StockMarketWire.com - Real estate group TR Property Investment Trust raised is interim dividend 1.9% after it posted a positive first-half performance.

The company's net asset value per share total return for the year through September was 15.6%, ahead of its benchmark total return of 11.0%.

It declared a full-year dividend of 5.30p per share, up from 5.20p year-on-year.

TR Property said it expected to post a weaker second-half result, citing differing dividend timetables.

The proportion of full-year income generated in the first half, it said, would be significantly ahead of the usual two thirds.

'In addition, the second half of the prior year benefitted from a substantial tax refund which will not be repeated,' it added.

'The decision to increase the interim dividend to 5.30p reflects the board's confidence that revenue will return to pre- pandemic levels over the next eighteen months.'

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