocks from 11 September 2001, we borrowed again and at the year end we were using our existing overdraft facilities fully. Our underlying see-through gearing (which takes account of the gearing levels in the companies in whose equity we are invested) has followed a similar pattern with a fall from 90% to around 75% in the first half of the year and a rebound to close to 90% in the second half of the year. Currency Exposure In the period between March and September 2001 we hedged our exposure to the Euro, the Swedish Kroner and the Swiss Franc by borrowing funds in these currencies to pay for our investments on the Continent. Since the end of September these currency loans have been repaid. All our debt is now in Sterling and we hold no forward positions or other hedges against overseas currencies. Direct Property Portfolio Our direct property portfolio produced a total return of 12.8% in the year - well ahead of the return from equities over the period. The income return was 7.8% and we saw a 5.0% appreciation in the value of the portfolio following an external professional valuation at the end of March. No new properties were bought. 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. At the year end we sold a small office building in Wallington, Surrey for £1.5m compared with a March 2001 valuation of £1.15m. - MORE - - 7 - UNAUDITED PRELIMINARY GROUP RESULTS FOR THE YEAR ENDED 31 MARCH 2002 Active management of the property portfolio has been both fruitful and frustrating. The fruitful gains include obtaining consent for a development of flats in an unused part of a car park we own in Southwark. We hope to sell this site fairly soon. At The Colonnades, buying the freehold has given us unfettered control of the property where we were previously just long leaseholders. This has allowed us to embark on a programme of selling residential lease extensions and to plan the improvement of the commercial element. At Piccadilly we have completed a lengthy series of consultations with interested parties and have now submitted an application for the redevelopment of the site with 90,000 sq ft of offices and shops (compared to the 65,000 sq ft in the existing property). The major frustration has been at Battersea, where our commercial centre is ripe for redevelopment. This spring we won consent from the local authority for a scheme involving 57 flats and 28,000 sq ft of commercial space. However this approval has been challenged by the Government Office for London and referred to a public inquiry. At both Piccadilly and Battersea we continue to rent out the existing buildings on a short term basis with the two investments now housing some seventy tenants paying the Trust around £1.85m p.a. Unquoted Investments We made no new unquoted investments during the year and the portfolio exposure to this area, including associate loans, remained at 0.5% of gross assets. The only remaining asset of any significance is in Controlrun Ltd, a joint venture investing in petrol filling stations. Outlook Our new financial year has started with our benchmark and our fully diluted NAV per share both rising by 10% before the end of May. While this appreciation is welcome, it is not sustainable. Across Europe discounts are now averaging 15% to headline asset values and 0% to 5% to asset values after contingent tax and expensive debt. This implies that the re-rating of property shares this spring has virtually run its course. Looking forward the dilemma is that a strengthening economy promises higher tenant demand but also higher interest rates so reducing demand for property investments. If the economy remains weak then tenant demand will continue to suffer. I have reduced our borrowings again and am targeting fresh investment towards higher yielding shares. Safe high yielders are scarce in all sectors of the market and should, if well chosen, perform well for the Trust in the coming months. - MORE - - 8 - UNAUDITED PRELIMINARY GROUP RESULTS FOR THE YEAR ENDED 31 MARCH 2002 GROUP STATEMENT OF TOTAL RETURN (Incorporating the Revenue Account) for the year ended 31 March 2002 (Unaudited) (Audited) Year ended 31 March 2002 Year ended 31 March 2001 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Total