NAV, dividends keep rising at TR Property

TR Property Investment Trust posted its full year results for the 12 months to 31 March on Thursday, with its net asset value per share rising 5% to 352.42p.

The FTSE 250 company said shareholder’s funds totalled £1.118bn at year-end - an increase of 5% - with the number of shares in issue down slightly year-on-year at 317.4 million, from 317.5 million.

Its net debt ratio was 13.3%, increasing from 11.9% at the end of the 2016 financial year.

The share price moved 5.7% during the year to 314.50, and its market capitalisation was also ahead 5.7% at £998m.

Revenue earnings per share were 11.38p, up 36.1%, and the board paid a net interim dividend of 4.1p, a 30.2% increase.

Including its net final dividend per share of 6.4p - a 23.1% improvement - TR Property’s net total dividend per share was 10.5p, up 25.7% on a year earlier.

“I'm pleased to report another solid year of performance from the trust,” said chairman Hugh Seaburn.

“The board are particularly pleased to announce a final dividend of 6.4p which brings the full year dividend to 10.5p, a 25.7% increase on the previous year.

“This also brings the 10 year compound annual dividend growth rate to an impressive 9.9%.”