Interim Management Statement

TR Property Investment Trust PLC
17 August 2007



TR Property Investment Trust plc

Interim Management Statement - 3 months to 30 June 2007


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 2007 to 30
June 2007, 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

To maximise shareholders' total return by investing in property shares and
property on an international basis.


Benchmark

FTSE EPRA/NAREIT Europe Index in Sterling. This index, calculated by FTSE, is
freefloat based and currently has 101 constituent companies. The Benchmark
website www.epra.com contains further details about the index and performance.

Up to the year ended 31 March 2007 the Benchmark was the S&P/Citigroup European
Property Index in Sterling.  The reasons for the change of benchmark supplier
are set out in the Chairman's Statement in the Report & Accounts sent to
shareholders in June 2007.


Material events

Subsequent to the quarter end, at an EGM held on 24th July, shareholders passed
resolutions to create a new class of shares: Sigma shares.  Shareholders had
been given the option to elect to convert a proportion of their holding in
existing Ordinary shares to new Sigma shares, where the underlying portfolio
will focus on Pan-European property equities with a market capitalisation of
less than £1 billion. The strategy for the Ordinary shares will be unchanged,
investing in Pan-European equities and property directly in the UK.

Elections were received to convert 61,883,286 Ordinary Shares in aggregate,
representing approximately 19.0 percent of the issued Ordinary Share Capital in
issue at that date. Subscriptions for a further 8,029,175 Sigma shares were
received under a Placing.

The NAV of the Ordinary share class immediately following conversion (on an IFRS
basis and with debt marked to market) was £655.0 million, and of the Sigma
shares following the conversion and placing £160.7 million.


Two new Directors have been appointed to the Board.

On 23rd May the appointment of Mr Hugh Seaborn FRICS was announced, to take
effect from 24th July 2007.  Mr Seaborn has considerable experience in the
property arena; he is CEO of the Portman Estate, Deputy Chairman of the
Westminster Property Owners Association and a member of the Council and Audit
Committee of the Duchy of Lancaster.

On 1st August the Board announced the appointment of Mr Paul Spencer, FCMA, with
effect from that date. Mr Spencer is the Chairman of National Savings &
Investment (a Government funded body), Managed Pension Funds Ltd and Sovereign
Reversions plc. He also sits on the Boards of Nipponkoa Insurance Company
(Europe) Ltd, WPP Group plc (where he chairs the Audit Committee) and Resolution
plc.


Material Transactions

During the three-month period to the end of June 2007, the Company purchased
8,650,000 ordinary shares of 25p each for cancellation for a total consideration
of £20,155,000.  Since the 1st July up to the date of this statement, a further
150,000 shares have been purchased for a total consideration of £323,000.


Asset sales were made to fund the share repurchases.


At 31 March 2007, total debt including the debentures stood at £91m and by 30th
June this had reduced to £74m. At the 10th August this had been reduced further
to £48m.

Two property purchases were made during the quarter. On 26th April the Company
bought a freehold office building in Harlow for £12.5 million (a total cost of
£13.2m including stamp duty and fees), and on 26th June purchased an office
building in Milton Keynes for £6.55m (total cost of £6.85m including stamp duty
and fees). Both these acquisitions were announced on the LSE and copies of the
announcements can be found on the Company's website.


Twenty largest equity holdings at 30 June 2007

                                                     %of Portfolio

Land Securities                                      11.60
British Land                                         7.68
Unibail-Rodamco Eur5                                 4.39
Rodamco assented to Unibail                          4.23
Segro                                                3.90
Big Yellow                                           3.73
Hammerson                                            3.35
St Modwen                                            2.87
Fonciere des Regions                                 2.68
Liberty International                                2.68
Castellum                                            2.53
Great Portland Estates                               2.47
Derwent London                                       1.97
Klepierre                                            1.89
Corio                                                1.54
Eurocommercial Properties                            1.40
Gecina                                               1.39
Quintain Estates                                     1.24
Immoeast                                             1.18
Kardan                                               1.00


5 Largest property holdings (Values in excess of £10m)

Colonnades Leasehold W2 - Mixed Use
Thames Central - Offices
Field House, Harlow - Offices
Ferrier St, Wandsworth, London - Industrial
Elizabeth House, Woking - Offices


Portfolio Allocation at 30 June 2007

UK Equities                      52.03%
European Equities                37.47%
Other Equities                   0.10%
UK Direct Property               10.40%



Company's Financial Position and Performance:

                   As at 30 June        As at 31 March    As at 29 June     3 Month       12 Month 
                       2007                  2007             2006         % Change       % Change

Share Price (p)       216.25                 256.50          187.00         -15.7%         +15.6%
NAV per share (p)*    248.28                 289.68          209.54         -14.3%         +18.5%
Benchmark** (EPRA)  2,847.57               3,313.79         2536.76         -14.1%         +12.3%
            (S&P)     435.25                 503.36          381.76         -13.5%         +14.0%
Gearing (%) #           9.09                   9.32           14.48
Shares in issue  325,950,000            334,600,000     343,850,000         - 2.6%          -5.2%




*   NAV per share is a capital only NAV calculated on the AIC basis
** Benchmark :   Price Only NOT Total Return
                 up to 31 March 2007 the S&P Citigroup European Property Index
                 from 1 April 2007 FTSE/EPRA Europe Index


# Gearing calculated on an AIC basis

A final dividend of 2.40p per Ordinary share was paid on 31 July to shareholders
on the register on 29 June 2007.


Following the issue of the Sigma Shares:

                       As at 10 August            As at 20 July
                                  2007                     2007
Ordinary Share Class
Share Price (p)                 204.00                   219.00
NAV per share (p)*              233.91                   247.41
Benchmark (Price Only)        2,630.06                 2,794.56

Gearing  (%) #                    6.40                     6.70
Shares in issue            263,916,714              263,916,714


                                                                
                       As at 20 July            As at 10 August
                                2007                       2007
                                                     (Creation)
Sigma Share Class
Share Price (p)                98.75                     -
NAV per share (p)*            113.55                     120.84
Benchmark (Price Only)      2,630.06                   2,794.56

Gearing  (%) #                  5.45                       6.44
Shares in issue          131,795,747                131,795,747



*   NAV per share is a capital only NAV calculated on the AIC basis.  Ordinary
shares were converted to Sigma shares and new Sigma shares issued based on an
IFRS NAV, which included retained earnings to 20th July, provision for deferred
tax and debenture debt marked to market . The NAV per share of the Sigma shares
on this basis at 20th July 2007 was 121.92p per share.

# Gearing calculated in accordance with the AIC definition, which does not take
account of cash held on deposit. As at 10th August, the Sigma share class had
repaid all short term borrowings and held cash on deposit in excess of the
amount of the share class apportionment of the debentures, therefore the
effective gearing level was zero.







Other Information



Further information and commentary can be found on the Company's website
www.trproperty.com



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