capital gains from investments - 20,129 20,129 - 91,408 91,408 Repurchase of warrants - (3,986) (3,986) - (970) (970) Investment income 7,502 - 7,502 7,713 - 7,713 Net rental income 5,869 - 5,869 5,139 - 5,139 ------- ------- ------- ------- ------- ------- 13,371 16,143 29,514 12,852 90,438 103,290 Interest receivable and similar income 380 - 380 455 - 455 ------- ------- ------- ------- ------- ------- Gross revenue and capital gains 13,751 16,143 29,894 13,307 90,438 103,745 Management and performance fees (1,687) (2,155) (3,842) (1,546) (3,696) (5,242) Other administrative expenses (558) - (558) (949) - (949) ------- ------- ------- ------- ------- ------- Net return on ordinary activities 11,506 13,988 25,494 10,812 86,742 97,554 before interest payable and taxation Interest payable and similar charges (2,479) (2,479) (4,958) (2,608) (2,608) (5,216) ------- ------- ------- ------- ------- ------- Net return on ordinary activities 9,027 11,509 20,536 8,204 84,134 92,338 before taxation Taxation on net return on ordinary activities (1,080) 1,059 (21) (1,123) 782 (341) ------- ------- ------- ------- ------- ------- Net return on ordinary activities 7,947 12,568 20,515 7,081 84,916 91,997 after taxation Equity minority interests - - - (12) - (12) ------- ------- ------- ------- ------- ------- Net return attributable to ordinary 7,947 12,568 20,515 7,069 84,916 91,985 shares ------- ------- ------- ------- ------- ------- Ordinary dividends Interim of 0.65p (2001: 0.55p) (2,766) - (2,766) (2,431) - (2,431) Final of 1.00p (2001: 0.85p) (4,166) - (4,166) (3,653) - (3,653) ------- ------- ------- ------- ------- ------- (6,932) - (6,932) (6,084) - (6,084) ------- ------- ------- ------- ------- ------- Transfer to reserves 1,015 12,568 13,583 985 84,916 85,901 ==== ==== ==== ==== ==== ==== Return per ordinary share Basic 1.86p 2.94p 4.80p 1.58p 19.03p 20.61p Fully diluted 1.80p 2.84p 4.64p 1.54p 18.52p 20.06p The revenue columns of this statement represent the revenue accounts of the Group. All revenue and capital items in the above statement derive from continuing operations. - MORE - - 9 - UNAUDITED PRELIMINARY GROUP RESULTS FOR THE YEAR ENDED 31 MARCH 2002 GROUP BALANCE SHEET (Unaudited) (Audited) 2002 2001 £'000 £'000 Fixed asset investments 427,679 414,582 ---------- ---------- Current assets Debtors 7,049 8,089 Cash at bank and short term deposits 901 1,351 ---------- ---------- 7,950 9,440 Creditors - amounts falling due within one year Bank loans and overdrafts 42,932 26,127 Other creditors 10,028 15,158 ---------- ---------- 52,960 41,285 ---------- ---------- Net current liabilities (45,010) (31,845) ---------- ---------- Total assets less current liabilities 382,669 382,737 Creditors - amounts falling due after more than one year 40,188 40,181 ---------- ---------- Total net assets 342,481 342,556 ====== ====== Capital and reserves Called up share capital 104,150 109,747 Share premium 30,111 28,538 Warrant reserve 3,031 4,469 Other reserves 189,383 185,011 Revenue reserve 15,806 14,791 ---------- ---------- Equity shareholders' funds 342,481 342,556 ====== ====== Net asset value per share Basic 82.21p 78.03p Fully diluted 78.08p 73.18p - MORE - - 10 - UNAUDITED PRELIMINARY GROUP RESULTS FOR THE YEAR ENDED 31 MARCH 2002 GROUP CASH FLOW STATEMENT for the year ended 31 March 2002 (Unaudited) (Audited) 2002 2002 2001 2001 £'000 £'000 £'000 £'000 Net cash inflow from operating activities 6,811 8,983 Returns on investments and servicing of finance Interest paid (5,050) (5,168) ---------- ---------- Net cash outflow from servicing of finance (5,050) (5,168) Taxation recovered 461 162 Capital expenditure and financial investments Purchase of investments (146,766) (129,510) Sale of investments 152,024 136,578 ---------- ---------- Net cash inflow from financial investments 5,258 7,068 Equity dividends paid (6,419) (6,066) ---------- ---------- Net cash inflow before financing 1,061 4,979 Financing Issue of shares 287 126 Purchase of own shares (13,945) (8,639) Purchase of own warrants (3,986) (970) Purchase of minority interests - (535) Bank loans repaid - (2,588) ---------- ---------- Net cash outflow from financing (17,644) (12,606) ---------- ---------- Decrease