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Started: Money_Hoarder_95, 12 Jun 2024 15:36
Last post: Money_Hoarder_95, 12 Jun 2024 15:36
Key Points:
-Sentiment has shifted with the realisation quality assets look undervalued
-Investors continue to benefit from M&A as a value underpin
-TR Property is fortified to ride out a prolonged period of higher rates
-Doors to access real estate close elsewhere, boosting investment trust appeal
TR Property Investment Trust (‘the trust’ / ‘TR Property’) – the only FTSE fund specialising in listed real estate across the UK and Europe – has released positive results covering the year to 31 March 2024.
TR Property’s share price return for the year was 22.9 per cent, alongside a net asset value (NAV) total return of 21.0 per cent, ahead of the trust’s benchmark1, which was up 15.4 per cent.
Kate Bolsover, chairman of TR Property, comments: “There is no denying that commercial real estate became unfashionable when interest rates began to rise. But as TR Property’s renewed outperformance shows, investors are beginning to differentiate between the less desirable elements of the sector and the companies that our manager seeks out—that is, companies that own quality assets and have strong balance sheets.”
The board of TR Property announces a final dividend of 10.05 pence per share (PPS), taking the full year dividend to 15.70 PPS. This is a 1.3 per cent increase on the prior year and represents a dividend yield of 4.8 per cent.
Interest rates continue to dominate, fuelling M&A
Share price action is still being driven by base interest rate expectations. TR Property’s share price rallied and receded several times over the course of the year, moving in tandem with expectations around the proximity of European rate cuts.
Marcus Phayre-Mudge, fund manager of TR Property, comments: “These false dawns have led to many investors remaining on the sidelines, awaiting harder evidence of base rates falling. Our central case is that this point is drawing ever closer but crucially, our positioning and optimism is not dependent on major reductions in interest rates. The companies we own have balance sheets which can withstand rates remaining at current levels.
“The spike in takeover activity this past year shows acquirers are rushing in to take advantage, where public markets have left quality assets languishing at significant discounts.”
The trust’s exposure to this heightened merger and acquisition (M&A) activity was among the key contributors to 2023/24’s strong performance, with four transactions involving investee companies during the year, and fifth proposed post-year end.
Earnings and long-term performance
The trust’s earnings, at 12.04 PPS, were just over 30 per cent lower than the previous financial year, an expected dip which was flagged in the last interim and annual reports.
The income reduction came as some of the trust’s investee companies paused or reduced dividends, as they strengthened their balance sheets. Earnings in the prior report
Started: Money_Hoarder_95, 1 Mar 2024 18:49
Last post: Money_Hoarder_95, 1 Mar 2024 18:49
119-year-old ftse 250-listed investment trust releases £33.5 million for reinvestment in physical assets
london 29 february 2024: tr property investment trust (tr property) today announces the sale of the colonnades to a private family office, for £33.5 million.
tr property carried out significant asset management on the property, adding 16,000 sq ft of new space through a comprehensive refurbishment in 2015 and doubling the size of the supermarket to 44,000 sq ft, which was let to waitrose on a 20-year lease.
the property comprises a large, fully let, mixed-use block in bayswater, constructed in the 1970s. the site extends to approximately two acres on the northeast corner of the junction of bishop’s bridge road and porchester road, close to bayswater tube station. the residential upper parts were sold in 2022 for £5m.
whilst tr property is best known as an investor in real estate investment trusts (reits) and other listed property companies, it can hold up to 15 per cent of its assets in physical uk real estate. the trust’s closed-ended structure means it is invulnerable to the illiquidity and gating issues that have dogged the open-ended property fund sector.
the sale of the colonnades is in line with tr property’s strategy to recycle capital out of mature assets.
george ***, direct property fund manager at tr property comments: “through this sale we have been able to unlock in excess of £30 million to invest into higher-yielding assets such as multi-let light industrial. having transformed the colonnades, this is the right time to exit and turn towards future opportunities and growth.”
https://www.trproperty.com/tr-property-announces-sale-of-the-colonnades-bayswater/
Started: Money_Hoarder_95, 2 Nov 2023 15:18
Last post: WillJay, 2 Nov 2023 18:10
Wait for when rates actually start getting cut, envisage we should stay over £3 a share when that happens.
