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TRY Tr Property Investment Trust Plc

333.50
2.50 (0.76%)
Last Updated: 12:20:58
Delayed by 15 minutes
Tr Property Investment Investors - TRY

Tr Property Investment Investors - TRY

Share Name Share Symbol Market Stock Type
Tr Property Investment Trust Plc TRY London Ordinary Share
  Price Change Price Change % Share Price Last Trade
2.50 0.76% 333.50 12:20:58
Open Price Low Price High Price Close Price Previous Close
333.00 333.00 333.50 331.00
more quote information »
Industry Sector
EQUITY INVESTMENT INSTRUMENTS

Top Investor Posts

Top Posts
Posted at 26/4/2024 14:55 by trcml
Many investors are chasing yield but wonder why their choice of property company doesn't perform. The short answer is that high-yielding property indicates low or no capital growth. TRY has continental property companies and is a low-cost way in. As for TRY's investments not paying dividends, such have resumed, and any that still aren't are probably close to resuming. The UK market for commercial property is picking up.
Posted at 15/3/2024 08:20 by raj k
I guess it all boils down to can the indivdual investor think they can do a better job navigating the myriad of property companies and REIT's and outperforming the managers at TRY. I know some can but i feel more comfortable letting the chaps at TRY do it. It has performed well over time. I know that doesnt mean it will in the future.
Posted at 24/11/2023 15:56 by skyship
The usual Phayre-Mudge rant - dream on sonny!:
==============================================

The investment community must learn to support opportunistic (and earnings accretive) capital raises rather than wait for share prices to trade at premiums before raising. The inherent issue with that traditional approach is that listed vehicles are flush with capital far too late in the cycle. Simultaneously we must all encourage consolidation amongst the plethora of smaller companies. The closure of many of the remaining open-ended, daily dealing PAIFs (property authorised investment funds) reduces the alternatives for private investors and the listed sector must grasp the opportunity. There is clear demand for exposure to real estate in a liquid structure through a closed-ended listed structure. However liquidity comes with scale and we welcome further consolidation in the sector.
Posted at 23/11/2023 12:23 by speedsgh
NAV pretty stable 304.74p (-0.1%) against 31/3/23. EPS down 39% as previously flagged in the last annual report. Interim dividend unchanged at 5.65p still covered by the much reduced earnings of 7.31p.

Half-year Report -

From Chairman's Statement...

Revenue Results, Dividend and Outlook

The interim earnings at 7.31p are some 39% lower than the prior year interim earnings.

A fall in earnings was flagged in the last annual report. Earnings in the year to March 2023 were flattered by some one-off changes and also a significant number of shifts in companies' dividend timetables. At the year-end we were also highlighting that a number of German residential companies and Swedish companies had announced dividend suspensions or cuts and the consequence for our earnings in the following financial year. Increases in interest rates have had a negative impact on our own revenue account and the increase in the UK corporation tax charge has also increased the revenue tax charge, although, our overall taxation charge (when taking into account the capital account credit) remains low.

A number of companies were quick to suspend or reduce dividends in the face of rising interest rates. It is still difficult to predict whether interest rates have reached a peak and how high they will stay and for how long. The property sector is highly sensitive to interest rates at both income and capital levels. The German residential sector is 14.6% of our benchmark, many of these companies have suspended or substantially cut their dividends while they reorganise their balance sheets, make sales to deleverage and reposition their portfolios for a higher interest rate environment. We expect them to resume distributions in due course but the timetable is uncertain. In the meantime, our own income account will reflect this reduced source of income.

Our Managers are mandated by the Board to meet the Company's investment objective, which is to maximise Shareholders' total return relative to the benchmark. They are asked to have an eye for the income account, but the positioning of the portfolio is driven primarily by the total return objective. There are times when it is not possible to deliver progressive income whilst meeting that total return objective. In light of the potential for leaner periods of income, the Board has strategically built healthy revenue reserves. Providing we are comfortable of achieving a covered dividend in the longer term, we will be happy to supplement dividend distributions from reserves.

The interim dividend has been maintained at 5.65p per share.

---------------------

From investment Manager's Statement...

Revenue and Revenue Outlook

The reduction in the current year earnings was fully anticipated and flagged in the Annual Report. A small element of this fall can be put down to timing differences with some dividends being paid in March, just before the last year end, whereas they had previously been paid in April and would have fallen into the current financial year as they had done previously.

