24th Apr 2019 14:28
LONDON (Alliance News) - F&C Commercial Property Trust Ltd on Wednesday said it underperformed its benchmark in 2018 following a decline in net asset value.
The investment company reported a net asset value total return for 2018 of 3.3% and a share price negative return of 4.3%. The total return from the portfolio was 4.0%, lagging its benchmark, the MSCI Index which returned 6.2%.
The trust's share price at the year-end was 124.6 pence, representing a discount of 11% to the net asset value per share of 139.8p. In comparison, net asset value per share at the end of 2017 stood at 141.2p.
The stock was trading 0.4% lower on Wednesday at 119.71p a share.
Twelve monthly interim dividends, each of 0.5p per share, were paid during the year, the company said. This maintains the annual dividend of 6.0p per share since 2006.
"We anticipate further problems in the retail sector which will drive valuations lower. The next two years are therefore predicted to be a period of relative weakness," said Chair Chris Russell.
"Over the longer-term, we are forecasting a modest recovery with total return performance underpinned by the income return," added Russell.