TR Property Investment Trust saw its net asset value total return plummet by 26.5% in March as Covid-19 took hold in the UK.
This offset a 21.4% increase between 31 March 2019 and 19 February 2020, leaving the firm’s net asset value total return at -11.5%, albeit above the benchmark of -14%.
However, its physical property portfolio produced a total return of 8.5% driven by a 5.3% capital return off the back of asset management initiatives including refurbishments, lease renewals and planning gains, and an income return of 3.2%.
Hugh Seaborn, delivering his final results as chairman of the business, said it was a “punishing” end to the year.
“One of the strong characteristics of property as an investment has been its healthy income prospects. It is clear that rent receipts in the immediate future will be severely disrupted across many of the companies we are able to invest in and this will vary widely, with consumption-focused properties likely to face disruption for longer,” he added.
TR Property made a loss of £129m for the year, compared to a total income of £133m in 2019, predominantly due to a £154m loss on the value of its investments.
It also made a pretax loss of £145m, down from a pretax profit of £114m last year.
Earnings per share stood at -46.64p, while NAV per share was 358.11p, a 14.4% decline from 418.54p in 2019.
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