LONDON (ShareCast) - The portfolio of real estate investment trust IRP Property Investments underperformed the wider market in the second half of 2010, owing to the lack of exposure to the buoyant London market and shopping centres.

The UK commercial property market achieved a total return of 5.2% in the final six months of 2010, according to the Investment Property Databank (IPD), whereas IPR’s portfolio recorded a total return over the same period of 4.2%.

The company was quick to point out that the portfolio has outperformed the IPD measurement over both a three year and five year period.

Net asset value per share (NAV) at the end of 2010 stood at 86.6p, up from 84.4p a year earlier and 85.4p at the end of June 2010.

“With 2011 set to be another testing year, the focus remains on the maintenance of income streams and keeping vacant property to a minimum. There is expectation in the market that capital values will fall slightly during the year, particularly on properties which are secondary in nature, although total returns are expected to be positive,” the company said.

The dividend for the six month period has been maintained at 3.60p.

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