A 5% rise
Started: Money_Hoarder_95, 11 Jan 2023 14:24
Last post: WillJay, 16 Oct 2023 17:09
Every time I am able to, I top up here. I can't see a better fund that's so depressed in SP yet still producing excellent dividends (with great cover), with the potential for decent capital gains in the future.
I don't disagree at all.....10% discount to NAV ; divi of +5% all based on depressed underlying valuations; look at Hammerson which produced decent results and NAV is £4bn but sp values it c£1.25bn).
1.48 years dividend cover*
Can't believe how quiet this board is!
The dividend has been increased despite a terrible year returns wise, now supports over a 5% yield with over of 1.48 years and surely plenty of upside in the SP due to recent falls, why isn't this share more popular? This is my second largest holding away from my pension and will continue to keep adding for the reasons mentioned above.
Typical this rockets up over 3.50% the day before we can reinvest our dividends.
Started: Auricgold, 13 Dec 2010 12:42
Last post: ZohanP, 27 Dec 2021 12:48
I'm sure there's lots of private interest in TRY, auricgold. Witness the fact that it's more than doubled since your post, touching 430p earlier this year.
But, it ain't flash, which is often all that seems to appeal to a number of posters here. They really want a bet on a racehorse. Make a ten-bagger in ten months. Fat chance! But just as the punters on six-horse accumulators make the bookies rich, so the gamblers grease the market for those of us who buy a slow and steady capital improvement, plus a holding divvy of 3 or 4%. For amusement read the AEX posters. So many shares that the company would need to be valued at £5 billion for the shares to hit 10p.
I wonder from the lack of comment whether there is much private investor interest in this share? I have held for getting on for five years and so far have resisted churning these as I feel they represent a solid and well diversified play in an important sector. OK it has been out of fashion but trading at around a 10% discount to NAV they are good value. You can read Chris Turner's thoughts at http://www.trproperty.com/market/ordinary/index_html?id=Oct10 Looking into their spread of investment, their portfolio is 9% in direct property, 34% in UK shares and 57% in listed continental European shares with 6.8% in Germany and a spread throughout the rest of Europe. All that and a reasonable dividend too. Worth a look.
Started: applegarth, 22 Oct 2017 21:42
Last post: applegarth, 22 Oct 2017 21:42
♪ ♫ ♩ ♬
Started: applegarth, 22 Oct 2017 21:40
Last post: applegarth, 22 Oct 2017 21:40
♪ ♫ ♩ ♬
Started: applegarth, 22 Oct 2017 21:39
Last post: applegarth, 22 Oct 2017 21:39
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Started: applegarth, 22 Oct 2017 21:38
Last post: applegarth, 22 Oct 2017 21:38
♪ ♫ ♩ ♬ ♭ ♮ ♯
Started: MikeGP, 11 Aug 2017 13:52
Last post: MikeGP, 11 Aug 2017 13:52
..it's quiet here.. Tumbleweed,........... wooshhhh!
