Interim Results

TR Property Investment Trust PLC 3 December 2001 EMBARGOED FOR RELEASE AT 7.00 AM ON MONDAY 3 DECEMBER 2001 TR PROPERTY INVESTMENT TRUST PLC HENDERSON GLOBAL INVESTORS TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2001 Highlights - The NAV Total Return of -6.2% compares with a total return of -8.8% from the FTSE Real Estate Index - The Revenue Return for the half year rose 31% to 1.19p - The Interim Dividend is to be raised by 18% to 0.65p - As from the start of October, the benchmark has been changed from the FTSE Real Estate Index to the Schroder Salomon Smith Barney European Property Index - Alastair Ross Goobey is to succeed Grant Cochrane as Chairman of the Board on 1 January 2002 - MORE - - 2 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2001 Group Financial Highlights Half year ended 30 September 2001 2000 (Unaudited) (Unaudited) £'000 £'000 Gross revenue 8,136 7,383 Revenue pre-tax 5,788 4,896 Shareholders' funds 304,294 316,968 Pence Pence per share per share Revenue return - fully diluted 1.19 0.91 Capital (loss)/return (7.63) 12.49 Total (loss)/return (6.40) 13.42 Dividend (net) 0.65 0.55 Net asset value at 30 September - basic 71.50 71.57 - fully diluted 67.98 67.71 Market capitalisation at 30 September £228.8m £246.9m Share price at 30 September 53.75p 55.75p FTSE Real Estate Index at 30 September 2,013 2,111 % % NAV - fully diluted ** -7.8 19.7 NAV Total Return + -6.2 23.1 Share Price Total Return + -6.5 25.1 Total Return from quoted securities * -9.6 24.3 FTSE Real Estate Index Total Return ** -8.8 20.2 FTSE Real Estate Index Price Change ** -10.4 18.0 Total Return from direct property * 2.8 10.9 IPD Monthly Index Total Return ** 3.3 5.0 Sources: +Henderson Global Investors/**Datastream/*WM Company Dividend An interim dividend of 0.65p (2000: 0.55p) per ordinary share has been declared payable on 7 January 2002 to shareholders on the register on 14 December 2001. The shares will be quoted ex-dividend on 12 December 2001. - MORE - - 3 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2001 Chairman's Statement NAV Performance In the six months to 30 September our fully diluted NAV fell by 7.8% while the FTSE Real Estate Index fell by 10.4%. The NAV total return was minus 6.2% compared with a total return from the index of minus 8.8%. Our equity portfolio is now being widened gradually onto a pan-European basis. To reflect this broader investment strategy we have adopted the Schroder Salomon Smith Barney European Property Index as the benchmark against which we measure our manager's performance from the start of October. For the record, in the half year to September this SSSB index fell by 10.1% and showed a total return of minus 7.4%. Revenue Result In addition to the NAV outperformance we have had a strong revenue result in the half year as compared to the same period last year, with earnings per share rising by 31% from 0.91p to 1.19p. The growth has come from a number of factors - higher rents from our direct portfolio, lower outgoings, a lower tax charge and fewer shares in issue following share repurchases. I commented in my annual statement that one effect of increasing our Continental equity exposure would be to raise the Trust's income from equity dividends. This good result for the half year now announced had only a very modest contribution from Continental Europe. Our manager anticipates that it will not be until the first half of next year that Continental European equity income contributes significantly. General Comments Throughout Europe property and property shares have continued to show strong defensive qualities in these very uncertain markets. In the UK the All-Share Index fell 13.7% in the six month period and in Europe the FT Eurotop 300 Index (ex UK) fell by 20.3%. As an asset class property is enjoying a renaissance of interest as a potential antidote to declining yields in bond markets and shrinking earnings in equity markets. Many property shares are offering deep discounts as well as secure and predictable cash flows, whilst the potential for buyouts and share repurchases continues to limit the downside in many share prices. Slower economic conditions have meant that tenant demand for space in all sectors has reduced, but vacancy rates throughout Europe are historically low and the fall in base rates is allowing many companies to refinance their businesses advantageously. Portfolio Spread As I have already remarked, our equity portfolio is being widened gradually onto a pan-European basis to more closely match the spread of the new benchmark which is currently 54% UK and 46% Continental Europe. At the end of September we held £50m or 14% of the Trust's gross assets in Continental European property shares and this figure is likely to expand to around 30% by next March. We are pleased with the progress to date. Broadening the benchmark is adding diversity to the portfolio and reducing the weighting to London, a city whose property values are probably more closely linked to the health of the