
Ordinary Shares

Price (p)	149.40
Published NAV	171.60
Yield	3.89
Discount	-13.84

Prices correct as of close 2010-09-09. Last Published NAV is as at the previous business day. Source: Trustnet

Sigma Shares

Price (p)	66.90
Published NAV	88.60
Yield	2.99
Discount	-25.20

Prices correct as of close 2010-09-09. Last Published NAV is as at the previous business day. Source: Trustnet

For Ordinary Shares

July 2005
Pan European property shares continued the forward movement in July, with a gain of 2.72% in our benchmark Index. Over the month, the Trust’s NAV rose 2.91%, and the share price increased by 5.2%. As in June, all the best price action was on the Continent; notably in Germany where property shares rose 11% on the month, and, as in June, the worst performance came from the UK. Here, property shares managed only to stand still in value, partly, in our view, as a reaction to the recent terrorist activity in London.
The Trust’s AGM and EGM were held on 19 July and a copy of the fund manager’s presentation is posted on the website (trproperty.co.uk/market). At the AGM all the resolutions were passed including the special resolution confirming shareholder’s reapproval of the existing share repurchase authority. At the EGM the resolution to change the name of the Trust was defeated, and the name of the company will therefore remain TR Property Investment Trust.
Portfolio activity in July was mainly on the buy side. We spent £5m taking up our rights in Metrovacesa, the largest Spanish property company, which replaces Unibail in our top ten investments as a result. We slightly reduced our Unibail holding as the premium to NAV on this well run French company has now reached a heady 50%. In the UK, we added modestly to the holdings in Hammerson and Land Securities. As a result of these purchases and the payment of the final dividend, borrowings have risen from £92m to £98m taking gearing from 16.5% to 17%.

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