Started: ShareSocUK, 27 Jul 2017 15:45
Last post: ShareSocUK, 27 Jul 2017 15:45
Take a look at our recent blog post on property companies and TR Property's AGM. https://www.sharesoc.org/blog/company-news/property-companies-tr-property-agm/ There is a detailed report on TRY's recent AGM by Roger Lawson which can be found in our members area here: https://www.sharesoc.org/members-area/ To access the report, you'll need to be a full member of ShareSoc, which is a not-for-profit organisation that supports individual shareholders and campaigns for shareholder rights. If you're not already a member you can join here: https://www.sharesoc.org/membership/ Once you've joined, you'll receive an invitation to register for our "members network" private social network, from where you'll be able to access the report (and reports on 100s of other meetings). If you're already a member and have any difficulty accessing the report, please do not hesitate to contact us here: https://www.sharesoc.org/contact-us/
investment trust focused on the property sector, has been boosted by the drop in the pound since Britain decided to leave the European Union. The earnings are on Monday and we are currently under value if we see a good result then we could see a move back closer to value. All the support and resistance levels are marked with price tags and the trendlines may provide S/R too. https://uk.tradingview.com/chart/5smoVkqB/
Started: bob6, 22 Jun 2015 18:07
Last post: bob6, 22 Jun 2015 18:07
as you probably know the EX -DIVIDEND DATE is this Thursday 25/06/15 and a projected payment of 4.75p will be paid on 4/8/15 Dividend helpful information belowDividend information of interest DIVIDEND . helpful information/11 May '15EX-DIVIDEND DATE IS NOW ON A THURSDAYS AND THE RECORD DATE IS THE DAY AFTER FRIDAYS 7AM ON THE EX-DIVIDEND DATE THE SHARE PRICE IS REDUCED BY THE DIVIDEND PAYOUT AMOUNT . in this case by 4.75p 22/03/15 example of interest below Do I qualify for a dividend, and when will it be paid? To qualify for a dividend payment you must be the owner of shares at the close of business on the working day before the ex dividend date. For example if the ex dividend date is 9th June: You would qualify if you buy/bought shares on or before the 8th June and did not sell before close of business on the 8th. You will not qualify if you buy/bought shares on or after the 9th June. As long as you buy/bought shares on the 8th or before then you can sell the shares on the ex dividend date and still qualify for a dividend. MORE INFORMATION RE DIVIDENDS Guide to Dividends and Income Investing What are dividends? Dividends are payments made by a company from its profits to its shareholders. They are generally paid either twice a year (in an interim and final dividend) or quarterly. Some companies will occasionally make one off payments known as special dividends. Dividend stocks are sought after by income investors and will play a part in a well-diversified stock portfolio. To receive a dividend, you must buy shares in the company concerned prior to, and hold for at least part of, the ex-dividend date; if you were to buy shares on the day itself, you would not be eligible for the dividend. What happens on the ex-dividend date? On the ex-dividend date, the shares will typically fall by the amount of the dividend. If you hold shares in a company and do not realise it's the ex-dividend date this can obviously be quite alarming. It makes sense, however, as new buyers of shares in the company aren't eligible to receive the dividend essentially making the company worth less. What about if I have a spread bet or CFD position open on a company which goes ex-dividend? If you have a position with a spread betting or CFD provider when a company goes ex-dividend they will typically credit (if you are long) or debit (if you are short) the amount of the dividend to compensate for the fall in share price. What about tax on dividends and dividend tax rates? Anyone who receives dividends from UK companies have 10% taken off as taxation before the dividend is paid. Unfortunately, there's no way around this. However, higher rate taxpayers can avoid losing a further 25% to tax by holding the shares in a Self Invested Personal Pension (SIPP) or ISA.
Started: tyneagle, 19 Apr 2015 12:37
Last post: bilboburgler, 27 Apr 2015 16:25
spread only 0.4% today, that seems ok to me, do you have a view on this trust or do you think it will just bounce 290-325 for a bit?
Have been watching this for a while as a safe investment in volatile time and going to get a lot more volatile. Just waiting for a better entry point as the spreads too wide at the moment. Any investor views would be welcomed
Last post: Gideon82, 17 Jan 2014 14:35
What a great investment trust. Gideon recommends BUY.
Meanwhile, TR Property is a reliable income payer, and its shares trade at a 14 per cent discount to the latest book value of 212p. That's wide by the standards of the high-quality real-estate investment trusts that it owns.........BUT AS ALWAYS DYOR AND GOODLUCK.......
Perhaps the biggest risk faced by Mr Phayre-Mudge is that market sentiment improves, so investors turn to cheaper, messier companies. There have been hints of a rotation this year. This could remove the premium rating from safe-haven players such as Derwent (DLN) and Great Portland (GPOR) - both of which are overweight in TR portfolio. Yet, so far there has been more talk of risk-taking than action. And even if rotation does happen, property values in general should benefit. Besides, investors may not begrudge Mr Phayre-Mudge underperformance of TR's benchmark if he is still making good returns. Share tip sum
Mr Turner retired in March 2011, to be replaced by his long-term deputy, Marcus Phayre-Mudge. It remains to be seen whether Mr Phayre-Mudge will prove as adept a thinker as his predecessor. In the volatile 22 months since he took over, the fund has underperformed the European benchmark for property shares. But that's not long enough to judge a manager and the trust's long-term record, for which Mr Phayre-Mudge is partly responsible, shows substantial outperformance. Over the past five years, which have not been kind to property investors, that outperformance can be attributed to a focus on quality - particularly balance sheet quality. The managers have been right, it turns out, to avoid companies and countries with high levels of debt. TR Property itself is modestly geared, with net debt of just £36m on a £483m portfolio, and Mr Phayre-Mudge closely monitors 'see through' net debt - the gearing to which the fund is exposed through its holdings. They have also been right to focus on those markets with structural growth, even if the relevant companies trade on punchy ratings. These include London, Stockholm, German housing and pan-regional shopping malls.