More importantly, as we went into the results season for the German residential sector (15% of our benchmark), all those companies were announcing dividend suspensions or material reductions. With very secure earnings, low vacancy and structurally undersupplied markets, the underlying assets in these companies saw tremendous capital growth over the last decade resulting in lower and lower yields. The impact of higher interest rates had a dramatic impact on cashflow given the low yields and these companies have acted quickly and judiciously, taking action to reduce leverage through disposals and cash retention. Whilst they are not distributing this has had a significant impact on our income. Swedish companies also tend to be highly leveraged and we have seen a similar pattern, albeit the cuts were not as widespread. Sweden is just over 13% of our benchmark and although we were underweight (relative to the benchmark exposure) it still had an impact.

As the Chairman has highlighted, although we do aim for a progressive income profile, the primary objective is to exceed the performance of the benchmark on a total return basis. With dividend cuts in such a significant part of our portfolio, our income statement will be temporarily impacted. These companies will return to the dividend list in due course but the timing is still hard to predict and will vary from next year onwards.

---------------------

Outlook

The volatility in share prices highlights the ongoing battle between underlying property market fundamentals in our preferred sectors (stable to improving) and the relentless debate about yield curve trajectory and central bank behaviour. This 'whipsawing' has continued post the half year, in fact volatility has increased with the benchmark falling 9% through most of October only to then rally by 13% by the end of the first week of November.

Such volatility encourages us to focus on the core qualities of our companies safe in the belief that the vast majority have protected themselves from the impact of further short term increases in rates. We are also emboldened by the firm belief that we are seeing an increasing range of data points suggesting that the heightened rate environment is having the (central banks') desired effects, i.e. slowing their respective economies. We are clearly much nearer this cycle's 'peak rate' and the repositioning by investors is beginning to be reflected in share prices given where discounts have reached.

Public property companies are cautiously leveraged when compared to many private equity-backed vehicles. The eradication of equity in highly leveraged vehicles will provide investment opportunities for conservatively run listed companies. The investment community must learn to support opportunistic (and earnings accretive) capital raises rather than wait for share prices to trade at premiums before raising. The inherent issue with that traditional approach is that listed vehicles are flush with capital far too late in the cycle. Simultaneously we must all encourage consolidation amongst the plethora of smaller companies. The closure of many of the remaining open-ended, daily dealing PAIFs (property authorised investment funds) reduces the alternatives for private investors and the listed sector must grasp the opportunity. There is clear demand for exposure to real estate in a liquid structure through a closed-ended listed structure. However liquidity comes with scale and we welcome further consolidation in the sector.
Posted at 20/11/2023 09:52 by speedsgh
Investor Presentation via Investor Meet Company -

TR PROPERTY INVESTMENT TRUST PLC is pleased to announce that Lead manager Marcus Phayre-Mudge will provide an overview of the fund, incorporating the recent half year report, and give his outlook on listed UK & European Real Estate Investment Trusts (REITs) for 2024 via Investor Meet Company on Friday 1st December 2023 at 10.00 a.m. GMT.

The presentation is open to all existing and potential shareholders. Questions can be submitted pre-event via your Investor Meet Company dashboard up until 9.00 a.m. the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet TR PROPERTY INVESTMENT TRUST PLC via:

hxxps://www.investormeetcompany.com/tr-property-investment-trust-plc/register-investor

Investors who already follow TR PROPERTY INVESTMENT TRUST PLC on the Investor Meet Company platform will automatically be invited.
Posted at 09/6/2023 15:03 by speedsgh
TR Property’s 5% yield a selling point after tough year for Reit investor -
Posted at 02/6/2023 10:09 by speedsgh
~ NAV/share 305.13p, down 38% (31/3/22: 492.43p)
~ Revenue EPS 17.22p (+25.8%)
~ Full year dividend 15.50p (+6.9%)
~ Forecasting a fall in net income for current FY

Results for the year ended 31 March 2023 -

Chairman David Watson commented
"Markets have had to absorb huge increases in the cost of capital and real estate equities have suffered consequential price adjustments. However, this is an unusual cycle where both interest rates and rents are rising. In many of our markets property fundamentals are sound and we see few signs of over-supply."

