Interim Management Statement

TR Property Investment Trust PLC
12 February 2008





TR Property Investment Trust plc


Interim Management Statement - 3 months to 31 December 2007

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 2007 to
31 December 2007, 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 101 constituent companies. The Benchmark
website www.epra.com contains further details about the index and performance.


Material events

The interim results were announced on 21 November. Dividends of 2.30p per
Ordinary share and 0.2p per Sigma share were announced and paid on 9 January
2008 to shareholders on the register on 7 December 2007.


Material Transactions

On 17th October the Trust announced the exchange of an unconditional contract to
sell the freehold interest of Thames Central, Hatfield Road, Slough, from the
Ordinary share class portfolio. The price of £18.5 million (before sales costs
of approximately £150,000) is equal to the independent valuation of the property
in September 2007 and reflects a net initial yield of 5.5% and a capital value
of £315 per sq ft assuming purchaser's costs of 5.75%.

This 62,200 sq ft multi let office building in the town centre was bought by the
Trust with vacant possession for £11million (including acquisition costs) in
June 2005 and approximately £1.25m was spent on the building. When sold the
property was fully let to 12 tenants on 14 separate leases producing total
rental income of £1.072m per annum.


The sale completed on 15 November.

During the three-month period to the end of December 2007, the Company purchased
3,900,000 ordinary shares of 25p each for cancellation for a total consideration
of £7,222,000.  Since the 31st December up to the date of this statement, no
further shares have been purchased.

During the three-month period to the end of December 2007, the Company purchased
4,115,747 Sigma shares of 12.5p each for cancellation for a total consideration
of £3,508,000.  Since the 31st December up to the date of this statement, no
further shares have been purchased.


Asset sales were made to fund the share repurchases.

Ordinary Portfolio

Twenty largest equity holdings at 31 December 2007


                                           % of Portfolio

Land Securities                            12.27
Unibail-Rodamco                            10.40
British Land                                6.13
Big Yellow                                  4.06
Segro                                       3.57
Hammerson                                   2.85
Fonciere des Regions                        2.83
Liberty International                       2.79
Castellum                                   2.54
St Modwen                                   2.53
Derwent London                              2.36
Great Portland Estates                      2.28
Klepierre                                   2.09
Corio                                       1.92
Gecina                                      1.65
Eurocommercial Properties                   1.34
Kardan                                      1.20
IVG Immobilien                              1.12
Immoeast                                    0.90
Kungsleden                                  0.86


5 Largest property holdings (Values in excess of £10m)

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 31 December 2007

UK Equities                     44.0%
European Equities               36.0%
UK Direct Property              12.8%
Cash                             7.2%


Sigma Portfolio

Twenty largest equity holdings at 31 December 2007



                                         % of Portfolio

Land Securities                          10.69
Unibail-Rodamco                          10.09
British Land                              7.35
Big Yellow                                4.86
Segro                                     3.89
St Modwen                                 3.29
Castellum                                 3.20
Great Portland Estates                    2.95
Hammerson                                 2.74
Fonciere des Regions                      2.42
Derwent London                            2.39
Klepierre                                 2.12
Corio                                     2.02
Eurocommercial Properties                 1.98
Gecina                                    1.94
Kardan                                    1.88
Local Shopping REIT                       1.74
Shaftesbury                               1.50
IVG Immobilien                            1.34
Liberty International                     1.33



Portfolio Allocation at 31 December 2007


UK Equities                    46.6%
European Equities              40.6%
Cash                           12.8%





Company's Financial Position and Performance:

Ordinary Shares

                    As at 31 Dec       As at 30 Sept       As at 29 Dec     3 Month    12 Month
                       2007                 2007                 2006 % Change     % Change


Share Price (p)       173.00               203.00              256.50           -14.8%     -32.6%
NAV per share (p)*    207.61               231.23              282.20           -10.2%     -26.4%
Benchmark** (EPRA)  2,333.80             2,629.22            3,235.47           -11.2%     -27.9%
            (S&P)     349.95               391.96              491.61           -10.7%     -28.8%
Gearing  (%) #          6.03                 5.34               12.14
Shares in issue  258,600,000          262,500,000         343,850,000           - 1.5%      -24.8%


Sigma Shares
                      As at 31 Dec       As at 30 Sept          As at 20 Jul      3 Month    %Change
                         2007                2007                2007 % Change    since inception

Share Price (p)         81.50              104.25                    -          -21.8%     -
NAV per share (p)##    100.81              112.35                120.84         -10.3%     -16.6%
Benchmark** (EPRA)   2,333.80            2,629.22              2,794.56         -11.2%     -16.5%


Gearing  (%) #           5.90                5.13                  6.44
Shares in issue   127,680,000         131,795,747           131,795,747         -3.1%       -3.1%


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

** Benchmark : Price Only NOT Total Return
               up to 31 March 2007 the S&P Citigroup European Property Index
               from 1 April 2007 FTSE/EPRA Europe Index

# 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 20th 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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