TR Property Investment Trust plc
Interim Management Statement - 3 months to 30 June 2012
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 2012 to 30 June 2012, 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 and benchmark
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.
The benchmark is the FTSE EPRA/NAREIT Developed Europe Net Total Return Index in Sterling. This index, calculated by FTSE, is freefloat based and currently has 84 constituent companies. The Benchmark website www.epra.com contains further details about the index and performance.
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 billion on an international basis.
The benchmark is the FTSE EPRA/NAREIT Small Cap Developed Europe Net Total Return Index in Sterling. This index is provided by FTSE, and is the EPRA/NAREIT Europe Index in Sterling adjusted to exclude those stocks with a market capitalisation exceeding a defined level or "Cap". The Cap is redefined each year by reference to the overall capital movement of the Small Cap Index over the preceding Financial Year. For the year to March 2013, the Cap is £0.97 billion. The constituents are adjusted annually.
Material events
David Watson joined the Board with effect from 1 April 2012. David has had a distinguished career as a Finance Director, including M∓G Group plc; Prudential plc (LSE: PRU.L - news) and most recently at Aviva (LSE: AV.L - news) as Chief Financial Officer of Aviva (EUREX: AVF.EX - news) (formerly Norwich Union) General Insurance. He is presently a director with Charles Taylor Consulting (LSE: CTR.L - news) plc, Kames Capital plc and Hermes Fund Managers Limited where he is Chairman of the Audit Committee. David is a Chartered Accountant and has wide experience including the operation and oversight of Unit (Berlin: UN7.BE - news) and Investment Trusts.
The final results were announced on 25 May 2012.
Final dividends of 4.20p per Ordinary share and 1.65p per Sigma share were paid on 1 August 2012 to shareholders on the register on 6 July 2012. The shares were quoted ex-dividend on 4 July 2012.
The full text of the announcement is contained in the Annual Report which is available on the Company's website www.trproperty.com
The Annual General Meeting of the company was held on 24 July 2012 and all of the resolutions put to the meeting were approved unanimously.
Material Transactions
The Sigma share class bought back 250,000 shares during the period at an average price of 66.5 pence per share.
Subsequent to this reporting period, the Sigma share class has bought back a further 250,000 shares at an average price of 68.99p.
Following these buy-backs the Sigma shares in issue now stand at 123,972,000.
There were no buy-backs in the Ordinary share class.
Ordinary Portfolio
Twenty (LSE: TWE.L - news) largest equity holdings at 30 June 2012
|
|
% of Portfolio |
|
Unibail-Rodamco |
13.7 |
|
Land Securities |
9.1 |
|
Hammerson (Paris: GB0004065016 - news) |
5.4 |
|
4.7 |
|
|
3.2 |
|
|
PSP Swiss Property |
3.2 |
|
Klépierre |
3.2 |
|
2.8 |
|
|
Corio |
2.7 |
|
2.6 |
|
|
2.1 |
|
|
Swiss Prime Site |
1.8 |
|
Gecina |
1.6 |
|
1.6 |
|
|
Hufvudstaden |
1.5 |
|
Foncière des Régions |
1.3 |
|
1.3 |
|
|
Shaftesbury |
1.3 |
|
Wihlborgs Fastigheter |
1.3 |
|
1.3 |
Four Largest property holdings (Values in excess of £4m) at 30 June 2012
Colonnades W2 - Mixed Use
Ferrier St, Wandsworth, London - Industrial (Mexico: ST2000.MX - news)
Field House, Harlow - Offices
Park Place, Vauxhall - Offices
Portfolio Allocation at 30 June 2012
|
UK Equities |
37.0% |
|
European Equities |
52.5% |
|
UK Direct Property |
10.5% |
Sigma Portfolio
Twenty largest equity holdings at 30 June 2012
|
|
% of Portfolio |
|
GSW Immobilien |
6.9 |
|
Great Portland Estates |
6.1 |
|
Deutsche Wohnen |
5.3 |
|
Deutsche Euroshop |
4.6 |
|
3.6 |
|
|
Eurocommercial |
3.4 |
|
Wihlborgs Fastigheter |
3.2 |
|
Workspace |
3.0 |
|
London ∓ Stamford Property |
2.8 |
|
Alstria |
2.7 |
|
Befimmo |
2.3 |
|
2.3 |
|
|
2.3 |
|
|
2.2 |
|
|
Foncière de Murs |
2.1 |
|
St Modwen Properties |
2.1 |
|
CA Immobilien |
2.0 |
|
1.8 |
|
|
Capital ∓ Counties |
1.8 |
|
Conwert |
1.7 |
Portfolio Allocation at 30 June 2012
UK Equities 34.7%
European Equities 65.3%
Company's Financial Position and Performance:
Ordinary Shares
|
|
As at 30 Jun 2012 |
As at 31 Mar 2012 |
As at 30 Jun 2011 |
3 Month % Change |
12 Month % Change |
|
Share Price |
148.00p |
154.50p |
200.20p |
-4.2 |
-26.1 |
|
Capital NAV per share1 |
174.96p |
180.28p |
215.64p |
-3.0 |
-18.9 |
|
Income NAV per share2 |
184.04p |
184.81p |
224.34p |
-0.4 |
-15.2 |
|
Benchmark (EPRA) |
|
|
|
|
|
|
Capital Only |
1,716.83 |
1,773.43 |
2,128.09 |
-3.2 |
-19.3 |
|
Total Return3 |
1,370.67 |
1,381.66 |
3,363.76 |
-0.8 |
-15.9 |
|
Gearing (%) 4 |
8.90 |
8.95 |
5.26 |
|
|
|
Shares in issue |
256,225,000 |
256,225,000 |
256,225,000 |
0.0 |
0.0 |
Sigma Shares
|
|
As at 30 Jun 2012 |
As at 31 Mar 2012 |
As at 30 Jun 2011 |
3 Month % Change |
12 Month % Change |
|
Share Price |
64.35p |
70.70p |
92.10p |
-9.0 |
-30.1 |
|
Capital NAV per share 1 |
88.31p |
92.97p |
115.62p |
-5.0 |
-23.6 |
|
Income NAV per share2 |
92.17p |
94.62p |
118.59p |
-2.6 |
-20.4 |
|
Benchmark (EPRA SC) |
|
|
|
|
|
|
Capital Only |
1,479.83 |
1,561.06 |
1,907.57 |
-5.2 |
-22.4 |
|
1,680.07 |
1,735.26 |
2,129.31 |
-3.2 |
-19.2 |
|
|
Gearing (%) 4 |
5.60 |
5.25 |
6.70 |
|
|
|
Shares in issue |
124,222,000 |
124,472,000 |
124,722,000 |
-0.2 |
-0.4 |
1 NAV per share is a capital only NAV calculated on the AIC (Kuala Lumpur: 9547.KL - news) basis
2 NAV including Income year to date calculated on the AIC basis. % Change information includes adjustment for dividends paid
3 Total Return Benchmarks changed to Net (Frankfurt: A0Z22E - news) basis from 31 March 2012
4 Net gearing calculated in accordance with the AIC definition.
Other Information
Further information and commentary, including up to date NAV and share price information, can be found on the Company's website www.trproperty.com
.
