TR Property enjoys 51% income bounce
TR Property Investment Trust has reported a 51% jump in its total income to just over £184m in its latest half-year results.
It has also recorded a 49% hike in its pretax profit to £169m, compared to the six months ended 30 September last year.
Earnings per share stood at 52.93p, while NAV per share was 402.23p, a 12.3% increase from 358.11p on 31 March.
TR Property Investment Trust has reported a 51% jump in its total income to just over £184m in its latest half-year results.
It has also recorded a 49% hike in its pretax profit to £169m, compared to the six months ended 30 September last year.
Earnings per share stood at 52.93p, while NAV per share was 402.23p, a 12.3% increase from 358.11p on 31 March.
The firm also delivered a net asset value total return of +14.8%, ahead of the benchmark of +9.8%.
David Watson, chairman of TR Property Investment Trust, said: “Whilst these figures are comfortingly positive, they are a six-month snapshot which commenced shortly after the equity market had fallen sharply.
“Since then there has been a steady recovery in pan-European real estate equity share prices as investors took comfort from significant central bank stimulus and state aid for corporates and individuals.
“Our manager has focused on those businesses with the most sustainable income. Our closed-ended, permanent capital structure, as an investment trust, has again proved its worth with our ability to acquire shares and take a longer-term view when others are driven to sell.”
Watson took over as chairman of TR Property Investment Trust in July from Hugh Seaborn. He is also deputy chairman of Countrywide and chairman of Kames Capital.
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