(Alliance News) - Standard Life Investments Property Income Trust Ltd on Wednesday said it outperformed its benchmark in 2019, despite posting a fall in net asset value.
Net asset value per share at December 31 slipped 1.2% to 89.9 pence, from 91.0p a year prior.
The investment company' stock was 1.6% higher at 67.89p each in London on Wednesday afternoon.
Standard Life Investments reported a total return of 4.1%, below the 9.6% it registered for 2018, but it did beat the AIC Property Direct UK sector which returned 2.5%.
Its portfolio value slipped 1.2% to GBP493.2 million from GBP499.1 million a year ago, though the investment firm said 51% of its portfolio is in the "favoured industrial sector", with just 9% in the retail sector.
Standard Life Investments held its payout at 4.76p per share and its occupancy rate at the year end was 93.4%, compared to 94.1% in 2018.
"In the light of these extraordinary circumstances, it seems that 2019 was a different and distant world," Chair Robert Peto said.
"The short-term outlook for the UK economy is exceptionally poor given the impact of Covid-19. All this is before the outcome of Brexit is known and whether a satisfactory trade deal can be struck between the UK and the European Union. The longer term impact remains the subject of much debate and depends on future government intentions on lockdowns, social distancing and the discovery of a vaccine for Covid-19".
By Eric Cunha; ericcunha@alliancenews.com
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