28th Nov 2019 09:49
(Alliance News) - TR Property Investment Trust PLC said Thursday it has outperformed its benchmark in the first half, although economic and political uncertainties ahead make it difficult to predict full year outcome.
The investment trust said its net asset value per share totaled 445.12 pence at September 30, up 6.4% from 418.54p on March 31.
The trust said it delivered a "robust" net asset value total return of 8.5%, which was ahead of 6.7% return from benchmark, the FTSE EPRA/NAREIT Developed Europe Capped Net Total Return Index.
"This performance was achieved against a backdrop of weakening confidence in the prospects for further growth in the current global economic cycle," the company said.
The half year revenue earnings of 9.96p per share are 7.7% ahead of the 9.25p earnings at the prior year first half, reflecting steady growth assisted marginally by currency and a lower tax charge.
The company declared an interim dividend of 5.20p, a 6.1% increase of the prior year interim dividend of 4.90p.
"Although our manager is confident of the continued earnings prospects for the companies we invest in, the uncertainties ahead and in particular the potential impact on Sterling, make it difficult to predict the full year outcome," the company said.
Hugh Seaborn, chair of the company, said: "Looking forward our managers remain ever vigilant about tenant quality and credit risk so that we focus on secure and stable earnings."
TR Property shares were 0.2% lower in London at 464.00 pence each on Thursday morning.
By Loreta Juodagalvyte; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
TR Property Investment Trust