The 122m Isis Property Trust lost 5.5% over the first quarter of 2009, outperforming its benchmark, the FTSE All-Share index.
IRP Property Investments, a second trust formerly known as Isis Property Trust 2, lost 4%.
The FTSE All-Share was down 9.08% over the quarter, while the Investment Property Databank Monthly index lost 7.1%.
F&C, which runs the trusts, said the decline in the commercial property market had slowed compared with the last quarter of 2008.
According to Trustnet, shares in the Isis Property Trust now trade at a discount of 19% and in IRP Property Investments at a discount of 23.8%. The group said loan-to-value ratios were a 24.2% for the Isis Property Trust and 30.6% for IRP Property Investments.
IRP Property Investments benefited from selling an office building at 48/49 St James Street, London SW1, for 16m, generating an initial net yield of 4.35% and above the propertys December valuation of 14.35m, the group said.
Dividends on both trusts will be maintained at their current quarterly rate of 2.0p per share for Isis Property Trust and 1.8p for IRP Property Investments barring unforeseen circumstances.
Ian McBryde, who manages both trusts, said in a statement, There have been some key investment transactions completed over the last quarter with a number of investors, mainly equity backed and not reliant on finance, identifying opportunities to purchase property at attractive yields with secure income streams. It may be too early to call a recovery in the market but it does signal that there is investor appetite for commercial property.