LONDON (ShareCast) - TR Property Investment Trust delivered positive annual results on the back of a strong performance in the property and property equities markets.
The FTSE 250 group reported a 24.8% year-on-year increase in net asset value per share to 318.12p, as revenue earnings per share climbed 9.9% to 8.89p and net dividend per share rose 3.4% to 7.70p.

However, TR warned that strong currency headwinds, with the euro weakening by over 14% against the pound, had a negative affect on the performance of its pound-denominate portfolio.

The company said that Eurozone property stocks delivered a 40.7% return in local currency which was reduced to 23.1% when calculated in pounds, although it added that the currency devaluation would make investing in European markets attractive to investors.

TR is proposing a final dividend of 4.75p, 3.3% ahead of the final dividend for the prior year and bringing the total dividend for the year to 7.70p, an increase of 3.4% over the 7.45p paid last year.

However, the group warned of a fall in earnings in the next financial year.

"One-off events and changes have inflated the earnings in the current year," said group chairman Caroline Burton

"Underlying earnings are growing modestly but our development at the Colonnades is underway and this will result in a fall in income from our direct property assets for the remainder of the year.

"In addition, the depreciation of the euro reduces our earnings in sterling."

TR Property shares were up 0.46% to 313.33p at 09:13 on Wednesday.

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