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TR Property Investment Trust ups dividend even as performance wilts

By BFN News | 07:47 AM | Friday 29 May, 2020


Real estate investor TR Property Investment Trust lifted its divided after it posted a negative annual performance that nevertheless beat its benchmark. The company declared a final dividend of 8.8p per share, up 2.3% on-year, bringing total dividends for the year to 14p per share, up 3.7%. Its net asset value total return for the year through March was negative 11.5%, ahead of a benchmark total return of negative 14.0%. 'It was a punishing end to the year for the market and TR Property was no exception,' chairman Hugh Seaborn said. 'One of the advantages of the investment trust structure is that the Board is able to look at the underlying sustainable level of dividend and adjust the pay-out level accordingly.' 'The board has been consistently cautious with pay-out levels in recent years as often there have been one-off factors boosting income.' 'The company has a healthy level of revenue reserves which have been accumulated over time to provide resilience in the event of a crisis.' 'These will be used to supplement short to medium term falls in earnings until such a time as conditions settle and the board can determine the long-term income capability of the portfolio.' Story provided by StockMarketWire.com

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