Interim Results

TR Property Investment Trust PLC 04 December 2002 3 December 2002 TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2002 Highlights * Interim dividend increased by 38.5% to 0.90p * Gross revenue up by 21.1% * Revenue return per share 1.43p, an increase of 20.2% * NAV total return negative 8.1% compared with Benchmark total return of negative 10.6% and All Share total return of negative 28.4% Dividend An interim dividend of 0.90p (2001: 0.65p) per ordinary share has been declared payable on 6 January 2003 to shareholders on the register on 13 December 2002. The shares will be quoted ex-dividend on 11 December 2002. - MORE - - 2 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2002 Financial Highlights (Unaudited) (Unaudited) % Half year ended Half year ended Change Revenue 30 September 30 September 2002 2001 Gross revenue (£'000) 9,850 8,136 +21.1 Net return pre-tax (£'000) 7,335 5,788 +26.7 Revenue return per share 1.43p 1.19p +20.2 Net dividend per share 0.90p 0.65p +38.5 (Unaudited) (Audited) % Balance Sheet As at As at Change 30 September 2002 31 March 2002 Gross assets (£'000) 359,042 428,553 -16.2 Shareholders' funds (£'000) 303,006 342,481 -11.5 Shares in issue at end of period (m) 429.5 416.6 +3.1 Gearing (%) 17 24 - Net asset value per share 70.6p 78.1p -9.6 The revenue return figure for the half year to 30 September 2001 and the net asset value figure at 31 March 2002 are both on a fully diluted basis. All outstanding warrants were exercised and converted by 14 August 2002 therefore, as at 30 September 2002, dilution is no longer applicable. Performance Half year ended Assets, Benchmarks and Share Price 30 September 2002 Benchmark performance (price only)* (13.0)% NAV (fully diluted) price only return (9.6)% Benchmark performance (total return)* (10.6)% NAV (fully diluted) total return (8.1)% IPD Monthly Index total return** 5.9% Total return from direct property# 3.7% Share price at 30 September 57.25p Share price total return (10.1)% Market capitalisation at 30 September £245.9m Sources: *Datastream/#WM Company/**IPD - MORE - - 3 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2002 Chairman's Statement Introduction The six months under review was a traumatic period for equity investors with declines of over 25% in Europe's main equity indices. Property shares again provided a relative shelter in this storm and the Trust's share price total return over the period was a negative 10.1%. Meanwhile our revenue per share has risen by 20% and the board is proposing an increase in the interim dividend to recognise this and to reduce the disparity with the final payment. Equity Market Background and Return Performance In the six months ending 30 September 2002 equity prices fell very sharply. In Europe the Dow Jones Euro Stoxx Index recorded a decline of over 40%, and in the UK the All Share Index fell by just under 30%. Property shares also declined, but in relative terms their performance was robust. The Trust's fully diluted NAV per share fell 9.6% from 78.1p to 70.6p and the NAV total return was a negative 8.1%. These results were better than those from our benchmark, the Schroder Salomon Smith Barney European Property Index in Sterling, which fell 13.0% and which produced a total return of a negative 10.6% over the same period. Revenue Results and Dividend I am pleased to report that the half year revenue per share increased by 20% from 1.19 pence per share to 1.43 pence per share. The primary reason for this income growth is our much enlarged Continental property share portfolio, built up over the past eighteen months, which is now providing us with higher income than we received from the UK shares we sold. In addition, Continental dividend payment dates tend to be crowded into the April to July period meaning that our income is not only larger but is being paid earlier in our financial year. To reflect the step change in the quantum and timing of the Trust's revenue, the board is to make a matching change in the interim dividend payment with an increase to 0.90p per share from 0.65p per share paid last year. I must emphasise that this increase should be seen as extraordinary and is made to reduce the disparity between the interim and final payments. Last year the final dividend was 1.00p per share. In light of the increase in the interim dividend, shareholders should not anticipate that the final payment of 1.00p will be increased in the current year. The increase at the interim stage of 0.25p per share, together with an unchanged final dividend, would be equivalent to an increase of 15% over the full year. Portfolio Spread and Activity The spread of the portfolio showed little change over the period. The percentage split of the gross assets between the UK and the Continent was almost constant at 72% to 28%. Within the UK, quoted shares were reduced from 52% of gross assets to 48%, while directly held