financial and TMT sectors than those of most continental cities. There were no changes to our UK direct property portfolio during the half year. This part of the portfolio produced a pleasing total return of 2.8% and therefore made a very positive contribution to the Trust's total performance. Since the end of September we have sold our building in St James's Street for £12.9m. We have no plans to make any direct property purchases outside the UK in the foreseeable future. - MORE - - 4 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2001 Dividend The Board has declared an interim dividend of 0.65p per share, an increase of 18% over last year's interim payment of 0.55p per share. On current forecasts we hope to be able to make a similar percentage increase in the final dividend. Share and Warrant Repurchases We have continued to exercise the share and warrant buy-back powers when suitable opportunities have occurred. During the half year 13.995 million shares and 9.290 million warrants were repurchased at a total cost of £9.66m. Together these repurchases served to increase net assets per share by some £ 2.9m equivalent to 0.6p per share on a fully diluted basis. Prospects The yield attractions of property as an asset class have been strengthened by the continued fall in both short and medium term interest rates. In the UK, institutional investor demand for commercial property has declined but there is no great selling pressure and non-institutional investors remain active in the market. Tenant demand across Europe is not as strong as it was earlier in the year, particularly from 'new economy' businesses, but vacancy rates are low and speculative development pipelines are small. Meanwhile in the retail market consumer expenditure remains extraordinarily resilient across Europe. Chairmanship This is my last statement to you as Chairman. As I said in the last annual report, it has been my intention to step down during the current year. I am delighted to report that Alastair Ross Goobey has agreed to take over as Chairman from 1 January 2002. He has been a non-executive director of the Trust since 1994 and is due to retire from his current role as CEO of Hermes Pensions Management at the end of 2001. His breadth of knowledge of equity and property markets must be virtually unrivalled in the City and I know that I am leaving the Chairmanship in the most capable of hands. Manager's Report Background Equity markets have continued to be turbulent as the outlook for the global economy remains uncertain. Physical property and property shares have again proved their worth both by outperforming and showing greater value stability than other asset classes. Indeed, property shares have been roughly half as volatile as the general equity market over the summer, while TR Property shares have distinguished themselves by being one of the least volatile of the constituents of the All-Share Index in the calendar year to date. Activity We have become more cautious as the year has progressed, particularly in relation to the London property market. Accordingly, we have deliberately reduced our holdings in shares with heavy London office portfolio weightings and, in line with the new pan-European benchmark, re-invested the proceeds in Continental European property equities. While re-weighting the portfolio we have also been trying to reduce the inherent gearing and to improve the liquidity and the portfolio's potential dividend income stream. - MORE - - 5 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2001 The Trust has had a large exposure to the London property market over the past four years. This has served us very well as London property values have risen faster than those in other world markets over the period. While we expect the London economy to remain very vibrant in the medium to long term, employment in the area has a high exposure to finance, tourism and the 'new economy'. These are all business areas which are likely to suffer in employment terms in the near future. London's commercial and residential property values have grown so fast relative to inflation and to values elsewhere that a correction should be expected, not only in absolute terms but also relative to other markets. In Europe, with a few notable exceptions such as Dublin, property value growth has been much slower than in London. Primarily we think this has been due to lower employment growth - a reflection perhaps of stricter employment laws. While Continental European values will not be immune to a downturn if the world economy moves into recession, we feel more comfortable with the sustainability of current lower rental and capital levels, and see this as an opportune moment to implement our new investment strategy. One useful side effect of this move will be to increase our dividend income. Average property equity yields on the Continent are some 30% higher than in the UK - partly reflecting the difference in tax regimes. However, as most Continental European dividends are paid once a year in the