F&C Commercial Property Trust Share News (FCPT)

Property investor F&C Commercial Property Trustdelivered total returns of 6.0% in the first quarter of 2010, "a strong out-turn but lower than the record 10% seen in the previous quarter," the company said.Net asset value per share, calculated under International Financial Reporting Standards (IFRS), stood at 92.1p at the end of March, up 6.4% from 86.6p at the end of 2009.Gearing eased to 26.8% at the end of the quarter from 28.0% at the end of the year, while net gearing declined to 17.1% from 18.5%.Capital values rose by 4.3% over the period, with offices proving the star performers, with a total return of 6.6%. Retail saw total returns of 6.3%. Total returns for industrials were 4.2%."The occupational market remains fragile with rental values still falling at the all-property level," the company said, though it noted that the pace of decline has eased while rental growth for offices in both the City and West End turned positive during the reporting period. "There are signs that incentives, although still substantial, are stabilising and void rates, whilst remaining in double digits, have moved lower. However, there is still pressure on the income stream and with the economy projected to see modest rates of GDP growth on consensus estimates and fiscal policy set to tighten, occupier demand is expected to remain muted, cost sensitive and lease related - dampening the scope for rental growth," the company added.