Annual Report 2026
Explore our latest Annual Report and discover how TR Property Investment Trust is positioned across listed real estate markets in the UK and Europe.
Chairman’s statement
“TR Property continued to deliver a strong recovery in revenue earnings, supported by improving real estate fundamentals and rising dividend distributions across the portfolio. While geopolitical events have again tested investor confidence, the underlying picture remains encouraging, with open debt markets and listed property companies trading on historically wide discounts to net asset values.”
Kate Bolsover, Chairman
+8.4%
Share price total return
Reflecting a modestly narrowing discount.
+6.7%
NAV total return
In line with the Trust’s benchmark (FTSE EPRA Nareit Developed Europe in GBP).
15.81p
Revenue earnings per share
An increase of 21.8% on the prior year.
10.35p
Recommended final dividend
Taking the full year dividend to 16.10p
A year that tested sentiment – but reinforced the investment case
Listed real estate faced another year of geopolitical uncertainty, inflation concerns and market volatility.
Beneath the short-term noise, the fundamentals continued to improve: occupier demand remained resilient, rental growth came through across many markets, debt remained available for quality businesses and revenue earnings recovered strongly.
Structural scarcity is supporting rents
A shortage of high-quality space in the right locations is helping well-positioned property companies capture rental growth.
Earnings recovery is feeding through
Revenue earnings per share rose 21.8%, supported by recovering dividends from portfolio companies and improved income from the direct property portfolio.
Discounts remain compelling
European listed real estate continues to trade at wide discounts to underlying asset values, creating opportunities for active, long-term investors.
Active management matters
The next phase of the cycle is likely to reward companies that can capture reversionary income, recycle capital intelligently and avoid growth for growth’s sake.
Portfolio
by country
As at 31 March 2026
Total investment positions
£1,124.2m
Direct Property (UK)
CFD positions
Portfolio by country (by weight)
A specialist route into real estate
TR Property gives shareholders specialist exposure to real estate through a combination of listed property companies and a focused portfolio of physical UK property assets.
Listed property expertise
Access to a diversified portfolio of property companies across Europe.
Physical property exposure
A focused UK direct property portfolio, providing additional income and asset management opportunities.
Disciplined use of gearing
Gearing is managed carefully, with net debt reduced to 15.3% at the year end.
Manager’s report
“Macro events once again dictated shortterm sentiment but they did not change what we are seeing on the ground. Occupier demand remains resilient and rental growth is coming through, helped by the lack of new supply across many of our markets. The sharp market dislocation at the year end was disappointing, particularly given the progress made through most of the year, but it underlined why balance sheet strength matters so much in this sector. Markets can re-price the sector in a matter of days; they cannot create new supply or erase rental growth quite so quickly.”
Marcus Phayre-Mudge, Fund Manager
Direct assets, active management
The Company’s physical property portfolio remains a distinctive part of its proposition.
During the year, the direct property portfolio delivered a total return of +7.7%, ahead of the MSCI All Property Monthly Index return of +6.5%.
Ferrier Street Industrial Estate, Wandsworth, London, SW18
Sector: Industrial*
Tenure: Freehold
Size (sq ft): 36,000
Principal tenants:
Lockdown Bakers and Mosimanns
*The site contains one small ancillary retail unit.
Launton Business Centre, Bicester, OX26
Sector: Industrial
Tenure: Freehold
Size (sq ft): 120,000
Principal tenants:
AnalytiChem UK Ltd, Royal Mail and Euro Car Parts
IO Centre, Gloucester Business Park, Gloucester, GL3
Sector: Industrial
Tenure: Freehold
Size (sq ft): 63,000
Principal tenants:
Infusion GB and Supreme Imports UK Limited
12 Gambrel Road, Northampton, NN5
Sector: Industrial
Tenure: Freehold
Size (sq ft): 30,300
Principal tenants:
DK Logistics (Motorsport) Limited
In the media
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Full Annual Report
Read the 2026 Annual Report.
Read the full report for more detail on TR Property’s performance, portfolio activity, physical property assets, governance and outlook.
