Interim Management Statement

RNS Number : 2903H

TR Property Investment Trust PLC

17 February 2010

 



TR Property Investment Trust plc

Interim Management Statement - 3 months to 31 December 2009

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 2009 to 31 December 2009, 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.

From 1 April 2009, 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 quarterly. 

Prior to 1 April 2009 the benchmark was the FTSE EPRA/NAREIT Europe Index in Sterling, as for the Ordinary share class. The Board announced the change of benchmark on 31 March 2009 as the Board considers that, going forward, the relative performance of the share class will be more appropriately judged using a benchmark which is more aligned to its objective.

Material events

The interim results were announced on 25 November. Interim dividends of 2.30p per Ordinary share and 0.90p per Sigma share were announced and paid on 12 January 2010 to shareholders on the register on 11 December 2009.

Material Transactions

On 10 December 2009, 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. This facility permits each share class to gear to 25% of the value of each portfolio. At 31 December 2009 the Ordinary share class had drawn £20.5 million of this facility and the Sigma share class £9.5 million. Currently the drawings are £26.5 million and £10 million respectively.

No share buy-backs in either share class have been made during this period.

Ordinary Portfolio

Twenty largest equity holdings at 31 December 2009

	% of Net Assets
Unibail-Rodamco	17.83
Land Securities	7.61
British Land	5.33
Corio	4.57
Segro	4.13
Klépierre	3.23
Hammerson	3.05
Foncière des Régions	2.90
Derwent London	2.52
Icade	2.45
Castellum	2.24
Great Portland Estates	2.22
Gecina	2.14
Big Yellow	2.12
Eurocommercial Properties	1.91
Liberty	1.91
Silic	1.81
Vastned Retail	1.61
Wereldhave	1.55
PSP Swiss Property	1.34

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

Colonnades W2 - Mixed Use

Ferrier St, Wandsworth, London - Industrial

Field House, Harlow - Offices

Cambridge Science Park - Offices

Solstice House, Milton Keynes - Offices

Portfolio Allocation at 31 December 2009

UK Equities	35.8%
European Equities	53.5%
UK Direct Property	9.5%
Fixed Interest	1.2%

Sigma Portfolio

Twenty largest equity holdings at 31 December 2009

	% of Net Assets
Eurocommercial	7.5
Vastned Retail	5.8
Fabage	5.0
Great Portland Estates	4.8
Conwert	4.6
Grainger	4.0
Citycon	4.0
Unite	3.6
Derwent London	3.5
Hansteen	3.4
Befimmo	3.3
Norwegian Property	3.1
Alstria	2.9
Big Yellow	2.9
Shaftesbury	2.7
Sponda	2.6
Deutsche Euroshop	2.6
Société Foncière Paris Ile de France	2.4
CA Immobilien	2.4
Prologis European Properties	1.9

Portfolio Allocation at 31 December 2009

UK Equities	37.9%
European Equities	62.1%

Company's Financial Position and Performance:

Ordinary Shares	As at 31 Dec 2009	As at 30 Sep 2009	As at 31 Dec 2008	3 Month % Change	12 Month % Change
Share Price	150.10p	157.00p	116.00p	-4.4%	29.4%
Capital NAV per share*	176.88p	176.34p	148.08p	0.3%	19.4%
Income NAV per share**	178.90p	178.94p	151.12p	0.0%	18.4%
Benchmark (EPRA)	1,786.82	1,778.11	1,508.98	0.5%	18.4%
Gearing (%) #	10.76	2.63	3.13
Shares in issue	256,725,000	256,725,000	256,725,000	0.0%	0.0%

Sigma Shares	As at 31 Dec 2009	As at 30 Sep 2009	As at 31 Dec 2008	3 Month % Change	12 Month % Change
Share Price	64.50p	73.45p	41.00p	-12.2%	57.3%
Capital NAV per share*	90.60p	91.63p	69.75p	-1.1%	29.9%
Income NAV per share**	91.87p	93.84p	71.42p	-2.1%	28.6%
Benchmark## (EPRA SC)	1,541.16	1,534.98		0.4%
Gearing (%) #	7.11	2.45	3.19
Shares in issue	124,922,000	124,922,000	124,922,000	0.0%	0.0%

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

**  NAV including Income year to date calculated on the AIC basis. NAV as at 31 Dec quoted ex the interim dividend.

# Gearing calculated in accordance with the AIC definition.

 ## 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

Enquiries:

John Crehan

For and on behalf of

Capita Company Secretarial Services

Secretary

020 7954 9528

 

END

 

 

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