(Alliance News) - TR Property Investment Trust PLC on Friday said it outperformed its benchmark in financial 2020 as it declared a higher dividend.
Shares in the FTSE 250-listed trust were trading 0.3% higher at 353.60 pence each on Friday morning in London.
TR Property said its net asset value per share as at the end of March stood at 358.11p, down 14% from 418.54p a year prior. Its share price as at March 31 was 317.50p, representing a 11% discount to NAV.
Share price total return in the financial year to March 31 was negative 16.8%.
NAV total return was negative 11.5%, while the company's benchmark, the FTSE EPRA/NAREIT Developed Europe Capped Net Total Return Index in sterling, returned negative 14%.
A final dividend of 8.80 pence was declared, up 2.3% from 8.60p paid the year prior. The amount takes the total payout for the year to 14.00p, up 3.7% from 13.30p year-on-year.
Looking ahead, TR Property said that as a result of companies in its portfolio cutting or suspending dividends, it expects a fall in earnings for financial 2021.
"It is clear that rent receipts in the immediate future will be severely disrupted across many of the companies we are able to invest in and this will vary widely with consumption focused properties likely to face disruption for longer. However, it is pleasing to report high rates of rent collection from healthcare, logistics and rented residential," said Chair Hugh Seaborn.
"Although we expect the earnings to fall next year, as an investment trust we have the luxury of being able to call on income reserves to supplement dividends, until the longer term revenue pattern emerges," the company added.
By Ife Taiwo; ifetaiwo@alliancenews.com
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TR Property Investment Trust (TRY)