April to July period, our revenue account will not see the full benefit of this income until the first half of the financial year starting in April 2002. As well as shifting the geographical base of the portfolio we have altered our top down view on the different property uses. We have been underweight in shares of companies specialising in retail property for two years and overweight in offices and warehouse space. Now we see offices as having a higher risk profile while retail property, having underperformed, now seems more sensibly priced. We are gradually reversing these weightings. We are also trying to lower the inherent gearing in the portfolio whilst, at the same time, hoping to increase the liquidity of our equity assets. To do this we have been gradually reducing holdings in some of our smaller highly geared equity investments and buying the shares of larger companies with lower gearing. We hope this will help to protect the net asset value of our investment in any setback. At the same time the increased liquidity in the shareholdings should allow us to manoeuvre the portfolio more easily when the economic outlook becomes clearer. Distribution of Assets Reflecting the above comments, the major change in the asset spread over the last six months has been in the Trust's exposure to Continental European property shares which has risen from 4% to 14%. At the same time the exposure to UK property shares has dropped from 72% to 59%. Our directly held UK property, which outperformed our equities over the period, rose from 22.5% to 26% of gross assets. Since the half year end a property sale has reduced this percentage to 22%. As set out in the last annual report, the current target distribution is 35% to 55% in UK equities, 35% to 55% in continental equities and 10% to 30% in UK direct property. The gradual process of realigning the portfolio towards these targets continues. - MORE - - 6 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2001 Changes in Largest Investments The holding in Land Securities has been increased over the period to become the largest asset of the Trust. This is the biggest quoted property company in Europe, but has not been our largest asset for many years as we have always felt that the conservative management, 50% retail content and low gearing were not conducive to outperformance in bull property market conditions. For the time being we value these qualities rather more highly, and the shares have the additional attraction of very good liquidity. We have reduced our investment in the other largest UK property companies. Slough Estates has substantial exposure to the Thames Valley business space market where the weakness in the telecom business has sharply reduced tenant demand. At British Land the gearing is well above average though the revenue stream is protected by a lease length profile which is the longest in the industry. We remain underweight in Canary Wharf shares. Our Hammerson holding has also been reduced, though we are overweight in the shares of the company which has a significant presence in office and retail markets in the Paris region. The largest of our small company holdings is the Big Yellow Group, the AIM listed self storage company. We took up only a small portion of our entitlement in the recent rights issue and our holding dropped from 13% of the equity to 10%. The company is on target with its imaginative business plan but the shares suffered a 35% fall over the half year. Smaller companies where holdings have been reduced have included Helical Bar, a long standing favourite of the Trust where we lowered our holding by a third. The majority of our Continental European purchases have been in the French and Dutch markets. The only new entrant to the top ten is Unibail at number six. This is the largest French quoted property company, and concentrates its activities on investment in Paris offices, particularly at La Defence and in regional French shopping centres. The company is well run and has a fine growth record. Gearing and Currency Exposure The Trust's balance sheet gearing has fallen only modestly from 19% to 17% over the period, but the underlying see-through gearing has fallen from 90% to around 75%. Throughout the majority of the half year we hedged the Euro currency exposure by borrowing funds in Euros to make investments on the continent. Since the end of September the hedge positions against the Euro have been removed. Direct Property Portfolio Our direct property portfolio produced a total return of 2.8% in the half year - well ahead of the return from equities over the period. The income return was 3.5% and we suffered a 0.7% reduction on the value of the assets following an external professional valuation at the end of September. These figures compare with the total return of 3.3% shown by the IPD Monthly Index over the same period. Additions to existing holdings included the purchase of the freehold of the Colonnades complex at Paddington in April. Just after the end of the half year we sold 