Interim Management Statement

RNS Number : 5082B
TR Property Investment Trust PLC
18 August 2008
 



TR Property Investment Trust plc


Interim Management Statement - 3 months to 30 June 2008


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 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 £405,000.


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


This information is provided by RNS
The company news service from the London Stock Exchange
 
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