Investment portfolio

TR Property

Investment portfolio

Our approach

Diversification and liquidity

The trust invests in well-managed real estate investment trusts (REITs), plus shares and securities of property companies and property-related businesses. These are complemented by select direct investments into UK property. That’s our bricks, mortar, and equities approach.

We generally prioritise future growth and capital appreciation over immediate yield or discount to asset value.

Although the rules governing the trust allow for investment on an international basis, the benchmark we measure our performance against is a pan-European benchmark and currently all of our investments are in this region. Direct property investments are located in the UK only.

Sector allocations (% NAV)
BENELUX DIVERSIFIED	0.5
EUROPEAN HEALTHCARE	2.7
EUROPEAN SHOPPING CENTRES	10
FRENCH OFFICES	6.3
GERMAN OFFICES	2.7
GERMAN RESIDENTIAL	17.7
INDUSTRIALS	21.4
NORDIC RESIDENTIAL	1.4
NORWEGIAN OFFICES	0.4
SELF STORAGE	3.2
SPANISH DIVERSIFIED	4.9
STOCKHOLM OFFICES	1.4
STUDENT HOUSING	2.5
SUPERMARKETS	0.9
SWEDISH DIVERSIFIED	4.3
SWISS DIVERSIFIED	5.9
UK DIVERSIFIEDS	5.2
UK HEALTHCARE	0.7
UK LONDON OFFICES	3.8
UK LONDON RETAIL	0.3
UK MAJORS	4.1
UK RETAIL	2.3
UK/IRELAND RESIDENTIAL	0.1
UK DIRECT PROPERTY	8.3
TOTAL	111.1
Correct at 30.09.2022

Focused specialisation

Carving out a portion of your portfolio or property exposure by stock-picking – or even REIT-picking – is time, resource, and expertise intensive. TR Property makes it easy to gain broad, balanced exposure to the UK and European property sector.

How to invest

Top 10 holdings (% NAV)
VONOVIA	9.0
ARGAN	5.7
SEGRO	5.1
KLEPIERRE	4.9
PICTON PROPERTY INCOME	4.2
PHOENIX SPREE	4.2
LAND SECURITIES GROUP	4.1
PSP SWISS PROPERTY	3.9
INDUSTRIALS REIT	3.7
GECINA	3.5
Correct at 30.09.2022

Strategic allocation (% NAV)
Continental Shares	62.5
UK Shares	40.3
UK Direct Property	8.3
Total	111.1

Correct at 30.09.2022

The Colonnades,
London W2

This 64,000 square-foot property comprises a large mixed-use block in central London, constructed in the mid-1970s and predominantly occupied by Waitrose.

Ferrier Street,
London SW18

Mixed-use industrial 50 metres from Wandsworth Town station. Planning permission was granted in December 2019 for a mixed-use employment led redevelopment.

Gloucester Business
Park, GL3

Six industrial units occupied by two tenants on a 4.5-acre site. Accessible to the city centre and major transport links.

Fund facts

Share price	291.50p
NAV	313.72p
Yield	5.39%
Premium/discount	-7.08%
As at date	22/09/2023
Market capitalisation	£925m
Source: Bloomberg

15.50p

Total dividend per share
As at date 31/03/2023

17.22p

Revenue earnings per share
As at date 31/03/2023

TR Property dividends are paid twice a year, usually in January (interim) and August (final). They are subject to market conditions and investors should be aware that past performance is not a guide to future performance.