property rose from 19% to 23%. The two main themes of portfolio activity over the summer were to reduce debt and to switch capital away from companies invested in office property and into companies with assets concentrated in retail property. Share and Warrant Repurchases Meanwhile we have continued to exercise the share and warrant buy-back powers when suitable opportunities have occurred. During the half year 4.56 million shares and 38.80 million warrants were repurchased for cancellation at a total cost of £11.65 million. These repurchases served to increase net assets per share by some £5.05 million equivalent to 1.18p per share on a fully diluted basis. At the end of July the warrants expired and, as a result, the basic and fully diluted asset values are now identical, and will be in the future. - MORE - - 4 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2002 Awards and the Discount Your Company recently received the 2002 Bloomberg Money award for the Best Specialist Investment Trust, and I am sure you will join me in congratulating Chris Turner, Marcus Phayre-Mudge and Jo Elliott on this achievement. Receiving such awards is notoriously a bad omen for future performance, but I am confident that your Company is an exception to this rule. Despite the outstanding record of the Trust over the past ten years, it is of concern to the board that the shares still sell at an appreciable discount to the underlying asset value. It will continue to pursue ways of addressing this, although shareholders will understand that, since many of the Company's assets are less liquid than most other investment trusts, there is no facile solution to the phenomenon. Our best method of protecting your investment is by ensuring that the assets continue to be managed in the same successful way they have been in recent years. Prospects After their recent sharp decline, equities are clearly offering far better value than earlier in the year. Property shares, particularly in the UK, are on historically very high discounts to net asset value and are already priced to expect substantial declines in property values. I think we will see falling asset values next year, particularly for stocks with heavy exposure to office property. It is clear that property investment demand is now weakening for those properties for which tenant demand has already declined. Retail property presents a more stable picture, although the imbalance between buoyant consumer demand and weak business demand is of concern. Nevertheless, your board and the managers take a slightly more optimistic view of equity markets overall for 2003 after three consecutive years of decline. Manager's Report Introduction In my statement in the Annual Report I commented that we were becoming more cautious about the outlook for many parts of the European property market. We retain that caution today as the outlook for 2003 is unclear. We continue to reduce our exposure to more highly geared companies and to office markets and to increase our exposure to retail markets especially when available in the shares of larger more liquid companies with above average dividend yields. Property Market Background The divergence in potential performance across European property markets is now by property type rather than by region. Almost everywhere we see the same imbalance between buoyant consumer demand and weak business demand. House prices and shop rental values are rising while office tenant demand is weakening and demand for storage and factory space is, at best, neutral. As so often happens, the UK is leading this trend and nowhere is this divergence currently more extreme. For example, City of London office rental values are now falling at the same speed as house prices are rising. Next year I would be surprised if we did not see a modest fall in UK house prices, while I would be astounded if City office rents started rising. - MORE - - 5 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2002 The problem in the office markets is that a sharp deterioration in tenant demand has occurred at a moment when speculative development has reached a cyclical peak. This demand strike, as it has been called, is currently most in evidence in London and the South East and has led to a doubling of vacancy rates in less than twelve months. Meanwhile, though the City of London boasts a skyline with plenty of cranes, the worst speculative development problems are on the Continent in cities such as Frankfurt and Amsterdam. We are basing our current investment policy on the view that the fall in office rental values now being seen in the London area will be a trend that ripples out across the vast majority of European property markets over the next two years. In contrast European retail property markets remain stable and most are expected to show modest rental growth in 2003. Two factors are at work. The first is the lack of fresh