LONDON (Alliance News) - Invista European Real Estate Trust reported a drop in its net asset value for the financial year ended September 30 2013, but said it narrowed its losses in the period.
The trust said its net asset value decreased during the year to EUR64.0 million, from EUR99.0 million a year earlier.
It said its net asset value total return declined 35.4%, more than a 27.2% decline a year earlier.
Its net asset value per share decreased by more than 35% to EUR0.246, from EUR0.38 a share at the end of September 2012.
Invista said net rental and other income for the year ended September 30 2013 was EUR23.6 million, compared with EUR34.5 million a year earlier.
It reported a pretax loss for the year of EUR33.6 million, compared with a wider loss of EUR38.6 million the prior year.
The trust said at the end of the period it held a diversified real estate portfolio comprising 35 commercial properties located across six Continental European countries, with a combined aggregate value of EUR325.6 million.
The company's shares dropped 11.6% Friday afternoon, at 1.11 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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