Post-referendum shocks have stabilised, AEW UK REIT said as it posted a small rise in net asset value, from £116.4m to £118.1m in the half year to October.
The company’s portfolio valuation outperformed the IPD average with a fall of 1.8% from May to July, compared to 3% falls in the wider market.
EPRA earnings per share were 3.81p, up from 1.44p last October.
Mark Burton, chairman of AEW UK REIT, said: “Although the outcome represented an initial shock to the financial markets, intervention by the Bank of England and government action has somewhat stabilised the event.
“The board and investment manager are confident that opportunities available to the company will continue to present themselves to enable the company to execute the strategy successfully to deliver profitable growth.”
Vacancies grew from 3.2% to 8.7% in the period and triple net initial yield fell from 8.38% to 7.38%, which the company said was a “temporary position”.
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