Ex Dividend Date	Pay Date	Dividend Type	Amount Div p/ps
29/06/2023	01/08/2023	Final	9.85
15/12/2022	12/01/2023	Interim	5.65
23/06/2022	02/08/2022	Final	9.20
16/12/2021	14/01/2022	Interim	5.30
17/06/2021	04/08/2021	Final	9
10/12/2020	08/01/2021	Interim	5.20
18/06/2020	04/08/2020	Final	8.80
05/12/2019	07/01/2020	Interim	5.20
20/06/2019	30/07/2019	Final	8.60
29/11/2018	02/01/2019	Interim	4.90
21/06/2018	31/07/2018	Final	7.55
30/11/2017	02/01/2018	Interim	4.65
22/06/2017	01/08/2017	Final	6.4
01/12/2016	03/01/2017	Interim	4.1
23/06/2016	02/08/2016	Final	5.2
03/12/2015	05/01/2016	Interim	3.15
25/06/2015	04/08/2015	Final	4.75
04/12/2014	06/01/2015	Interim	2.95
25/06/2014	05/08/2014	Final	4.6
04/12/2013	07/01/2014	Interim	2.85
26/06/2013	06/08/2013	Final	4.35
05/12/2012	08/01/2013	Interim	2.65
04/07/2012	01/08/2012	Final	4.2
07/12/2011	10/01/2012	Interim	2.4
06/07/2011	02/08/2011	Final	3.7
08/12/2010	11/01/2011	Interim	2.3
10/03/2010	01/04/2010	2nd Interim	3.45
09/12/2009	12/01/2010	Interim	2.3
01/07/2009	04/08/2009	Final	3.45
10/12/2008	13/01/2009	Interim	2.3
02/07/2008	05/08/2008	Final	3.3
05/12/2007	09/01/2008	Interim	2.3
27/06/2007	31/07/2007	Final	2.4
06/12/2006	08/01/2007	Interim	1.7
28/06/2006	28/07/2006	Final	1.9
07/12/2005	06/01/2006	Interim	1.5
29/06/2005	29/07/2005	Final	1.55
08/12/2004	07/01/2005	Interim	1.3
30/06/2004	30/07/2004	Final	1.4
10/12/2003	07/01/2004	Interim	1.1
25/06/2003	28/07/2003	Final	1.15
11/12/2002	06/01/2003	Interim	0.9
26/06/2002	29/07/2002	Final	1
12/12/2001	07/01/2002	Interim	0.65
27/06/2001	30/07/2001	Final	0.85
04/12/2000	08/01/2001	Interim	0.55
03/07/2000	27/07/2000	Final	0.8
06/12/1999	08/01/2000	Interim	0.52
28/06/1999	27/07/1999	Final	0.77
14/12/1998	08/04/1999	Interim	0.5
06/07/1998	27/07/1998	Final	0.65
08/12/1997	08/01/1998	Interim	0.47
27/05/1997	09/06/1997	Final	0.59
09/12/1996	08/01/1997	Interim	0.44
24/06/1996	31/07/1996	Final	0.56
04/12/1995	08/01/1996	Interim	0.42
12/06/1995	24/07/1995	Final	0.54
28/11/1994	09/01/1995	Interim	0.4
20/06/1994	29/07/1994	Final	0.5
29/11/1993	10/01/1994	Interim	0.4
07/06/1993	30/07/1993	Final	0.5
30/11/1992	11/01/1993	Interim	0.4
15/06/1992	31/07/1992	Final	0.85
09/12/1991	10/01/1992	Interim	0.6
17/06/1991	30/07/1991	Final	0.85
10/12/1990	11/01/1991	Interim	0.6
11/06/1990	31/07/1990	Final	0.85
27/11/1989	08/01/1990	Interim	0.6
19/06/1989	31/07/1989	Final	0.85
28/11/1988	06/01/1989	Interim	0.35
1988	Jul-88	Final	0.525
1987	Jan-88	Interim	0.275
1987	Jul-87	Final	0.875
1986	Jan-87	Interim	0.525
1986	Jul-86	Final	0.833
1985	Jan-86	Interim	0.5

Portfolio highlights

Safestore

The UK’s largest self-storage business had a rocky start in life transitioning from private equity ownership to the public markets. But it has thrived under the current management team (in place since 2013).

Whilst our initial purchases were in 2011, we accelerated the building of a large holding in 2014 when the shares were trading between 200-250 pence per share. At the end of 2021 they had reached their all-time high of 1400 pence per share.

£42 million
Value

Portfolio highlights

Argan

We started acquiring shares in this family run logistics developer in 2012 at €11.44 per share. The founder (still chairman) built his first business designing new construction techniques for storage facilities and this led to the creation of Argan.

We steadily built our position over the years and our holding represents about 5 percent of all our assets. The current share price is €109 per share.

£75 million
Value

Portfolio highlights

SEGRO

This pan-European industrial / logistics has been a stalwart of the portfolio for many years. The CEO has been in place for over a decade and we have admired his judgement and strategy. The share price total return over the last 10 years (to Dec 2021) has been over 800 percent.

£79 million
Value

Find out how to invest