development, notably in the UK, France and Italy where tough planning policies artificially restrict tenant choice. The second and more important factor is the strength of consumer demand. Germany aside, the value and volume of retail sales growth continues to outstrip rental value growth, suggesting that there is some upside in rents for good quality shop space. If consumer demand shows signs of declining in 2003, then I believe that base rates will be lowered in an effort to stimulate spending again. Investor demand for property has remained strong throughout the summer. While the easy availability of cheap bank finance is causing concern that the market has overheated, the fact remains that many investors are acting sensibly and reflecting, in their purchases, the safe high income offered by well-let property. Nevertheless we expect to see investor demand become more selective in 2003 and move more in line with underlying trends in tenant demand. Property Share Background As London appears to be leading the European office markets downwards, so UK property shares have led the European property share sector down - falling 17% in price terms in the six months to the end of September 2002 compared with an 8% average fall by Continental real estate stocks. This is not surprising given that just under half the gross assets of the UK property share sector comprise London offices. Given that stated net asset values have shown little change over the period, the result of these share price falls is that average discounts to present asset values have risen sharply - to around 40% in the UK and 30% on the Continent. As a result property shares are now reflecting a fall in values which has yet to appear in the direct market. But high discounts to stated asset value can be misleading in isolation. Tax positions, debt costs, gearing and dividend yields need to be considered. Generally the largest discounts are applied to companies with high gearing which specialise in office property, while lowly geared companies specialising in retail property have the lowest discounts. The conundrum for us is whether the outlook for real estate markets is yet correctly reflected in these ratings. On balance we think it is not, and we are still prepared to sell high discounts to buy low discounts where our top down view suggests that this is right. - MORE - - 6 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2002 High discounts have, however, a happier implication for performance. They have led to a succession of take-over bids from which the Trust continues to gain capital growth. During the last six months five major European companies (Rodamco North America, Haslemere, Green Property, Simco and Uni-Invest) have been taken private. Two of these were in our top twenty investments in March. In the UK we have recently lost Grantchester and Saville Gordon and an old favourite of ours, UK Land, where we hold 10% of the equity, is due to go private later this month. Our stock selection policies need to take into account that any company in our universe may be the subject of an attractive take-over bid if its stock market value is driven too far below the break-up value of its assets. Distribution of Assets The overall shape of our investments has changed little over the six month period. UK equities declined from 51.4% to 47.5% of gross assets, Continental equities totalled 28.3% as against 28.7% at the end of March while our UK direct property rose from 19.4% to 23.2%. In retrospect our performance would have been improved if we had reduced our UK equity exposure further over the summer and increased our Continental investments. On a see-through basis the percentage of our gross assets represented by office property declined from 53% to 45%, while the percentage for retail property rose from 25% to 33%. The balance remained in industrial and warehousing (unchanged at 11%) and other uses including residential. Comment on the Largest Equity Investments The list of our largest equity investments has not changed greatly since March. Land Securities still tops the table. It is the largest quoted property company in Europe, and has a diversified investment portfolio with all its assets in the UK. Retail property makes up around half the gross assets, gearing at 50% is below the industry average while the prospective dividend yield is one of the highest in the UK property sector. Companies which have moved up the list as a result of further investment are almost all retail property specialists - Rodamco Europe, Liberty International, Eurocommercial and Klepierre. Conversely, companies moving down the table as a result of sales are almost all focused on office property or business space - Slough Estates, Canary Wharf, Helical Bar and Chelsfield. Three companies - Rodamco North America, Haslemere and Green Property - left the list as a result of cash take-over bids while the size of