23rd Nov 2023 10:07
(Alliance News) - TR Property Investment Trust PLC on Thursday said it achieved a positive net asset value return in its latest half-year and maintained a stable dividend, saying it will continue to prioritise market segments still experiencing rental growth.
The London-based property investor said NAV at September 30 was 304.74 pence per share, down 0.1% from 305.13p at March 31.
Shares in TR Property were trading down 0.7% at 306.50p in London on Thursday morning.
TR Property swung to a positive 3.3% total return for the six months that ended on September 30, compared with negative 35.5% in the period that ended on March 31. Its benchmark recorded a negative 0.8% return, an improvement on the negative 34.0% the prior half year.
TR Property declared an interim dividend of 5.65p per share, unchanged from the prior six months.
The company said interest rates are "closing in" on their "peak", where it expects them to remain "for the foreseeable future". Consequently, it plans to continue prioritising those market segments where imbalance between supply and demand is driving rental growth.
"Generalist investors have avoided real estate over the last 18 months," commented Chair Kate Bolsover. "This has given our managers the opportunity to select carefully not only companies with the best underlying exposures but also those with the most robust balance sheets.
"The sector [mergers and acquisitions] activity we have benefited from is a testament to this strategy - and may well be a portent of better times ahead."
By Emma Curzon, Alliance News reporter
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