STANDARD Life Investments’ Property Income Trust weathered an unpredictable property market in 2016 to deliver a net asset value total return of 4.4 per cent.

This compares favourably with a seven per cent contraction in the FTSE Real Estate Investment Trusts Index but was markedly lower than the 16.8 per cent delivered by the FTSE All-Share.

Shareholders will receive a dividend for the year of 4.76p, representing a rise of 2.5 per cent on the previous year.

Chairman Robert Peto said it is too early to tell how the merger of Standard Life with Aberdeen Asset Management might affect the trust.