Two F&C-managed listed property investment trusts revealed weak third-quarter figures this morning.
Isis Property Trust and Isis Property Trust 2 suffered falls of 5.6% and 6.1% in their net asset values in the three months, as a result of the slowdown in the UK market and the credit crunch.
The two trusts saw their portfolios lose 3.5% of their value. The worst performers in the two portfolios were the ‘standard retail’ properties, which were down 5.8% at Isis Property Trust and 4.7% at the second trust.
The results come a day after another property investment trust, Invista Foundation Property Trust revealed a 7.8% drop in its net asset value in the third quarter.
The news was not all bad for Isis Property Trust. It said that a motor car dealership at Pinchington Lane in Newbury, a recent purchase, saw an increase in value of 7.9%, as a result of the settlement of an outstanding rent review. This raised the income by 35% to £270,000 a year.
‘Several other properties bucked the general trend and produced positive increases in value, again as a result of asset management initiatives or lease restructuring,’ Isis added.