Tr Property Investment Share Discussion Threads

[jonwig] 17/6/2010 07:07

Hi, Chairman - but I'm sticking to my main reasoning:

1) that TRY will outperform its benchmark over time (though it didn't last year),

2) that it's better at stockpicking in the sector than I am,

3) that growth in the sector will narrow the discount,

4) that 2009 was a good entry point for anyone wanting exposure to the sector in his portfolio.

[chairman2] 16/6/2010 17:26

TRY only makes sense if there is a credible growth story

otherwise the additional cots of a managed trust just eat
into the seed corn.

[chairman2] 14/6/2010 15:05

No one's favourite Investment vehicle anymore?


Nothing about the situation seems attractive anymore.
and over on TRYS where there was a flurry of optimism
in Q1 - well I guess the Euro has done for that.

[jonwig] 26/11/2009 12:39

It's from the HY results, issued yesterday:

[chairman2] 26/11/2009 12:18

Cerrito

canu post the link?

[cerrito] 25/11/2009 08:32

as usual a very good summary of the UK property market from Chris Turner who has the confidence about being upfront of his recent under performance given his cautious stance over the last few months.

[skyship] 28/3/2009 15:16

I've opened a thread on TRYS:

[skyship] 14/3/2009 07:35

.....or just sell the nil paid at current premium. Most likely wrong to sell as the sector is oversold & overdue a strong Springtime rally..

[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!