Second, liquid portfolios are invaluable in a crisis. When the property market showed signs of turning in late 2007, TR Property's then manager, Chris Turner, could adapt his portfolio quickly. He sold off stocks with higher gearing and used the proceeds to pay off the company's own debt. Land Securities could do little but hope for the best as its portfolio deflated. Nobody expects a re-run of the 2007-09 property crash any time soon. But in today's polarised property markets - some are booming while most remain distressed - the flexibility of a diversified, liquid portfolio remains attractive. If you want hassle-free, low-risk exposure to European property, TR Property is a useful stock.
If you bought £100-worth of shares in Land Securities (LAND) a decade ago and spent the dividends, your capital would be worth just £112. If, instead, you had stashed your cash in TR Property (TRY), an investment trust that owns a basket of property shares, you would now have £205. There are two lessons. First, it really can pay to diversify. TR Property's largest holding in 2007 was Land Securities. Yet, because it owned shares in plenty of other companies, it weathered the property crash.
TR Property Investment Trust: Liberum Capital starts coverage with a target price of 195p and a buy recommendation.
The shares of both classes will go ex-dividend on December 5th.
Interim results For the six months to September 30th the ordinary shares produced a total income of £29.6m (2012: loss of £78.7m) and a pre-tax profit of £15.9m (2012: loss of £83.2m). While the Sigma shares produced a total income of £7.6m (2012: loss of £24.4m) and a pre-tax profit of £7m (2012: loss of £25m). The Ordinary share class showed a NAV total return of 4.7% against the benchmark total return of 3.4%. The share price total return was 5.8%. For the Sigma share class, the NAV total return was 5.7% and the benchmark total return was 3.5%. The share price total return was 13.3% due to a significant tightening in the discount to NAV at which the shares traded following the announcement of the change on September 26th. The ordinary shares will pay an interim dividend of 2.65p per share, an increase of 10.4% on last year's interim dividend of 2.40p. While Sigma shares will pay an interim dividend of 1.05p per share, an increase of 10.5% over last year's interim dividend of 0.95p.
TR Property, an investment trust focused on the European property market, is proposing to merge its two property portfolios and convert its Sigma shares into one class of ordinary shares. The move comes following a strategic review and was announced as it delivered its interims for the six months ended September 30th. The proposed conversion will result in a single, larger ordinary share class that will retain the objective of maximising shareholders' total returns by investing in property shares and investment property on an international basis. The physical property investments will continue to be located in the UK only. Although analysis has shown that Sigma net asset value (NAV) total return had outperformed the ordinary share class NAV total return since its establishment, particularly since 2009, the company has concluded that prospective investors are less interested in smaller funds focused on small companies with limited liquidity. This has been demonstrated by the fact that the Sigma shares have now traded at a significant discount to NAV for a prolonged period. The proposal will be voted on at an Extraordinary General Meeting on December 14th.
TR Property Investment Trust, a UK-based investment company, has announced that it is planning to propose a conversion of the entire share capital of its Sigma shares into ordinary shares. The Sigma share class was approved in July 2007, but now the company wants to merge the underlying portfolios to produce an enlarged single share class, which it anticipates will have deeper liquidity. The company is currently proposing that Sigma shares will convert to ordinary shares based on the net asset value of each of the two share classes. As such, Sigma shares will be valued at 98% of Sigma share net asset value after deduction costs, while ordinary shares will be valued at 100% of the ordinary share net asset value. The costs are expected to be around 0.5% of the Sigma share class net asset value, which will be paid for by Sigma shareholders. The firm is planning to propose the plans to shareholders in December.