30, St James's Street SW1, one of our two largest West End office buildings, for £12.9m compared with a valuation in March 2001 of £13m. - MORE - - 7 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2001 Direct Property Portfolio (cont'd) We continue to seek consent for development at three locations. However, the planning environment remains complex, time consuming and uncertain. At both Battersea and Piccadilly, we are working with central governmental agencies (such as English Heritage) and the local planning authorities on a range of development issues that have arisen. Matters have moved more swiftly at Southwark where we have gained consent for 12 residential units on part of the car park behind our business centre. We will now complete certain enabling works before offering the site for sale. Unquoted Investments This area of the portfolio now amounts to well under 1% of assets. The only remaining asset of any significance is in Controlrun, a joint venture investing in petrol filling stations. Sales of these assets are being made on a gradual basis at satisfactory prices. Outlook The end of a bull cycle in a physical property market is usually marked by a sharp increase in speculative trading and new construction activity, as the skyline becomes filled with cranes. This current cycle is different in that external events have cut it short before the froth arrived. Today vacancy rates are low right across Europe and the positive gap between property yields and borrowing costs is substantial. These two factors give real estate investors strong downside protection and should ensure that there is no dramatic reduction in values in any economic downturn. The discounts to asset value on property equities (adjusted for the fair value of debt) are now around 27% in the UK and 33% on the Continent. These discounts imply that the expectation that asset values will fall next year is already priced into the market. The Trust's own discount to NAV is around the 18% area, and we think shareholders may take some comfort from the thought that a combination of both discounts together means that the Trust's shares have a see-through discount to NAV of very close to 40%. European property shares have outperformed by some 60% over the past 18 months. If general equity prices are now poised for a sharp recovery, property shares may lose some of this outperformance. However we believe that the sector's reliability over the past 18 months will have helped to prove that, looking ahead, any sensibly diversified investment portfolio should not fail to have some representation in property or property shares. - MORE - - 8 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2001 Group Statement of Total Return (Incorporating the Revenue Account) for the half year ended 30 September 2001 (Unaudited) (Unaudited) Half year ended 30 September Half year ended 30 September 2001 2000 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Total - (30,098) (30,098) - 59,210 59,210 capital (losses)/ gains from investments Repurchase - (1,377) (1,377) - (721) (721) of warrants Investment 4,773 - 4,773 4,589 - 4,589 income Net rental 3,101 - 3,101 2,506 - 2,506 income --------- ------- --------- ---------- -------- --------- 7,874 (31,475) (23,601) 7,095 58,489 65,584 Interest 262 - 262 288 - 288 receivable and similar income --------- ------- --------- ---------- -------- --------- Gross 8,136 (31,475) (23,339) 7,383 58,489 65,872 revenue and capital (losses)/gains Management (895) (447) (1,342) (707) (1,212) (1,919) and performance fees Other (160) - (160) (486) - (486) administrative expenses --------- ------- --------- ---------- -------- --------- Net 7,081 (31,922) (24,841) 6,190 57,277 63,467 return/(loss) on ordinary activities before interest payable and taxation Interest (1,293) (1,293) (2,586) (1,294) (1,294) (2,588) payable and --------- ------- --------- ---------- -------- --------- similar charges Net 5,788 (33,215) (27,427) 4,896 55,983 60,879 return/(loss) on ordinary activities before taxation Taxation on (496) 418 (78) (696) 363 (333) net --------- ------- --------- ---------- -------- --------- return/(loss) on ordinary activities Net 5,292 (32,797) (27,505) 4,200 56,346 60,546 return/(loss) on ordinary activities after taxation Equity - - - (12) - (12) minority interests --------- ------- --------- ---------- -------- --------- Net 5,292 (32,797) (27,505) 4,188 56,346 60,534 return/(loss) attributable to ordinary shares Ordinary dividends Interim of (2,766) - (2,766) (2,431) - (2,431) 0.65p (2000: 0.55p) Final (year - - - - - - ended 31 March 2001: 0.85p) --------- ------- --------- ---------- -------- --------- (2,766) - (2,766) (2,431) - (2,431) --------- ------- --------- ---------- -------- --------- Transfer 2,526 (32,797) (30,271) 1,757 56,346 58,103 to/(from) reserves ====== ===== ====== ====== ===== ====== Return/(loss) per ordinary share (Note 1) Basic 1.23p (7.63)p (6.40)p 0.93p 12.49p 13.42p Fully 1.19p (7.35)p (6.16)p 0.91p 12.29p 13.20p diluted The revenue columns