Tr Property Investment Share Discussion Threads

[jonwig] 06/3/2009 09:07

Pug - discount on TRY around 14% at the moment, and could widen simply because commercial property is being sold off.

As for taking up rights, they will have borrowing facilities available , as gearing has been reduced.
If they don't want to do that, there are other options, such as sell enough ord shs to take up full rights on the remainder. Alternatively, sell something else.

[pugugly] 06/3/2009 08:56

Property companies are having massive rights issues at substantial discounts (if they can get them away)

Where willl this leave TRY - very limited free cash to take up the rights - Investments could be havily diluted.

I suspect if this scenario develops then discount could and should widen and share price fall.

thoughts ?

[not manu] 21/12/2008 21:07

I see from the october factsheets that they will be redeeming the expensive debenture stock and have arranged a £50m borrowing facility.

[jonwig] 04/12/2008 11:54

I'd be a bit cautious about buying TRYS for the dividend, as it's fairly likely there will be widespread dividend cuts amongst the underlying investee companies, thanks to defaults, voids, higher finance costs, etc.

However, the discount does seem very attractive (NAV 59.7p latest) and any dividend reduction could be reversed in due course.

[not manu] 03/12/2008 12:49

> ISA23
Oops, my bad.

Must remember to read the very latest info i.e. 30 sept interims.

[isa23] 03/12/2008 10:24

I see that current year revenue is already 2.4p (from yesterday's NAV) so we may well be pleasantly surprised by the final divi

[isa23] 03/12/2008 10:19

revenue forcast for this year is 2.4p (it's already 2.3p when you look at NAV including income). They have stated that they plan to distribute all or almost all of the revenue in divi, so even if they pay 2.2p that would be a yield of 6.3 at current price of 35p

[not manu] 02/12/2008 23:32

>ISA23
TRYS projected divi yield is less than TRY. There was a special divi last year which I don't believe is going to be repeated.

As ever DYOR, NAI etc.

[jonwig] 26/11/2008 09:39

Yes, I think this is the least risky way to prepare for an eventual recovery in the commercial market - and exposure isn't just to the UK, of course.

Avoiding gearing and exposure to highly-geared shares is right for now, but both stances will need to be reversed or we'll have underperformance on recovery.

At the moment, I hold TRY, but when I add, it may be with TRYS, as some of the smaller companies may be more nimble in exploiting opportunities, and the discount is very appealing.

[isa23] 26/11/2008 08:58

I have picked up some more TRYS after reading the results. I think it doesn't deserve a 35% discount given the way it is managed. Divi is even more than TRY, about 6.2% at current price!

[not manu] 20/11/2008 21:53

TRYS got smashed up today.

[chairman2] 20/11/2008 16:23

British Land effect

more bad news stll in the price??

[skyship] 19/11/2008 16:25

Discount widened to 23%! Looking rather cheap - s/b another share buyback if they can get the stock...

[not manu] 17/11/2008 16:33

> jonwig
;-)

[jonwig] 17/11/2008 07:20

Well, not manu, bank-based gearing was reduced to zero, with net cash at end-March.
A debenture matures this month, and repaying that may have necessitated selling assets - we should see what the position is in a week or so (H1 results).

Your gnomic remark may have meant to imply that when they gear up again, that will be a signal they see value emerging. Some of the largest UK companies are still pretty gloomy on that score, but of course share prices will recover before real businesses do!

[not manu] 16/11/2008 20:16

Someone, who will remain nameless, told me to watch the net cash position very closely.

As ever NAI, DYOR etc.

[chairman2] 12/11/2008 16:42

It will be liquidity - again

thats the mantra of this financial smash.

If tennants have no cash for rent can Landlords enforce etc etc.

all very well having excellent coventnats but in the end real world
dictates.

A property company without Cash flow is .....

[jonwig] 12/11/2008 15:51

Yes, the discount on TRYS is pretty remarkable.

I suppose the current fright in the commercial property market is - renegotiate terms or send your occupiers to the wall.

[skyship] 12/11/2008 14:32

Bt some TRYS today @ 43.85p - a 30% discount to the 63.13p NAV. Been a big shake-out in the small property trusts today - stocks like IERE & MERE are really no more than option money now!

[chairman2] 12/11/2008 13:47

chart still says down trend

[isa23] 02/10/2008 08:48

sigma shares are fantastic value at the moment. I've picked up a few (and a few of hgpc, for exposure to US property etc)

[jonwig] 01/10/2008 18:19

Interestingly, the sigma shares (TRYS) are on a discount of nearly 30% at 56p.
Although there's more concentration on smaller stocks, the top three holdings (Rodamco, BLND, LAND) are the same.

Perhaps I should have bought into this instead of adding to TRY: never thought about it!

[chairman2] 30/9/2008 19:19

still keeping a beady eye on these
but keeping my hands in my pocket

thansk fr the updates

[jonwig] 30/9/2008 16:59

30/09 ... NAV ~175p, share price 138p, discount 21%.

[jonwig] 30/9/2008 11:55

H - gearing of TRY has been reduced since the market drop started early last year. It's virtually zero now, from memory.

The discount to NAV is over 20%, and the underlying property companies are themselves valued at a discount of 50% and over. As a long-term investment trust they have neither will nor inclination to sell their investments.