Ediston Property Investment Co's net asset value increased 2.43% to 109.67p per share in the six months to the end of March.
The company's portfolio was valued at £184.7m at 31 March - a rise of 1.8% on the £181.4m reported at 30 September.
Chairman William Hill said: "The investment manager remains true to its promise of driving value from the intensive management of the company's assets.
"The board believes shareholders should be very encouraged by the continued progress in the last six months with the growth in asset values and improved levels of portfolio income.
"The company is in a good position to build further on this excellent record and the board believes that continued progress can be achieved in the second half of the year, particularly if it can grow its equity base and expand the investment portfolio."
At 9:43am: (LON:EPIC) Ediston Property Investment Company Plc share price was -0.12p at 110.88p