TR Property Investment Trust plc
Interim Management Statement - 3 months to 31 December 2011
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 2011 to 31 December 2011, and contains information that covers this period, and up to the date of the publication of this interim management statement, unless otherwise specified.
Ordinary share class
The objective of the Ordinary share class is to maximise shareholders' total return by investing in property shares and property on an international basis.
Sigma share class
The objective of the Sigma share class is to maximise shareholders' total return by investing predominantly in shares of property companies with a market capitalisation of less than £1.1 billion on an international basis.
The interim results were announced on 23 November. Interim dividends of 2.40p per Ordinary share and 0.95p per Sigma share were announced and paid on 10 January 2012 to shareholders on the register on 9 December 2011.
The full text of the announcement is contained in the Interim Report which is available on the Company's website www.trproperty.com.
On 24 November 2011, the £50 million revolving loan facility with the Royal Bank of Scotland was renewed. £40 million of this facility is allocated to the Ordinary share class and £10 million to the Sigma share class. Together with a two year £30m loan facility from ING which was entered into in May 2011, this provides total loan facilities of £64 million to the Ordinary share class and £16 million to the Sigma share class.
At 31 December 2011 the Ordinary share class had drawn £40.0 million of these facilities and the Sigma share class £6.7 million. At the date of publication of this Interim Management Statement the drawings are £40.0 million and £5.5 million respectively.
Transaction in Own Shares
On 6 January 2012 the Company purchased 250,000 Sigma shares at an average price of 61.10 pence per share for cancellation.
There were no transactions in the Ordinary share class.
Ordinary Portfolio
|
% of Portfolio |
Unibail-Rodamco |
14.6 |
Land Securities |
7.9 |
British Land |
4.8 |
Hammerson |
4.2 |
Corio |
4.1 |
Klépierre |
3.1 |
Derwent London |
3.0 |
GSW Immobilien |
2.3 |
Castellum |
2.3 |
PSP Swiss Property |
2.1 |
Segro |
2.0 |
Great Portland Estates |
1.9 |
Foncière des Régions |
1.8 |
Deutsche Euroshop |
1.7 |
Swiss Prime Site |
1.6 |
Gecina |
1.5 |
Icade |
1.5 |
Silic |
1.5 |
Hufvudstaden |
1.4 |
Wereldhave |
1.3 |
4 Largest property holdings (Values in excess of £4m)
Colonnades W2 - Mixed Use
Ferrier St, Wandsworth, London - Industrial
Park Place, Vauxhall - Offices
Field House, Harlow - Offices
UK Equities |
33.7% |
European Equities |
55.1% |
UK Direct Property |
11.2% |
Sigma Portfolio
|
% of Portfolio |
Shaftesbury |
5.4 |
Great Portland Estates |
5.3 |
GSW Immobilien |
5.2 |
Deutsche Euroshop |
5.2 |
Vastned Retail |
4.1 |
Deutsche Wohnen |
3.8 |
Fabege |
3.8 |
Eurocommercial |
3.7 |
Wihlborgs Fastigheter |
3.4 |
Kungsleden |
3.2 |
Befimmo |
2.8 |
Capital & Counties |
2.8 |
Norwegian Property |
2.5 |
Workspace |
2.4 |
CA Immobilien |
2.3 |
Tour Eiffel |
2.2 |
Sponda |
1.9 |
Argan |
1.9 |
Foncière des Murs |
1.9 |
Conwert |
1.8 |
UK Equities |
33.1% |
European Equities |
66.2% |
Fixed Interest |
0.7% |
Ordinary Shares
|
As at 31 Dec |
As at 30 Sep |
As at 31 Dec |
3 Month |
12 Month |
|
2011 |
2011 |
2010 |
% Change |
% Change |
Share Price |
137.90p |
161.00p |
167.40p |
-14.3 |
- 17.6 |
Capital NAV per share 1 |
161.73p |
166.15p |
190.85p |
- 2.7 |
- 15.3 |
Income NAV per share2 |
165.35p |
171.73p |
194.49p |
- 2.3 |
- 11.8 |
Benchmark (EPRA) |
|
|
|
|
|
Capital Only |
1,628.23 |
1,675.79 |
1,924.33 |
- 2.8 |
- 15.4 |
Total Return |
2,597.97 |
2,659.89 |
2,941.93 |
- 2.3 |
- 11.7 |
Gearing (%) 3 |
12.31 |
11.85 |
8.12 |
|
|
Shares in issue |
256,225,000 |
256,225,000 |
256,225,000 |
0.0 |
0.0 |
Sigma Shares
|
As at 31 Dec |
As at 30 Sep |
As at 31 Dec |
3 Month |
12 Month |
|
2011 |
2011 |
2010 |
% Change |
% Change |
Share Price |
60.75p |
75.50p |
78.00p |
- 19.5 |
-22.1 |
Capital NAV per share 1 |
84.08p |
88.33p |
104.08p |
- 4.8 |
-19.2 |
Income NAV per share2 |
85.44p |
90.22p |
104.92p |
- 4.2 |
-16.5 |
Benchmark4 (EPRA SC) |
|
|
|
|
|
Capital Only |
1,455.96 |
1,512.05 |
1,766.20 |
- 3.7 |
-17.6 |
Total Return |
1,645.93 |
1,693.73 |
1,927.25 |
- 2.8 |
-14.6 |
Gearing (%) 3 |
8.96 |
7.72 |
9.79 |
|
|
Shares in issue |
124,472,000 |
124,722,000 |
124,922,000 |
- 0.2 |
- 0.4 |
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 Gearing calculated in accordance with the AIC definition, which does not take account of cash held on deposit.
4 EPRA SC = EPRA Small Cap - Sigma benchmark
Further information and commentary, including up to date NAV and share price information, can be found on the Company's website www.trproperty.com
Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.