of this statement represent the revenue accounts of the Group. Group Statement of Total Return (Incorporating the Revenue Account) for the half year ended 30 September 2001 continued (Audited) Year ended 31 March 2001 Revenue Capital Total £'000 £'000 £'000 Total capital (losses)/gains from - 91,408 91,408 investments Repurchase of warrants - (970) (970) Investment income 7,713 - 7,713 Net rental income 5,139 - 5,139 ----------- --------- ---------- 12,852 90,438 103,290 Interest receivable and similar 455 - 455 income ----------- --------- ---------- Gross revenue and capital 13,307 90,438 103,745 (losses)/gains Management and performance fees (1,546) (3,696) (5,242) Other administrative expenses (949) - (949) ----------- --------- ---------- Net return/(loss) on ordinary 10,812 86,742 97,554 activities before interest payable and taxation Interest payable and similar (2,608) (2,608) (5,216) charges ----------- --------- ---------- Net return/(loss) on ordinary 8,204 84,134 92,338 activities before taxation Taxation on net return/(loss) on (1,123) 782 (341) ordinary activities ----------- --------- ---------- Net return/(loss) on ordinary 7,081 84,916 91,997 activities after taxation Equity minority interests (12) - (12) ----------- --------- ---------- Net return/(loss) attributable to 7,069 84,916 91,985 ordinary shares Ordinary dividends Interim of 0.65p (2000: 0.55p) (2,431) - (2,431) Final (year ended 31 March 2001: (3,653) - (3,653) 0.85p) ----------- --------- ---------- (6,084) - (6,084) ----------- --------- ---------- Transfer to/(from) reserves 985 84,916 85,901 ====== ===== ===== Return/(loss) per ordinary share (Note 1) Basic 1.58p 19.03p 20.61p Fully diluted 1.54p 18.52p 20.06p The revenue columns of this statement represent the revenue accounts of the Group. - MORE - - 9 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2001 Group Balance Sheet as at 30 September 2001 (Unaudited) (Unaudited) (Audited) Half year ended Half year ended Year ended 30 September 30 September 31 March 2001 2000 2001 £'000 £'000 £'000 Fixed assets Tangible assets - 56 - Investments 352,255 382,896 414,582 ----------- ----------- ----------- 352,255 382,952 414,582 ----------- ----------- ----------- Current assets Debtors 4,105 4,134 8,089 Cash at bank and short term 8,578 4,774 1,351 deposits ----------- ----------- ----------- 12,683 8,908 9,440 Creditors - amounts falling due within one year 20,478 34,682 41,285 ----------- ----------- ----------- Net current liabilities (7,795) (25,774) (31,845) ----------- ----------- ----------- Total assets less current 344,460 357,178 382,737 liabilities Creditors - amounts falling due after more than one year 40,166 40,210 40,181 ----------- ----------- ----------- Total net assets 304,294 316,968 342,556 ======= ======= ======= Capital and reserves Called up share capital 106,400 110,722 109,747 Share premium 29,207 28,450 28,538 Warrant reserve 3,935 4,556 4,469 Other non-distributable reserves 147,435 158,067 185,011 Revenue reserve 17,317 15,173 14,791 ----------- ----------- ----------- Equity shareholders' funds 304,294 316,968 342,556 ======= ======= ======= Net asset value per share: Basic 71.50p 71.57p 78.03p Fully diluted 67.98p 67.71p 73.18p - MORE - - 10 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2001 Group Cash Flow Statement for the half year ended 30 September 2001 (Unaudited) (Unaudited) (Audited) Half year Half year Year ended ended ended 30 30 31 September September March 2001 2000 2001 £'000 £'000 £'000 Net cash inflow from operating activities 4,509 4,373 8,983 Net cash outflow from servicing of finance (2,587) (2,533) (5,168) Net tax (paid)/recovered (66) 185 162 Net cash inflow from financial investment 32,845 8,351 7,068 Equity dividends paid (3,653) (3,635) (6,066) ----------- ----------- ----------- Net cash inflow before financing 31,048 6,741 4,979 Net cash outflow from financing (9,368) (6,879) (12,606) ----------- ----------- ----------- Increase/(decrease) in cash 21,680 (138) (7,627) ======= ======= ======= Reconciliation of operating revenue to net cash inflow from operating activities Net revenue before interest payable and 7,082 6,190 10,812 taxation Decrease/(increase) in operating debtors 622 (173) (347) Decrease in operating creditors (2,542) (1,133) (505) Tax deducted at source (206) (164) (173) Scrip dividends included in investment - (6) (63) income Depreciation of tangible fixed assets - 8 22 Management fee charged to capital (447) (349) (763) ----------- ----------- ----------- 4,509 4,373 8,983 ======= ======= ======= Reconciliation of net cash flow to movement in net debt Increase/(decrease) in cash as above 21,680 (138) (7,627) Net repayment of loans - - 2,621 ----------- ----------- ----------- Change in net debt resulting from cash 21,680 (138) (5,006) flows Exchange movements (255) 84 (394) ----------- ----------- ----------- Movement in net debt in the period 21,425 (54) (5,400) Net debt at the beginning of the period (64,957) (59,557) (59,557) ----------- ----------- ----------- Net