Interim Management Statement

RNS Number : 2720A

TR Property Investment Trust PLC

17 February 2014

 



TR Property Investment Trust plc

Interim Management Statement - 3 months to 31 December 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 October 2013 to 31 December 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 investment objective 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 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 27 November 2013. An interim dividend of 2.85p per share was announced and paid on 7 January 2014 to shareholders on the register on 6 December 2013.

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

Transaction in Own Shares

There were no transactions in the period.

Investment Portfolio Exposure by Country as at 31 December 2013

	£'000	% of Total Portfolio
Austria	7,757	0.89
CA Immobilien	7,757	0.89
Belgium
Befimmo	4,478	0.52
Wereldhave	400	0.05
Warehousing de Pauw	389	0.04
	5,267	0.61
Finland
Sponda	7,098	0.82
Technopolis	425	0.05
	7,523	0.87
France
Unibail Rodamco	78,370	9.01
Klepierre	20,051	2.31
Gecina	12,411	1.43
Icade	11,475	1.32
Terreis	11,353	1.31
Mercialys	7,885	0.91
Fonciere des Regions	5,508	0.63
CFI Compagnie	5,306	0.61
Argan	4,499	0.52
Tour Eiffel	3,244	0.37
Fonciere des Murs	2,970	0.34
ANF Immobilier	1,852	0.21
	164,924	18.97
Germany
Deutsche Wohnen	35,110	4.04
LEG	19,917	2.29
Deutsche Euroshop	17,397	2.00
Gagfah	10,737	1.24
Alstria Office	8,989	1.03
VIB Vermoegen	3,506	0.40
VIB Vermoegen 4.5% (Conv)	2,662	0.31
Prime Office	623	0.07
DIC Asset	574	0.07
Hahn	300	0.03
	99,815	11.48
Ireland
Green REIT	4,584	0.53
	4,584	0.53
Italy
Beni Stabili	951	0.11
	951	0.11
Netherlands
Corio	18,042	2.08
Eurocommercial Properties	11,058	1.27
Vastned Retail	6,379	0.73
Wereldhave	2,741	0.32
	38,220	4.40
Norway
Norwegian Property	5,370	0.62
	5,370	0.62
Sweden
Wihlborgs	12,593	1.45
Castellum	10,913	1.26
Hufvudstaden	10,836	1.25
Fabege	9,246	1.06
Atrium Ljungberg	7,674	0.88
Wallenstam	6,173	0.71
Fastighets Balder	5,385	0.62
Kungsleden	4,577	0.53
Fastighets Balder (prefs)	841	0.10
Klovern	300	0.03
Klovern (Pref)	299	0.03
	68,837	7.92
Switzerland
PSP Swiss Property	20,461	2.35
Swiss Prime Site	9,969	1.15
Mobimo	1,688	0.19
	32,118	3.69
United Kingdom
Land Securities	76,450	8.79
British Land	43,070	4.95
Hammerson	42,599	4.90
Great Portland Estates	33,753	3.88
Derwent London	26,280	3.02
St Modwen	25,947	2.98
CLS Holdings	16,684	1.92
Unite Group	14,733	1.69
Max Property	13,695	1.58
Shaftesbury	13,270	1.53
Quintain Estates & Developments	8,461	0.97
Workspace Group	7,152	0.82
Grainger	6,878	0.79
New River Retail	6,792	0.78
SEGRO	6,265	0.72
New River Retail 5.85% (Conv)	5,795	0.67
Hansteen Holdings	4,796	0.55
Picton	4,270	0.49
Big Yellow Group	3,680	0.42
Capital & Regional	3,491	0.40
Londonmetric Property	2,780	0.32
Safestore Holdings	2,653	0.31
Helical Bar	2,545	0.29
Local Shopping REIT	2,365	0.27
Conygar Investments	2,301	0.26
McKay Securities	1,228	0.14
Pactolus Hungarian	184	0.02
Nanette Real Estate	151	0.02
Rugby Estates	53	0.01
	378,321	43.52
Investment Property	55,656	6.40
TOTAL PORTFOLIO	869,343	100.00

Property holdings at 31 December 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 31 December 2013

UK Equities	43.5%
European Equities	50.1%
UK Direct Property	6.4%

Company's Financial Position and Performance:

Ordinary Shares

	As at 31 Dec 2013	As at 30 Sep 2013	As at 31 Dec 2012	3 Month Total Return/ Change (%)	12 Month Total Return/ Change (%)
Share Price	226.50p	209.90p	173.00p	9.3	35.7
Income NAV per share1	236.12p	226.38p	205.17p	5.6	18.9
Benchmark (EPRA)       Total Return2	3,401.67	3,278.89	1,560.27	3.7	13. 6
Gearing  (%) 3	16.84	15.32	10.45
Shares in issue	317,500,980	317,500,980	317,875,980	0.0	-0.1

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

2  Benchmarks changed to Capped basis from 31 March 2013. December 2012 benchmark figure in italics is the previous benchmark and the comparative index for March 2013 is 1627.26.

3  Gross gearing calculated in accordance with the AIC definition.

Events since the period end

On 5 February 2014, the Company announced the appointment of John Glen as a Non-Executive Director with effect from 17 February 2014.

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

 

END

 

 

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