TR Property Investment Trust

Website: TR Property Investment Trust
Index: FTSE 250
EPIC: TRY
Supersector: Financial Services
Sector: Equity Investment Instruments
Subsector: Equity Investment Instruments
Market Cap: £1B
Payout Frequency:

TR Property Investment Trust Dividend Analysis and Summary

Declared Dividend (Interim)

Amount: 5.75p per share (up +1.8% year-on-year from 5.65p)
Ex-dividend date: 11/12/2025
Record date: 12/12/2025
Payment date: 08/01/2026
Type: Interim dividend for the year ending 31/03/2026
Coverage (H1 only): Revenue EPS 10.07p vs interim 5.75p ? c.1.75x covered (payout c.57% of H1 revenue)
Indicative yield: Using FY25 total dividends of 15.90p and 30 Sept share price 320.5p ? c.5.0% trailing yield; interim-only yield c.1.8%

Management Guidance on Dividend

Board expects full-year revenue earnings (FY26) to be ahead of FY25, but still anticipates a modest contribution from revenue reserves to cover the full-year distribution.
“Full dividend cover move back into sight” as income momentum rebuilds; not all the way there in FY26.
Interim dividend increased to partially rebalance interim vs final; not a guide to the final dividend increase.

Key Supporting Financials

H1 Revenue EPS: 10.07p (+23.4% YoY)
Gearing (net debt/NAV): 18.0% (slightly down from 18.5%)
Ongoing charges (ex perf. fee): 0.79%
Income mix: c.64% non-sterling; income stream unhedged (FX-sensitive)
Fee allocation change (from 1 Apr 2025): 80% of management fee/finance costs to capital (from 75%), reducing the charge to revenue and supporting dividend cover.

Structural or Policy Items of Note

No company-level structural changes (no share consolidation, demerger or buybacks reported; shares in issue unchanged).
Portfolio positioning: record high equity exposure and low direct property exposure, supportive for dividend receipts from holdings.
Refinancing: €50m loan note matures Feb 2026; refinancing expected at a higher coupon than historic levels.
Income drivers: sector dividend recovery, stronger direct property income (+69% YoY), and supportive FX (sterling weaker on average by 2.2% in H1).

Dividend Sustainability and Growth Outlook

Sustainability: Near-term interim is well covered by H1 revenue; full-year coverage remains just below 1x, with small revenue reserve usage expected again in FY26. The fee-allocation shift to capital modestly improves revenue cover.
Growth trajectory: Recent increases have been modest and reserve-supported since FY23’s earnings peak. Management expects steady earnings improvement (portfolio dividends recovering, direct property income rising), but final dividend growth is not signalled by the interim uplift.
Support from performance/capital allocation: H1 revenue up strongly; NAV and share price delivered double-digit total returns. Maintaining c.18% gearing and focusing on higher-quality, income-generative equities supports ongoing distributions, albeit with sensitivity to financing costs.

Risks and Flags to Dividend Stability

Refinancing risk/cost: The €50m note due Feb 2026 will likely reprice higher, lifting interest expense and pressuring revenue cover.
Interest rate path: Management expects rates to fall slower and not as far as hoped, tempering earnings uplift from lower financing costs.
FX exposure: c.64% of income is non-sterling and unhedged; adverse FX could reduce sterling revenue and dividend cover.
Earnings skew: Income is front-loaded to H1; H2 growth will be “modest,” which can constrain final dividend headroom.
Sector risks: Political uncertainty (notably UK/France), real estate cycle sensitivity, and slower capital markets in certain segments could affect investee dividends.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
12/12/2024	10/01/2025	Interim	5.65p	GBX
26/06/2025	30/07/2025	Final	10.25p	GBX

Total (Annual Dividends Per Share): 15.90p

Dividend Yield = Annual Dividends Per Share (15.90p) ÷ Share Price (313p) = 5.08%

Ex Dividend Date	Payment Date	Type	Amount	Currency
11/12/2025	08/01/2026	Interim	5.7500p	GBX
26/06/2025	30/07/2025	Final	10.25p	GBX
12/12/2024	10/01/2025	Interim	5.65p	GBX
27/06/2024	01/08/2024	Final	10.05p	GBX
14/12/2023	11/01/2024	Interim	5.65p	GBX
29/06/2023	01/08/2023	Final	9.85p	GBX
15/12/2022	12/01/2023	Interim	5.65p	GBX
23/06/2022	02/08/2022	Final	9.20p	GBX
16/12/2021	14/01/2022	Interim	5.30p	GBX
17/06/2021	04/08/2021	Final	9.00p	GBX
10/12/2020	08/01/2021	Interim	5.20p	GBX
18/06/2020	04/08/2020	Final	8.80p	GBX
05/12/2019	07/01/2020	Interim	5.20p	GBX
20/06/2019	30/07/2019	Final	8.60p	GBX
29/11/2018	02/01/2019	Interim	4.90p	GBX
21/06/2018	31/07/2018	Final	7.55p	GBX
30/11/2017	02/01/2018	Interim	4.65p	GBX
22/06/2017	01/08/2017	Final	6.40p	GBX
01/12/2016	03/01/2017	Interim	4.10p	GBX
23/06/2016	02/08/2016	Final	5.20p	GBX
03/12/2015	05/01/2016	Interim	3.15p	GBX
25/06/2015	04/08/2015	Final	4.75p	GBX
04/12/2014	06/01/2015	Interim	2.95p	GBX
25/06/2014	05/08/2014	Final	4.60p	GBX
04/12/2013	07/01/2014	Interim	2.85p	GBX
26/06/2013	06/08/2013	Final	4.35p	GBX
05/12/2012	08/01/2013	Interim	2.65p	GBX

Year	Interim	Final	Currency	Total	Change
2024	5.650	10.050	GBX	15.700	1.290
2023	5.650	9.850	GBX	15.500	4.370
2022	5.650	9.200	GBX	14.850	3.840
2021	5.300	9.000	GBX	14.300	2.140
2020	5.200	8.800	GBX	14.000	1.440
2019	5.200	8.600	GBX	13.800	10.840
2018	4.900	7.550	GBX	12.450	12.660
2017	4.650	6.400	GBX	11.050	18.810
2016	4.100	5.200	GBX	9.300	17.720
2015	3.150	4.750	GBX	7.900	4.630
2014	2.950	4.600	GBX	7.550	4.860
2013	2.850	4.350	GBX	7.200	171.690
2012	2.650		GBX	2.650

Number of Shares:

Payment	Paid	Amount
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