Picton has made a half-year loss of £10.4m as net assets fell by 3.2% to £636m.
The company made a £10.4m loss for the period, a sharp fall from the £54.4m profit it made in the first six months of 2021.
Chair Lena Wilson said: “This has undoubtedly been a difficult period for the whole real estate sector.”
Picton’s total return was -1.7%, with capital valuation movements driving the loss.
Total shareholder returns over the period were -11.4%, reflecting the weakening share price and a widening discount to net asset value as instability in the financial markets increased.
Chief executive Michael Morris said: “We have seen positive occupational market activity within the portfolio with lettings, lease renewals and rent reviews on average 5% ahead of March estimated rental values, which has limited the impact of outward yield movement and valuation declines.”
He added: “Our net income is insulated from the impact of rising interest rates, with 95% of our drawn debt being fixed and with an average debt maturity profile of nearly nine years.”
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