debt at the end of the period (43,532) (59,611) (64,957) ======= ======= ======= Represented by: Bank balances, short term deposits and 8,578 4,774 (24,776) overdrafts Debt falling due within one year (11,944) (24,175) - Debt falling due after more than one year (40,166) (40,210) (40,181) ----------- ----------- ----------- (43,532) (59,611) (64,957) ======= ======= ======= - MORE - - 11 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2001 Notes to the Accounts 1. Return per ordinary share Revenue return per ordinary share is calculated by dividing the net revenue return available for ordinary shareholders of £5,292,000 (half year ended 30 September 2000: £4,188,000 and year ended 31 March 2001: £7,069,000) by 429,860,592 (half year ended 30 September 2000: 451,174,347 and year ended 31 March 2001: 446,171,463) being the weighted average number of ordinary shares in issue. Capital return per ordinary share is calculated by dividing the net capital loss attributable to ordinary shareholders of £32,797,000 (half year ended 30 September 2000: £56,346,000 gain and year ended 31 March 2001: £84,916,000 gain) by the weighted average number of ordinary shares in issue, as shown above. Fully diluted returns per ordinary share have been calculated in accordance with Financial Reporting Standard 14, 'Earnings per Share'. 2. Changes in share capital During the period the Company made authorised market purchases for cancellation of 13,995,000 of its own issued ordinary shares of 25p. Also during the period the Company repurchased 9,290,000 warrants and 605,780 warrants were exercised. As at 30 September 2001 there were 425,599,673 ordinary shares and 72,991,941 warrants in issue. 3. Interim statement The interim accounts have been approved by the directors on 30 November 2001. 4. Comparative information The financial information contained in this interim statement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the six months ended 30 September 2000 and 30 September 2001 have not been audited. The figures and financial information for the year ended 31 March 2001 are an extract from the latest published accounts and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either section 237(2) or 237(3) of the Companies Act 1985. - MORE - - 12 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2001 Largest Quoted Investments as at 30 September 2001 Market Market Market Value Value Value £'000 £'000 £'000 Land Securities 24,967 Pillar 5,131 Eurocommercial 2,231 Properties (Netherlands) British Land 18,774 Great Portland 4,892 Minerva 2,223 Hammerson 16,634 Derwent Valley 4,355 Grantchester 2,205 Slough Estates 15,075 Development 4,249 Beni Stabili 2,182 Securities (Italy) Canary Wharf Group 14,805 Castellum 4,042 Quintain 2,130 (Sweden) Unibail (France) 13,640 Rugby Estates 4,041 Freeport Leisure 1,902 Big Yellow Group 12,397 Ashtenne 3,953 UK Land 1,699 St Modwen Properties 11,227 Grainger Trust 3,409 Inmobiliaria 1,598 Colonial (Spain) Helical Bar 9,855 Liberty 3,356 Cofinimmo 1,498 International (Belgium) Chelsfield 7,249 PSP 3,103 Rodamco Europe 1,480 (Switzerland) (Netherlands) Rodamco North America 6,530 London 2,804 Silic (France) 1,458 (Netherlands) Merchant Securities Benchmark 5,978 Green Property 2,719 Safeland 1,286 (Ireland) Brixton Estate 5,578 CLS 2,409 Compco 5,451 Capital & 2,376 Regional The above 40 largest quoted investments amount to £241m or 68% of total investments (convertibles and all classes of equities in any one company are treated as one investment). Principal Investment Properties as at 30 September 2001 Location Sector Tenure Size (sq ft) Value in excess of £5m 198/202 Piccadilly and 32/34 Jermyn West End Offices Leasehold 65,000 Street, London W1 and Retail 29/30 St. James's Street and 25/27 West End Offices Leasehold 29,209 Bury Street, London SW1 and Retail Elizabeth House, Duke Street, Woking Offices Freehold 54,150 The Colonnades, Bishops Bridge Road, Mixed Use Freehold 44,000 London W2 Cambridge Science Park, Cambridge Offices Leasehold 38,500 Southbank Commercial Centre, Light Industrial Freehold 49,000 and Offices Battersea Park Road, London SW11 HQ3, Hook Rise, Tolworth Warehousing Freehold 56,100 Value between £2m and £5m The Quay, Ocean Village, Southampton Offices Virtual 23,150 Freehold 268 London Road, Staines Car Showroom Freehold 23,000 Unit 3, Interface Business Park, Industrial Freehold 20,000 Wootton Bassett Ferrier Street, London SW18 Industrial Freehold 38,500 Value at under £2m At 30 September 2001 the Group owned 6 further properties with individual values of under £2m. They are located in Addlestone, London SE16, London W2, Swanley, Wallington and Weybridge. Their aggregate value was £7.5m. - ENDS - For further information, please contact : Chris Turner TR Property Investment Trust PLC Tel: 020 7818 4348 Vicki Staveacre The Press Office Henderson Global Investors Tel: 020 7818 4028 Stephen Westwood Henderson Global Investors Tel: 020 7818 5517

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