Interim Management Statement

RNS Number : 5331B

TR Property Investment Trust PLC

18 February 2011

 



TR Property Investment Trust plc

Interim Management Statement - 3 months to 31 December 2010

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 2010 to 31 December 2010, 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 and benchmark

Ordinary share class

The objective of the Ordinary share class is to maximise shareholders' total return by investing in property shares and property on an international basis.

The benchmark is the FTSE EPRA/NAREIT Europe Index in Sterling. This index, calculated by FTSE, is freefloat based and currently has 79 constituent companies. The Benchmark website www.epra.com contains further details about the index and performance.

Sigma share class

The objective of the Sigma share class is to maximise shareholders' total return by investing predominantly in shares of property companies with a market capitalisation of less than £1 billion on an international basis.

The benchmark is the FTSE EPRA/NAREIT Small Cap Europe Index in Sterling. This index is provided by FTSE, and is the EPRA/NAREIT Europe Index in Sterling adjusted to exclude those stocks with a market capitalisation exceeding £1 billion. The constituents are adjusted annually.  

Material events

The interim results were announced on 23 November 2010. Interim dividends of 2.30p per Ordinary share and 0.90p per Sigma share were announced and paid on 11 January 2011 to shareholders on the register on 10 December 2010.

The full text of the announcement is contained in the Interim Report which is available on the Company's website www.trproperty.com.

The Board also announced on 21 September that Mr Peter Wolton would retire from the Board of Directors at the end of January 2011.

Material Transactions

On 07 December 2010, the £50 million revolving loan facility with the Royal Bank of Scotland was renewed. £40 million of this facility is allocated to the Ordinary share class and £10 million to the Sigma share class.  At 31 December 2010 the Ordinary share class had drawn £28.3 million of this facility and the Sigma share class £10.0 million. Currently the drawings are £38.1 million and £10 million respectively.

500,000 Ordinary shares were purchased for cancellation at 164.25p per share on 28^th October 2010.

Ordinary Portfolio

Twenty largest equity holdings at 31 December 2010

	% of Net Assets
Unibail-Rodamco	14.3
Land Securities	6.4
British Land	5.7
Corio	4.2
Klépierre	3.3
Foncière des Régions	2.7
Hammerson	2.6
Derwent London	2.6
Castellum	2.4
Swiss Prime Site	2.4
Great Portland Estates	2.3
Fabege	2.3
Segro	2.2
Icade	2.1
Eurocommercial Properties	2.0
PSP Swiss Property	1.9
Gecina	1.8
Wereldhave	1.5
Capital Shopping Centres	1.4
Big Yellow	1.4

4 Largest property holdings (Values in excess of £4m)

Colonnades W2 - Mixed Use

Ferrier St, Wandsworth, London - Industrial

Field House, Harlow - Offices

Solstice House, Milton Keynes - Offices

Portfolio Allocation at 31 December 2010

UK Equities	33.3%
European Equities	57.8%
UK Direct Property	8.0%
Fixed Interest	0.9%

Sigma Portfolio

Twenty largest equity holdings at 31 December 2010

	% of Net Assets
Eurocommercial	7.6
Great Portland Estates	6.0
Hufvudstaden	5.6
Castellum	4.8
Fabege	4.1
Norwegian Property	3.2
CA Immobilien	3.1
Shaftesbury	3.1
Alstria Office	3.0
Befimmo	2.8
Conwert	2.6
Vastned Retail	2.4
Beni Stabili	2.3
Citycon	2.1
Kungsleden	2.1
Foncière Paris France	2.0
Grainger	2.0
Hansteen	2.0
Big Yellow	1.9
Tour Eiffel	1.9

Portfolio Allocation at 31 December 2010

UK Equities	28.7%
European Equities	70.8%
Fixed Interest	0.5%

Company's Financial Position and Performance:

Ordinary Shares

	As at 31 Dec      2010	As at 30 Sep       2010	As at 31 Dec       2009	3 Month % Change	12 Month % Change
Share Price	167.40p	161.70p	150.10p	3.5	11.5
Capital NAV per share 1	190.85p	185.01p	176.88p	3.2	7.9
Income NAV per share2	194.49p	190.49p	178.90p	3.3	11.9
Benchmark (EPRA)
Capital Only	1,924.33	1,864.45	1,786.82	3.2	7.7
Total Return	2,941.93	2,837.18	2,611.27	3.7	12.7
Gearing  (%) 3	8.12	6.78	7.11
Shares in issue	256,225,000	256,725,000	256,725,000	-0.2	-0.2

Sigma Shares

	As at 31 Dec       2010	As at 30 Sep       2010	As at 31 Dec        2009	3 Month % Change	12 Month % Change
Share Price	78.00p	74.50p	64.50p	4.7	20.9
Capital NAV per share 1	104.08p	98.98p	90.60p	5.2	14.9
Income NAV per share2	104.92p	100.09p	91.87p	5.7	16.4
Benchmark4 (EPRA SC)
Capital Only	1,766.20	1,686.62	1,541.16	4.7	14.6
Total Return	1,927.25	1,827.03	1,619.91	5.5	19.0
Gearing  (%) 3	9.79	9.29	10.76
Shares in issue	124,922,000	124,922,000	124,922,000	0.0	0.0

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

2   NAV including Income year to date calculated on the AIC basis. % Change information includes adjustment for dividends paid

3  Gearing calculated in accordance with the AIC definition, which does not take account of cash held on deposit.  

4  EPRA SC = EPRA Small Cap - Sigma benchmark with effect from 1 April 2009

Other Information

Further information and commentary, including up to date NAV and share price information, can be found on the Company's website www.trproperty.com

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

 

END

 

 

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