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Real estate investment trust TR Property posted a net asset value (NAV) total return of 14.8% for the six months to 30 September, ahead of its benchmark.
Its share price gained 11.3% over the period, increasing its discount to NAV.
Chairman David Watson pointed out that the returns came from a period that started shortly after the equity market had fallen sharply.
'Since then there has been a steady recovery in pan-European real estate equity share prices as investors took comfort from significant central bank stimulus and state aid for corporates and individuals,' he said.
Revenue earnings for the first half were 7.65p per share, a reduction of 23% from the 9.96p achieved at the same stage in 2019. This reflected cuts and suspensions of dividends that many companies announced early in the year.
Despite this, the board said it was maintaining the interim dividend of 5.2p, and expected to maintain the full dividend for the current financial year at 'a similar level', which would require a partial distribution from revenue reserves.