Manager Marcus Phayre-Mudge commented
"For a sector where returns are anchored by income, these levels of volatility and multiple directional shifts are almost unparalleled. The whole period has been dominated by the ebbs and flows around interest rate expectations and real estate fundamentals have taken the proverbial back seat. However, looking forward, we anticipate a renewed focus on those sectors offering rental growth."

Outlook

Macro considerations continue to dominate. Markets have had to absorb a huge adjustment in the cost of capital and real estate equities have certainly borne their share of price adjustments. However, this is an unusual cycle where both rates and rents are rising. In many of our areas of focus, real estate market fundamentals are sound and we see few signs of over-supply. Our central assumption is that the interest rate cycle will peak this year but that inflation will remain above central banks' targets. Listed property companies are generally more conservatively geared than their private counterparts and this should stand them in good stead. The sector has been hit hard and many of our companies are trading at large discounts to asset values that have also been recalibrated. As in previous cycles, if the sector is undervalued then private capital will be quick to step in. Just after the year end, Industrials REIT, one of the Company's 10 largest holdings, announced a recommended bid for cash at a 40% premium to the undisturbed share price. More recently in early May, Civitas, the social housing landlord announced a cash bid from an Asian conglomerate at a similar premium. These businesses are chalk and cheese but both have proved attractive to very different groups of investors. These events remind us that, for many, real estate is seen as a crucial part of the investment jigsaw particularly in these inflationary times.
Posted at 28/3/2023 12:26 by brad44
this from 10 years ago...back where he started!! i will be looking to buy in when funds permit, thats for sure.

Price: 185.80

No Opinion
TRY22 Feb '13

Mr Turner retired in March 2011, to be replaced by his long-term deputy, Marcus Phayre-Mudge. It remains to be seen whether Mr Phayre-Mudge will prove as adept a thinker as his predecessor. In the volatile 22 months since he took over, the fund has underperformed the European benchmark for property shares. But that's not long enough to judge a manager and the trust's long-term record, for which Mr Phayre-Mudge is partly responsible, shows substantial outperformance.

Over the past five years, which have not been kind to property investors, that outperformance can be attributed to a focus on quality - particularly balance sheet quality. The managers have been right, it turns out, to avoid companies and countries with high levels of debt. TR Property itself is modestly geared, with net debt of just £36m on a £483m portfolio, and Mr Phayre-Mudge closely monitors 'see through' net debt - the gearing to which the fund is exposed through its holdings. They have also been right to focus on those markets with structural growth, even if the relevant companies trade on punchy ratings. These include London, Stockholm, German housing and pan-regional shopping malls.
Posted at 27/1/2023 15:10 by speedsgh
TR Property: Don’t let 2022’s slump fool you, real estate is reviving -

The fog of uncertainty is clearing around Reits after last year’s selloff, says TR Property's Marcus Phayre-Mudge, who tells Citywire where he is finding value in a sector trailing on an average of 27% below asset value.

Despite a strong long-term record that has seen TR Property (TRY) win five Citywire performance awards in the Specialist Equities category, the £1bn investment trust suffered a shocking 32.4% slump in net asset value (NAV) last year as investors dumped the real estate investment trusts (Reits) in which it invests on fears surging interest rates would hit commercial property valuations and their borrowing costs.

However, as inflation has peaked and started to fall, the fog of uncertainty has begun to clear, says fund manager Marcus Phayre-Mudge. In the month to 26 January, the trust’s NAV has rallied 11%, although the shares still trade on a relatively wide 9% discount.

Returning to the Citywire studio after nearly two years, Phayre-Mudge (below) talks to Gavin Lumsden about where he is finding good value in a sector trading on a steep 27% discount below asset value after last year’s selloff.

Citywire A-rated Phayre-Mudge says Reit and property valuations had to fall in response to rising government bond yields, and in some areas will continue to do so. However, he believes that top-down correction is at odds with the rental growth and strong tenant demand evident in many, but not all, areas of industrial, office and retail real estate.

In this 36-minute interview, the fund manager also discusses:

~ the two UK generalist Reits he bought for the first time.
~ the need for more mergers and consolidation in a fragmented Reit sector.
~ the importance of strong governance and due diligence following the suspension of shares in Home Reit (HOME).
~ the challenge of stricter environmental standards for the owners of many office buildings.
Posted at 28/9/2022 09:45 by trcml
Watching too, especially the discount to nav which currently has hardly widened. Stock market volatility tends to have private investors rushing to the exit whereupon they buy commercial property perceived to be more stable: often little do they know.

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