F&C Commercial Property Trust has revealed a 7.8% fall in net asset value a share to 103.4p in the three months to 30 September 2008.
The drop from 112.2p a share came after a rise in yields across the board with secondary property particularly affected.
It said its direct-held property portfolio fell in value by 5.4%, in comparison to the IPD UK Monthly Index which recorded a capital decline of 6.2% over the quarter.
It said investments in two indirectly-held property funds fell by 7.9% over the quarter.
It also said its void rate in the portfolio was 1.6% compared with 1.9% in June.
Its provision for bad debts - those that are 90 days overdue - stood at 0.6% of gross annualised rent.