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Prices & Quotes - UK Markets - TR Property Inv Trust (TRY)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 476.00p
Change Today:
-9.00p
Market Cap:
1,510.59m
Sector:
Equity Investment Instruments

TR Property looking stable amid wider market uncertainty

By Josh White

Date: Thursday 30 May 2019

LONDON (ShareCast) - (Sharecast News) - TR Property Investment Trust reported a 5.8% improvement in its net asset value per share in its full-year results on Thursday, to 418.54p.
The FTSE 250 company said shareholders' funds stood at 1.33bn as at 31 March, which was an improvement of 5.8% over the prior year, with shares in issue at year-end totalling 317.4 million - unchanged year-on-year.

Its net debt ratio shrunk to 10% from 14.6% during the period.

TR Property noted that its share price was 3% higher year-on-year, closing the financial year at 394p, while its market captialisation also rose 3% to 1.25bn.

Revenue earnings per share were 14.58p for the period, up 10.3%, with the board paying an interim dividend per share of 4.9p during the year, which was 5.4% higher than the prior interim distribution.

It declared a final dividend increase of 13.9% on Thursday to 8.6p, taking the total dividend per share for the year to 13.5p, which was 10.7% higher than the 2018 financial year.

Looking at its performance, TR Property's net asset value total return shrunk to 9.1% from 15.5% year-on-year, while the benchmark total return fell to 5.6% from 10.2%.

Its share price total return slid to 6.2% from 25.5%.

"In November, I concluded that whilst the ECB had signalled its intention to resume a more normalised interest rate cycle - this could well be deferred if economic growth dampened," said TR Property chairman Hugh Seaborn of the company's outlook.

"We now find ourselves in that state of affairs with global trade tensions and attention on Germany, the European powerhouse, which is focussed on exports and hence global growth.

"Recent economic news has been weaker than anticipated and this has encouraged the ECB to remain dovish towards the timing of the next interest rate increase."

Seaborn said market expectations for interest rate rises had thus moved out to 2020 and possibly beyond, with the longer end of the interest curve also remaining subdued.

For TR Property's companies, the ability to fix longer term debt at record low levels remained highly attractive and helped the predictability of earnings, he explained.

"In an environment where investors are seeking income, property benefits from the characteristic of offering relatively high income returns, often growing with inflation.

"Our manager continue to focus on real estate businesses in areas and sectors which offer the likelihood of rental growth.

"The divergence in performance between companies with those attributes and the remainder has widened to record levels."

That did create the risk of the most popular names becoming overbought and the least popular at risk of being oversold, Hugh Seaborn noted.

He said TR Property's manager remained "vigilant", keeping a close eye on earnings, which he described as "the bedrock" of the asset class.

"Our confidence in the stability of earnings and the relative attractiveness of the asset class versus other risk assets offers little succour in the event of broader market weakness.

"The impact on the UK, and to a lesser extent continental Europe, inflicted by unprecedented levels of political uncertainty may well only become apparent in years to come.

"What we do know, at the time of writing, is that we remain in a period of great political uncertainty and I take the opportunity to remind shareholders of the broad pan European spread of our assets."

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TRY Market Data

Currency UK Pounds
Price 476.00p
Change Today -9.00p
52 Week High 497.50p
52 Week Low 377.00p
Volume 380,164
Shares Issued 317.35m
Market Cap 1,510.59m

Performance Indicators

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Operating Margin
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What The Brokers Say

Strong Buy 0
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 1
neutral
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TRY Dividends

  Latest Previous
  Interim Final
Ex-Div 05-Dec-19 20-Jun-19
Paid 07-Jan-20 30-Jul-19
Amount 5.20p 8.60p

Trades for 25-Feb-2020

Time Volume / Share Price
16:35 52,805 @ 476.00p
16:29 35 @ 478.00p
16:29 27 @ 478.00p
16:29 1,708 @ 477.50p
16:29 129 @ 477.50p

TRY Key Personnel