our holdings in other companies was reduced as a result of returns of capital made by those businesses. Gearing and Currency Exposure The Trust's balance sheet debt reduced from £82 million to £52 million over the period and the gearing ratio fell from 24% to 17%. The portfolio's see-through gearing, (which takes account of the gearing levels in our equity investments) has dropped from around 90% at March to a current level of around 82%. We had no currency hedges in place over the period. All the Trust's borrowings were held in Sterling, which declined against the Euro over the period by 2.5%, adding some £2.5 million to our net assets. Direct Property Portfolio The aggregate value of the direct property portfolio was virtually unchanged at the half year (a capital increase of 0.16%). The income return was 3.55% giving a total return of 3.71%. Over the same period the total return from the IPD Monthly Index was 5.9%. Although there were no purchases or sales completed during the period, there was considerable asset management activity. - MORE - - 7 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2002 We have concentrated on gaining planning consent for redevelopment and change of use on several properties. This is a time-consuming exercise. After winning consent for a residential scheme on part of the car park land at our business centre in Southwark, we have conditionally sold this site subject to resolving a sewer agreement. At Battersea, our application for 57 flats and 28,000 ft of commercial space was the subject of a one day Public Inquiry in mid September and we expect a decision early in the New Year. At Piccadilly, which is our largest directly owned property by value, Westminster City Council has resolved to grant consent to our application for a new 90,000 ft mixed office and retail scheme. We continue to work on the outstanding conditions attached to this consent. Our property known as The Colonnades, located close to Paddington Station, performed well in capital value terms, while the worst revaluation result was at Swindon where our tenant has gone into administrative receivership; however our income remains covered by a clearing bank guarantee for the time being while we work on reletting this industrial unit. The wide discounts to asset value and higher dividend yields now offered by shares make it attractive for us to switch some capital from direct property into equities. Sales of certain properties are planned over the next six months; two buildings have been marketed and are currently under offer, and further disposals may be considered. Unquoted Investments This area of the portfolio now accounts for 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 progressing: of the five remaining properties two are currently under offer and a further two are being marketed. Outlook The real estate sector stands somewhat apart from other equity market sectors in representing a small minority of the gross assets of a non-equity asset class. Property shares are priced by the Stock Market but their value is based on activity in the property investment market. I commented earlier on the value to the Trust of the stream of take-overs that we continue to see. Equity market repricing is often savage, while property markets tend to reprice gradually. These pricing anomalies create regular opportunities for corporate activity. I am cautious and watchful but not bearish. Property shares discounts now anticipate a sharp fall in commercial property values which has yet to occur, and this makes shares better value than direct property. There will be some interesting investment opportunities in 2003. For example, if enacted the French budget will include provisions for the creation of a new tax transparent form of quoted property company. This will be a major development for the French property industry and have positive implications for the whole European property share market. - MORE - - 8 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2002 Group Statement of Total Return (Incorporating the Revenue Account) for the half year ended 30 September 2002 (Unaudited) (Unaudited) (Audited) Half year ended 30 September Half year ended 30 September Year ended 31 March 2002 2001 2002 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Total capital (losses)/ - (36,887) (36,887) - (30,098) (30,098) - 20,129 20,129 gains from investments Repurchase of warrants - (8,885) (8,885) - (1,377) (1,377) - (3,986) (3,986) Investment income 7,195 - 7,195 4,773 - 4,773 7,502 - 7,502 Net rental income 2,514 - 2,514 3,101 - 3,101 5,869 - 5,869 --------- -------- --------- --------- -------- --------- --------- -------- -------- 9,709 (45,772) (36,063) 7,874 (31,475) (23,601) 13,371 16,143 29,514 Interest receivable and 141 - 141 262 - 262 380 - 380 similar income --------- -------- --------- --------- -------- --------- --------- -------- -------- Gross revenue