in cash (16,583) (7,627) ======= ======= - MORE - - 11 - UNAUDITED PRELIMINARY GROUP RESULTS FOR THE YEAR ENDED 31 MARCH 2002 NOTES: 1. Return per ordinary share Basic revenue return per ordinary share is based on the net revenue return on ordinary activities after taxation and minority interests of £7,947,000 (2001: £7,069,000) and on the weighted average number of ordinary shares in issue during the year, being 427,073,371 (2001: 446,171,463). Basic capital return per ordinary share is based on net capital gains of £12,568,000 (2001: £84,916,000) and on the same weighted average number of ordinary shares in issue. The calculations of the fully diluted revenue and capital returns per ordinary share are carried out in accordance with Financial Reporting Standard 14, 'Earnings per Share'. For the purposes of calculating diluted revenue and capital returns per share, the number of shares is the weighted average used in the basic calculation plus the number of shares deemed to be issued for no consideration on exercise of all warrants, by reference to the average price of the ordinary shares during the year. 2. Net asset value per ordinary share Basic net asset value per ordinary share is based on net assets attributable to ordinary shares of £342,481,000 (2001: £342,556,000) and on 416,599,673 (2001: 438,988,893) ordinary shares in issue at the year-end. The fully diluted net asset value per ordinary share has been calculated on the assumption that the 56,228,441 warrants in issue at 31 March 2002 (2001: 82,887,721) were fully converted into ordinary shares at 47.5p per share. Warrants are assumed to have been exercised when dilution would occur (when the net asset value is greater than or equal to the warrant exercise price of 47.5p). 3. Share Capital Changes During the year the Company made market purchases for cancellation of 22,995,000 ordinary shares of 25p and 26,053,500 warrants, for an aggregate consideration of £13,945,000 for the shares and £3,986,000 for the warrants. 4. Reconciliation of Group operating revenue to net cash inflow from operating activities 2002 2001 £'000 £'000 Net revenue before interest payable and taxation 11,506 10,812 Increase in operating debtors (781) (347) Increase/(decrease) in operating creditors 121 (505) UK income tax deducted at source (11) (38) Overseas withholding tax suffered (322) (135) Scrip dividends included in investment income - (63) Depreciation of tangible fixed assets - 22 Performance fees paid (2,934) - Management fee charged to capital (768) (763) --------- --------- Net cash inflow from operating activities 6,811 8,983 ====== ====== 5. Accounts for the year ended 31 March 2001 The figures and financial information for the year ended 31 March 2001 are extracted from the latest published accounts of the Company and do not constitute the 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 Section 237(3) of the Companies Act 1985. - MORE - - 12 - UNAUDITED PRELIMINARY GROUP RESULTS FOR THE YEAR ENDED 31 MARCH 2002 6. Accounts for the year ended 31 March 2002 The preliminary figures for the year ended 31 March 2002 have been extracted from the latest group accounts. These accounts have not yet been delivered to the Registrar of Companies, nor have the auditors yet reported on them. 7. Dividend The final dividend, subject to shareholders' approval at the AGM, will be paid on 29 July 2002 to shareholders on the register at 28 June 2002. The shares will be quoted ex-dividend from 26 June 2002. 8. Annual Report and AGM The annual report will be posted to shareholders in June 2002 and will be available thereafter from the Secretary at the Registered Office, 4 Broadgate, London EC2M 2DA. The Annual General Meeting of the Company will be held at 4 Broadgate, London EC2M 2DA on Thursday 25 July 2002 at 12 noon. Enquiries TR PROPERTY INVESTMENT TRUST PLC Chris Turner, Manager (Tel: 020 7818 4348) HENDERSON GLOBAL INVESTORS Stephen Westwood, Head of Investment Trusts (Tel: 020 7818 5517) Vicki Staveacre, Corporate Affairs (Tel: 020 7818 4222) - ENDS - This information is provided by RNS The company news service from the London Stock Exchange

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