TR Property Investment Trust, the listed property share investor outperformed the wider market in the second quarter, despite a sharp fall in net asset value.

In an interim management statement, the listed TR Property Investment Trust, run by Chris Turner, said it saw its net asset value fall 17% to 180p a share, compared to a 19% drop in the Benchmark of the European Public Real Estate Association.

Income from its portfolio added 7p a share to the NAV.

The company’s share price has fallen from 180p at the end of March to 153p at the end of June, where it remains today.

Timescales for recovery

In his commentary on the market for June, Turner said: ‘The ordinary share class benchmark fell 11.98%, the NAV fell 9.9% and the share price declined 8.6%.The largest declines, of over 20%, were seen in stocks with high leverage and or exposure to residential markets, but sentiment spilt over into the safest stocks on the thought that the heightened potential for forced selling will drive real estate values down further than previously forecast. Timescales for recovery have also been extended.’

Unibail-Rodamco and Land Securities are the trust’s two largest holdings.