and capital 9,850 (45,772) (35,922) 8,136 (31,475) (23,339) 13,751 16,143 29,894 (losses)/gains Management and performance (906) (453) (1,359) (895) (447) (1,342) (1,687) (2,155) (3,842) fees Other administrative (303) - (303) (160) - (160) (558) - (558) expenses --------- -------- --------- --------- -------- --------- --------- -------- -------- Net return/(loss) on 8,641 (46,225) (37,584) 7,081 (31,922) (24,841) 11,506 13,988 25,494 ordinary activities before interest payable and taxation Interest payable and (1,306) (1,306) (2,612) (1,293) (1,293) (2,586) (2,479) (2,479) (4,958) similar charges --------- -------- --------- --------- -------- --------- --------- -------- -------- Net return/(loss) on 7,335 (47,531) (40,196) 5,788 (33,215) (27,427) 9,027 11,509 20,536 ordinary activities before taxation Taxation on net return/ (1,319) 347 (972) (496) 418 (78) (1,080) 1,059 (21) (loss) on ordinary activities --------- -------- --------- --------- -------- --------- --------- -------- -------- Net return/(loss) on 6,016 (47,184) (41,168) 5,292 (32,797) (27,505) 7,947 12,568 20,515 ordinary activities after taxation Ordinary dividends Interim of 0.90p (2001: (3,823) - (3,823) (2,766) - (2,766) (2,766) - (2,766) 0.65p) Final (year ended 31 March - - - - - - (4,166) - (4,166) 2002: 1.00p) --------- -------- --------- --------- -------- --------- --------- -------- -------- (3,823) - (3,823) (2,766) - (2,766) (6,932) - (6,932) --------- -------- --------- --------- -------- --------- --------- -------- -------- Transfer to/(from) reserves 2,193 (47,184) (44,991) 2,526 (32,797) (30,271) 1,015 12,568 13,583 ========= ======== ========= ========= ======== ========= ========= ======== ======== Return/(loss) per ordinary share (Note 1) Basic 1.43p (11.19)p (9.76)p 1.23p (7.63)p (6.40)p 1.86p 2.94p 4.80p Fully diluted - - - 1.19p (7.35)p (6.16)p 1.80p 2.84p 4.64p 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 2002 Group Balance Sheet as at 30 September 2002 (Unaudited) (Unaudited) (Audited) Half year ended Half year ended Year ended 30 September 2002 30 September 2001 31 March 2002 £'000 £'000 £'000 Fixed asset investments 356,420 352,255 427,679 ----------- ----------- ----------- Current assets Debtors 6,149 4,105 7,049 Cash at bank and short term deposits 1,180 8,578 901 ----------- ----------- ----------- 7,329 12,683 7,950 Creditors - amounts falling due within one year 20,550 20,478 52,960 ----------- ----------- ----------- Net current liabilities (13,221) (7,795) (45,010) ----------- ----------- ----------- Total assets less current liabilities 343,199 344,460 382,669 Creditors - amounts falling due after more than one year 40,193 40,166 40,188 ----------- ----------- ----------- Total net assets 303,006 304,294 342,481 =========== =========== =========== Capital and reserves Called up share capital 107,367 106,400 104,150 Share premium 37,063 29,207 30,111 Warrant reserve - 3,935 3,031 Other reserves 140,577 147,435 189,383 Revenue reserve 17,999 17,317 15,806 ----------- ----------- ----------- Equity shareholders' funds 303,006 304,294 342,481 =========== =========== =========== Net asset value per share: Basic 70.55p 71.50p 82.21p Fully diluted - 67.98p 78.08p - MORE - - 10 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2002 Group Cash Flow Statement for the half year ended 30 September 2002 (Unaudited) (Unaudited) (Audited) Half year ended Half year ended Year ended 30 September 2002 30 September 2001 31 March 2002 £'000 £'000 £'000 Net cash inflow from operating activities 5,849 4,509 6,811 Net cash outflow from servicing of finance (2,500) (2,587) (5,050) Net tax recovered/(paid) 124 (66) 461 Net cash inflow from financial investment 34,386 32,845 5,258 Equity dividends paid (4,166) (3,653) (6,419) ----------- ----------- ----------- Net cash inflow before financing 33,693 31,048 1,061 Net cash outflow from financing* (3,369) (9,368) (17,644) ----------- ----------- ----------- Increase/(decrease) in cash 30,324 21,680 (16,583) =========== =========== =========== Reconciliation of operating revenue to net cash inflow from operating activities Net revenue before interest payable and 8,641 7,082 11,506 taxation Decrease/(increase) in operating debtors 614 622 (781) (Decrease)/increase in operating creditors (850) (2,542) 121 Tax deducted at source (793) (206) (333) Performance fees paid (1,310) - (2,934) Management fee charged to capital (453) (447) (768) ----------- ----------- ----------- 5,849 4,509 6,811 =========== =========== =========== Reconciliation of net cash flow to movement in net debt Increase/(decrease) in cash as above 30,324 21,680 (16,583) Exchange movements (57) (255) (679) ----------- ----------- ----------- Movement in net debt in the period 30,267 21,425 (17,262) Net debt at the beginning of the period (82,219) (64,957) (64,957) ----------- ----------- ----------- Net debt at the end of the period (51,952) (43,532) (82,219) =========== =========== =========== Represented by: Bank balances, short term deposits and 1,180 8,578 880 overdrafts Debt falling due within one year (12,939) (11,944) (42,911) Debt falling due after more than one year (40,193) (40,166) (40,188) ----------- ----------- ----------- (51,952) (43,532) (82,219) =========== =========== =========== * Financing includes cash outflows from share and warrant buy-backs and inflows from the issue of new shares on conversion of warrants. - MORE - - 11 - TR PROPERTY INVESTMENT TRUST PLC Unaudited interim results for the half year ended 30 September 2002 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 £6,016,000 (half year ended 30 September 2001: £5,292,000 and year ended 31 March 2002: £7,947,000) by 421,776,535 (half year ended 30 September 2001: 429,860,592 and year ended 31 March 2002: 427,073,371) 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 £47,184,000 (half year ended 30 September 2001: £32,797,000 loss and year ended 31 March 2002: £12,568,000 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'. All outstanding warrants were exercised and converted by 14 August 2002. Thereafter, dilution is no longer applicable. 2. Changes in share capital During the period the Company made authorised market purchases for cancellation of 4,555,872 of its own issued ordinary shares of 25p. Also during the period the Company repurchased 38,802,742 warrants, 11,880,627 warrants were exercised and 5,545,072 warrants converted into ordinary shares of 25p. All remaining warrants were exercised and converted into ordinary shares by 14 August 2002. As at 30 September 2002 there were 429,469,500 ordinary shares in issue. 3. Interim statement The interim accounts were approved by the directors on 3 December 2002. 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 2001 and 30 September 2002 have not been audited. The figures and financial information for the year ended 31 March 2002 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 2002 Largest Quoted Investments as at 30 September 2002 Market Market Market Value Value Value £'000 £'000 £'000 Land Securities 21,829 Wereldhave (Netherlands) 5,163 UK Land 2,906 British Land 14,960 Ashtenne 4,967 Derwent Valley 2,853 Rodamco Europe 13,862 Grainger Trust 4,963 Rugby Estates 2,849 (Netherlands) Unibail (France) 13,588 Eurocommercial Properties 4,933 Benchmark 2,837 (Netherlands) Liberty International 13,525 Klepierre (France) 4,914 Vastned Retail 2,773 (Netherlands) St Modwen Properties 13,047 Development Securities 4,543 Quintain 2,766 Hammerson 11,991 Chelsfield 4,431 Pillar Property Group 2,707 Slough Estates 11,200 Silic (France) 4,183 Inmobiliaria Colonial 2,367 (Spain) Big Yellow Group 9,677 Simco (France) 4,165 Metrovacesa (Spain) 2,159 Canary Wharf Group 8,493 Cofinimmo (Belgium) 3,570 Compco 2,135 Castellum (Sweden) 7,312 Brixton 3,440 PSP Swiss Property 2,113 (Switzerland) Helical Bar 7,200 Gecina (France) 3,336 Capital & Regional 1,907 Corio (Netherlands) 6,164 Great Portland 3,044 Vallehermoso (Spain) 5,874 Beni Stabili (Italy) 2,943 The above 40 largest quoted investments amount to £247,689,000 or 69% 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 2002 Location Sector Tenure Size (sq ft) Value in excess of £5m 198/202 Piccadilly and 32/34 Jermyn Street, London West End Offices and Leasehold 65,000 W1 Retail Elizabeth House, Duke Street, Woking, Surrey Offices Freehold 54,150 The Colonnades, Bishops Bridge Road, London W2 Mixed Use Freehold 44,000 Cambridge Science Park, Cambridge Offices Leasehold 38,500 Southbank Commercial Centre, Battersea Park Road, Light Industrial and Freehold 49,000 London SW11 Offices HQ3, Hook Rise, Tolworth, Surrey Warehousing Freehold 56,100 Value between £2m and £5m The Quay, Ocean Village, Southampton Offices Virtual Freehold 23,150 268 London Road, Staines Car Showroom Freehold 23,000 Unit 3, Interface Business Park, Wootton Bassett Industrial Freehold 20,000 Ferrier Street Industrial Estate, Ferrier Street, Industrial Freehold 38,500 Wandsworth SW18 Tavern Quay Commercial Centre, Rope Street, London Light Industrial and Freehold 20,500 SE16 Offices Value at under £2m At 30 September 2002 the Group owned 4 further properties with individual values of under £2 million. They are located in Addlestone, London W2, Swanley and Weybridge. Their aggregate value was £4.2 million. - ENDS - For further information, please contact: Chris Turner, TR Property Investment Trust plc Telephone: 020 7818 4348 Stephen Westwood, Head of Investment Trusts, Henderson Global Investors Telephone: 020 7818 5517 Stephen Phillips, Investor Relations Manager, Henderson Global Investors Telephone: 020 7818 6417 Mark Vickery, Henderson Press Office Telephone: 020 7818 4222 This information is provided by RNS The company news service from the London Stock Exchange

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