Tr Property Investment Share Discussion Threads

[speedsgh] 20/11/2023 09:52

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.

[mozy123] 20/10/2023 15:19

Have been buying monthly. With retail sales weak, and wider economy showing signs of slowdown I think we are at the top of the rate cycle. Probably be 12 months under water before recovery but I will never time the bottom.

about 2% of my IT portfolio.

[essentialinvestor] 20/10/2023 15:02

Their holdings are already trading on a discount, some very large,
so you are effectively getting an, admittedly modest, double discount -
all be it one with a 0.84% annual management charge, I'm tempted to buy
just a small amount, but everything keeps getting cheaper, we are perhaps
near a fear and loathing stage for some cyclical stocks. Thx for the view.

[dlp6666] 06/7/2023 15:42

Nearly 6% yield after today's fall ....

[speedsgh] 09/6/2023 15:03

TR Property’s 5% yield a selling point after tough year for Reit investor -

[spacecake] 02/6/2023 12:45

Repurpose retail space, Metrocentre in Gateshead are onto this with our two largest NHS foundation trusts.

[speedsgh] 02/6/2023 10:09

~ 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.

[riverman77] 24/5/2023 10:48

I'm pretty sure they did, although probably only about 1% of their portfolio so unlikely to move the dial. I'm wondering if they were working behind the scenes to encourage this as they have been quite vocal about the need for consolidation in the sector.

[piwood] 24/5/2023 10:45

LondonMetric Property PLC RECOMMENDED ALL-SHARE OFFER FOR CT PROPERTY TRUST

Did TRY open a position in CT recently ?

[speedsgh] 07/5/2023 18:30

This is from a few weeks ago now but highly recommended listening for general sector commentary or if you hold/are thinking of holding TRY...



15/4/2023
In this week’s edition of the Weekly Investment Trust Podcast, Jonathan Davis, editor of the Investment Trusts Handbook, speaks to Marcus Phayre-Mudge, manager of TR Property Investment Trust (TRY), and Jon Forster, co-portfolio manager at Impax Environmental Markets (IEM)...

[speedsgh] 02/5/2023 19:19

TRY has a pretty decent track record, well respected investment manager in Marcus P-M and is an ideal vehicle if you're looking for broad brush exposure to what is mainly commercial property. Half decent income (paid out twice a year as ordinary dividends, not PIDs, as TRY is not a REIT). I can't offer much in terms of timing the market, gave up on that a long time ago.

[kingolly] 02/5/2023 18:33

Thank you for the info. I think this trust is more diversified than most but I just worry slightly about valuations going forward. I have a small holding here but plan to add if there is another significant drop.

[speedsgh] 02/5/2023 15:27

@kingolly - According to their website, as at 30/9/22 the following sector allocations were exposed to residential:

GERMAN RESIDENTIAL: 17.7% (of NAV)
NORDIC RESIDENTIAL: 1.4%
UK/IRELAND RESIDENTIAL: 0.1%

out of a total NAV of 111.1% (don't ask me to explain that!)

[kingolly] 02/5/2023 14:19

Does anyone know what percentage of the fund is invested specifically in commercial real estate? Residential and warehousing looks ok going forward but shops and offices look shaky.

[speedsgh] 28/3/2023 18:05

Nearly 50% retracement from its ATH. Starting to look interesting as a LTH. Decent track record in view of property's cyclicality.

[petewy] 28/3/2023 16:42

You're back again Red where u been???????

[redponza] 28/3/2023 15:14

Is it a concern for you guys that the revenue does not cover the dividend in the half year result? Also with REIT starting to reduce dividends, there maybe further downside to the share price

[brad44] 28/3/2023 12:26

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.

[mozy123] 24/3/2023 10:30

The contrarian in me says I should start nibbling at this.

[trcml] 24/3/2023 10:02

sp starting to become attractive

[speedsgh] 27/1/2023 15:10

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.

[petewy] 05/12/2022 09:42

"This has been a dramatically poor period of performance for property shares and the Company was no exception, delivering a six month net asset value total return of -33.6%. Nevertheless, our investments are focused on balance sheet strength and the security of income, much of which is index-linked, so I am pleased to report a 6.6% increase in the interim dividend." David Watson, Chairman

I'm still in it at a profit and the divi.

[trcml] 28/9/2022 11:39

it's not he 2% increase in base rate that concerns so much as how much percent over base rate rate. Refinancing when interest rates are are historic lows is all very laudable, the challenge is how to maintain the profit margin between higher borrowing costs, increasing overheads and rent increases (if any) below inflation.

[trcml] 28/9/2022 09:45

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.

[mozy123] 27/9/2022 21:51

Add this to my month saving. Very tempting at these levels.