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(Sharecast News) - TR Property Investment Trust reported a "good" first half result on Friday amid challenging market conditions, with its net asset value per share rising 13.5% to 474.34p.
The FTSE 250 firm said shareholders' funds totalled £1.51bn at the period end on 30 September, up from £1.33bn at the end of March, while net debt as a proportion of net asset value narrowed to 11.6% from 16.5%.
Revenue earnings per share jumped 34.8% year-on-year to 10.31p, while the board recommended an interim dividend of 5.3p per share, up 1.9% on the 5.2p distribution it made at the half-year last year.
Looking at its performance, TR Property reported a net asset value total return of 15.6%, down from 20.7% for the year ended 31 March, although it was still outstripping its benchmark total return, which slipped to 11% from 15.9% over the same period.
Its share price total return was 22.1% for the first half, down from 28.3% for the 2021 financial year.
"[These are] a good set of results in challenging market conditions," said chairman David Watson.
"A share price total return of over 22% and an increase in the Interim dividend reflect our confidence that income will return to pre-pandemic levels over the next 18 months."
At 0836 GMT, shares in TR Property Investment Trust were down 0.2% at 487p.
11 Jun 2020 16:18