Invista Foundation Property Trust today revealed a fall in net asset value of 7.9% in the third quarter.
The listed property income trust saw its NAV fall to 137p a share in the three months to 30 September.
The company highlighted the stark contrast between the second and third quarter, with 4.7% NAV growth in the second quarter followed by a 7.9% fall.
The drop was driven by a 6.8% fall in the value of the trust’s investment portfolio to £673m, including a 14% drop in the like-for-like value of its joint venture portfolio. The value of the company’s interest rate swap also fell 83% to £1.7m.
This performance was driven by continued positive rental growth on holdings such as Plantation Place, where it saw rental growth of 10%.
‘In these more challenging market conditions, the Manager is seeking to offset further declines in the value of UK commercial property over the coming months through a continued focus on asset management and other initiatives that will increase income and performance relative to the market,’ trust chairman Andrew Sykes said.