Interim Management Statement

RNS Number : 0442Y

TR Property Investment Trust PLC

15 February 2013

 



TR Property Investment Trust plc

Interim Management Statement - 3 months to 31 December 2012

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 2012 to 31 December 2012, 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 Developed Europe Net Total Return Index in Sterling. This index, calculated by FTSE, is freefloat based and currently has 84 constituent companies. The Benchmark website www.epra.com contains further details about the index and performance.

Material events

The interim results were announced on 22 November 2012. Interim dividends of 2.65p per Ordinary share and 1.05p per Sigma share were announced and paid on 8 January 2013 to shareholders on the register on 7 December 2012.

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

On 14^th December 2012, at a General Meeting of the Company and separate class meetings of the holders of Ordinary shares and the holders of Sigma shares, resolutions were passed to convert the Sigma shares into Ordinary shares and merge the underlying portfolios.

Based on the NAV of the Sigma and Ordinary shares on the Calculation Date of 12 December 2012, and taking account of the conversion charge of two per cent of the NAV of the Sigma pool as at that date and the deduction of 0.48 per cent of costs, the conversion NAV per Ordinary share was 201.48p and per Sigma share was 100.19p. Accordingly the Conversion Ratio was 0.4973 and the 123,972,000 Sigma shares were converted into 61,650,980 Ordinary shares.

Sigma shares were suspended from listing on the UKLA's Official List and from trading on the London Stock Exchange's main market for listed securities (the "Main Market") with effect from 7.30am on 17 December 2012 and the Ordinary shares resulting from the Conversion were admitted to listing on the Official List and to trading on the Main Market with effect from 8.00am on the same day. The Sigma shares were cancelled from listing on the Official List and from trading on the Main Market with effect from 8.00am on 18 January 2013.

Transaction in Own Shares

There were no transactions in the period.

Investment Portfolio Exposure by Country as at 31 December 2012

	£'000	% of Total Portfolio
Austria
CA Immobilien	5,134	0.71
Conwert Immobilien	2,225	0.31
	7,359	1.02
Belgium
Befimmo	4,874	0.68
Cofinimmo	1,697	0.24
Wereldhave	379	0.03
Warehousing de Pauw	246	0.05
	7,196	1.00
Finland
Sponda	6,068	0.84
Citycon	423	0.06
Citycon 4.5% (Conv)	121	0.02
	6,612	0.92
France
Unibail Rodamco	92,722	12.88
Klepierre	20,007	2.78
Icade	9,285	1.29
Gecina	8,325	1.16
Mercialys	8,018	1.11
Silic	7,512	1.04
Fonciere des Regions	6,382	0.89
Tour Eiffel	5,188	0.72
Terreis	3,522	0.49
CFI Compagnie	2,996	0.42
Argan	2,914	0.40
Fonciere des Murs	2,637	0.37
ANF Immobilier	2,331	0.32
Fonciere Lyonnaise	969	0.13
	172,808	24.00
Germany
GSW Immobilien	19,203	2.67
Deutsche Wohnen	16,750	2.33
Deutsche Euroshop	14,409	2.00
TAG Immobilien	9,320	1.29
Alstria Office	7,993	1.11
DIC Asset	2,497	0.35
Prime Office	1,718	0.24
VIB Vermoegen	1,516	0.21
Patrizia Immobilien	904	0.13
TAG Immobilien 6.5% Conv	840	0.12
Hahn Immobilien	296	0.04
	75,446	10.49
Italy
Beni Stabili	8,204	1.14
Immobiliare Grande Distribuzione	3,244	0.45
	11,448	1.59
Netherlands
Corio	15,124	2.10
Eurocommercial	11,540	1.60
Vastned Retail	6,385	0.89
Wereldhave	1,068	0.15
Nieuwe Steen	922	0.13
	35,039	4.87
Norway
Norwegian Property	7,558	1.05
	7,558	1.05
Sweden
Wihlborgs Fastigheter	12,759	1.77
Castellum	11,047	1.53
Hufvudstaden	9,213	1.28
Fabege	6,169	0.86
Wallenstam Byggnads	5,996	0.83
Klovern	1,964	0.27
Kungsleden	1,558	0.22
Klovern (Pref)	273	0.04
	48,979	6.80
Switzerland
PSP Swiss Property	16,873	2.34
Swiss Prime	11,771	1.64
Mobimo	1,635	0.23
Allreal Holdings	498	0.07
	30,777	4.28
United Kingdom
Land Securities	49,367	6.86
Hammerson	32,460	4.51
Great Portland Estates	27,756	3.85
British Land	28,708	3.99
Derwent London	18,842	2.62
St Modwen	14,680	2.04
Shaftesbury	10,574	1.47
Workspace	9,496	1.32
Segro	9,172	1.27
Max Property Group	8,728	1.21
Unite Group	6,398	0.89
Metric Property	6,176	0.86
Quintain Estates	5,752	0.80
CLS Holdings	5,509	0.76
Safestore	4,535	0.63
Big Yellow Group	4,515	0.63
Hansteen	4,340	0.60
Helical Bar	3,993	0.55
Grainger	3,510	0.49
Capital & Regional	2,234	0.31
Local Shopping REIT	2,054	0.29
London & Stamford	1,754	0.24
Conygar	1,280	0.18
Rugby Estates	227	0.03
Pactolus	160	0.02
Nanette	151	0.02
McKay	46	0.01
	262,417	36.45
Investment Property	54,231	7.53
TOTAL PORTFOLIO	719,870	100.00

Direct Property holdings

Colonnades W2 - Mixed Use

Ferrier St, Wandsworth, London - Industrial

Park Place, Vauxhall - Offices

Field House, Harlow - Offices

Solstice House, Milton Keynes - Offices

 

Portfolio Exposure at 31 December 2012

UK Equities	36.5%
European Equities	56.0%
UK Direct Property	7.5%

Company's Financial Position and Performance:

Ordinary Shares

	As at 31 Dec	As at 30 Sep	As at 31 Dec	3 Month	12 Month
	2012	2012	2011	% Change	% Change
Share Price1	173.00p	159.90p	137.90p	+   9.8	+ 30.4
Income NAV per share2	205.17p	189.56p	165.35p	+   9.6	+ 28.2
Benchmark (EPRA) 3	1,560.27	1,428.31	2,597.97	+   9.2	+ 23.9
Gearing  (%) 4	10	9	12
Shares in issue	317,875,980	256,225,000	256,225,000	+ 24.1	+ 24.1

1   Share price change includes adjustment for dividends paid.

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

3  Benchmark

     -  Up to 31 March 2012 FTSE/EPRA NAREIT Developed Europe Total Return Index in Sterling.

     -  From 01 April 2012 FTSE/EPRA NAREIT Developed Europe Net Total Return Index in Sterling.

% change figures are calculated to take account of the change in benchmark.

4  Gearing calculated is net gearing which takes account of cash held on deposit and also CFD exposure and associated notional debt  

Events after the period end

The Company announced on 6 February 2013 that Suzie Procter will be appointed as a Non-Executive Director of the Board with effect from 1 March 2013.

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

 

 

IMSLLFIDFAIELIV