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LONDON (Alliance News) - TR Property Investment Trust PLC on Thursday lifted it total payout as net asset value total return came in ahead of its benchmark.
The FTSE 250-listed investment company said its net asset value total return was 15.5% for its year ended March 31, performing ahead of the benchmark's return of 10.2%. The benchmark is the FTSE EPRA/NAREIT Developed Europe Capped Net Total Return Index in sterling.
The trust proposed a final dividend of 7.55 pence, taking a full-year dividend to 12.20p, up by 16% from 10.50p the prior year.
Net asset value per share grew 12% year-on-year to 395.64p from 352.42p. Its share price stood at 382.50p at the end of the period, representing a 3.2% discount.
Shares in TR Property were trading 0.2% higher at 411.16p each on Thursday.
TR Property said its investment turnover equated to 31.2% of the average assets over the period, reflecting a "heightened level" of corporate activity in its sphere.
Revenue earnings per share reached 13.22 pence, a 16% increase from 11.38p the year before.
TR Property said it benefited from from healthier economic growth and improved political stability.
"It has been a very good year for the trust, said Chairman Hugh Seaborn. "Performance has been strong in both absolute and relative terms and we have enjoyed healthy revenue growth."
