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AEW UK REIT PLC on Wednesday said its net asset value per share increased in the first half of 2022, but grew at a slower rate to the same period last year.
London-based AEW is a real estate investment trust for UK regional commercial property.
The fund's NAV per share grew to 121.88 pence at September 30, from 120.63p at March 31 reflecting a growth in NAV to £193.1 million from £191.1 million. NAV total return was 4.4%, down from 15% year-on-year.
AEW's pretax profit declined to £8.3 million from £23.6 million, following a £6.5 million loss from changes to the fair values of investment properties.
Looking ahead, AEW said it expects further near-term value decline is expected, but its fixed cost of debt and book values provide a "robust" long-term outlook.
Chair Mark Burton said: "Given the market volatility, the company's high cash weighting makes it very well-positioned to select assets from the increased number of investment opportunities that are expected to present in the near future, which supports our focus of returning to full investment and to full cover of the dividend over the medium term."
AEW's dividend remains unchanged at 4.00p per share.
AEW's shares were down 0.6% to 93.05p at midday on Wednesday in London.
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