UK Commercial Property Trust (UKCM) aims to generate an attractive income with the potential for income and capital growth from a diversified portfolio of commercial property. Manager Will Fulton has overhauled the portfolio since taking over in April 2015, and it is now focused on the outperforming industrial sector with low exposure to the troubled high street and shopping centre retail segments. The trust yields 4.3%. This is below the sector average, but the portfolio has strong reversionary potential following the period of transition which could see dividend cover rise as the manager’s reletting and asset management plans are implemented. The trust trades on a wider discount than the peer group. Currently it is trading on a 10% discount compared to a sector average of 5.4%. In line with Aberdeen Standard Investments’ cautious outlook on the UK economy, the trust is conservatively positioned, with low levels of gearing and cash on hand. In July the trust gained REIT status, which will mean it is treated as a UK resident for tax purposes and will remain exempt from corporation tax on the profits and gains from its property rental business, protecting shareholder’s income.