Interim Management Statement

RNS Number : 9358L

TR Property Investment Trust PLC

16 August 2013

 



TR Property Investment Trust plc

Interim Management Statement - 3 months to 30 June 2013

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 2013 to 30 June 2013, 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

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

The benchmark is the FTSE EPRA/NAREIT Developed Europe Capped Net Total Return Index in Sterling. This index, calculated by FTSE, is freefloat based and currently has 85 constituent companies. The Benchmark website www.epra.com contains further details about the index and performance.

Material events

Peter Salsbury retired as Chairman of the Board of Directors following the Annual General Meeting on 23^rd July 2013. He was succeeded as Chairman by Caroline Burton who was previously the Senior Independent Director. Caroline joined the Board in June 2002. She is a non-executive director of Blackrock Smaller Companies Trust plc, Liverpool Victoria Friendly Society Ltd and a member of the Appointments Committee of Hermes Property Unit Trust. She also advises a number of pension funds and charities.

Following Caroline's transition to Chairman, Hugh Seaborn was appointed as Senior Independent Director. Hugh joined the Board in July 2007. He is Chief Executive Officer of the Cadogan Estate and a member of the Council and Audit Committee of the Duchy of Lancaster.

The final results were announced on 29 May 2013.

A final dividend of 4.35p per Ordinary share was paid on 6 August  2013 to shareholders on the register on 28 June 2013. The shares were quoted ex-dividend on 26 June 2013.

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

The Annual General Meeting of the Company was held on 23 July 2013 and all of the resolutions put to the meeting and were approved on a show of hands.

Material Transactions

375,000 shares were purchased for cancellation during the period at an average price of 194.1 pence per share.

Following these purchases and cancellations there are 317,500,980 Ordinary shares of 25p each in issue.

Investment Portfolio Exposure by Country as at 31 June 2013

	£'000	% of Total Portfolio
Austria
CA Immobilien	5,258	0.68
Conwert Immobilien	298	0.04
	5,556	0.72
Belgium
Befimmo	7,030	0.91
Cofinimmo	1,546	0.20
Wereldhave	413	0.05
Warehousing de Pauw	267	0.04
	9,256	1.20
Finland
Sponda	7,703	1.00
Citycon 4.5% (Conv)	128	0.02
	7,831	1.02
France
Unibail Rodamco	75,800	9.83
Klepierre	19,780	2.57
Gecina	13,940	1.81
Mercialys	9,552	1.24
Silic	8,876	1.15
Terreis	8,488	1.10
Icade	5,177	0.67
Fonciere des Regions	5,151	0.67
CFI Compagnie	4,916	0.64
Argan	3,951	0.51
Fonciere des Murs	2,571	0.33
Tour Eiffel	2,274	0.29
ANF Immobilier	2,153	0.28
	162,629	21.09
Germany
LEG	19,189	2.49
Deutsche Euroshop	17,064	2.21
GSW	16,295	2.11
Deutsche Wohnen	12,626	1.64
Alstria Office	7,786	1.01
DIC Asset	2,769	0.36
TAG	1,818	0.24
VIB Vermoegen	1,707	0.22
Patrizia	1,141	0.15
TAG Immobilien 6.5% Conv	797	0.10
Prime Office	764	0.10
Hahn	291	0.04
	82,247	10.67
Italy
Immobiliare Grande Distribuzione	3,344	0.43
Beni Stabili	2,734	0.36
	6,078	0.79
Netherlands
Corio	16,421	2.13
Eurocommercial Properties	10,337	1.34
Vastned Retail	5,595	0.73
Wereldhave	2,465	0.32
Nieuwe Steen   Investments	130	0.02
	34,948	4.54
Norway
Norwegian Property	6,889	0.89
	6,889	0.89
Sweden
Wihlborgs	13,242	1.72
Castellum	10,580	1.37
Hufvudstaden	10,500	1.36
Fabege	8,207	1.06
Wallenstam	6,859	0.89
Kungsleden	3,913	0.51
Klovern	2,140	0.28
Fastighets Balder	1,058	0.14
Klovern (Pref)	290	0.04
	56,789	7.37
Switzerland
PSP Swiss Property	18,390	2.38
Swiss Prime Site	11,250	1.46
Mobimo	1,905	0.25
Allreal	484	0.06
	32,029	4.15
United Kingdom
Land Securities	62,149	8.06
Hammerson	41,445	5.38
British Land	34,348	4.46
Great Portland Estates	31,013	4.02
Derwent London	23,503	3.05
St Modwen	18,753	2.43
Unite Group	11,945	1.55
Shaftesbury	11,368	1.47
Max Property	9,722	1.26
SEGRO	9,348	1.21
Quintain Estates & Developments	7,896	1.02
CLS Holdings	7,780	1.01
Workspace Group	7,109	0.92
Hansteen Holdings	5,991	0.78
Safestore Holdings	5,145	0.67
Grainger	4,230	0.55
Big Yellow Group	4,228	0.55
Helical Bar	4,009	0.52
Local Shopping REIT	2,652	0.34
Londonmetric Property	2,575	0.33
Capital & Regional	2,564	0.33
Capital & Counties	1,881	0.24
Conygar Investments	1,726	0.22
Pactolus Hungarian	184	0.02
Rugby Estates	163	0.02
Nanette Real Estate	151	0.02
	311,878	40.43
Investment Property	54,972	7.13
TOTAL PORTFOLIO	771,102	100.00

Property holdings at 30 June 2013

Colonnades W2 - Mixed Use

Ferrier St, Wandsworth, London - Industrial

Field House, Harlow - Offices

Park Place, Vauxhall - Offices

Solstice House, Milton Keynes - Offices

Portfolio Allocation at 30 June 2013

UK Equities	40.4%
European Equities	52.5%
UK Direct Property	7.1%

Company's Financial Position and Performance:

Ordinary Shares
	As at 30 Jun	As at 31 Mar	As at 30 Jun	3 Month	12 Month
	2013	2013	2012	% Change	% Change
Share Price	190.00p	186.30p	148.00p	2.0	28.4
Capital NAV per share 1	211.46p	211.57p	174.96p	-  0.1	20.9
Income NAV per share2	216.52p	216.05p	184.04p	2.2	23.7
Benchmark (EPRA)
Capital Only3	1,945.28	1,952.44	1,716.83	-  0.4	16.7
Total Return3	3,173.03	3,122.67	1,370.67	1.6	20.6
Gearing  (%) 4	12.04	10.85	9.42
Shares in issue	317,500,980	317,875,980	256,225,000	- 0.1	23.9

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  Benchmarks changed to Capped basis from 31 March 2013. June 2012 benchmark figures in italics are the previous benchmark and the comparative indices for March 2013 are 2011.40 for the Capital only Index and 1627.26 for the Total Return Index.

4  Net gearing calculated in accordance with the AIC definition.

The 12 month change in share capital reflects the impact of the merger of the Sigma portfolio into the Ordinary share class.

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

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