The Reckson New York Property Trust gave a cautious assessment of its key office markets yesterday after it unveiled a 4.2 per cent drop in same-space net operating income and an 87 per cent drop in statutory net profit.

But the grim news was already fully priced in by the market, after the trust announced on June 19 that it would cut its distributions in the June half to pay out only normalised cash flow after allowances for tenanting costs and capital expenditure.