The value of Capital & Regional's Mall fund, which includes The Mall Blackburn among its 11 shopping centres, dipped by 0.9% in the final quarter.
At 31 December its value of £970.6m reflected a net initial yield of 7.02%.
Capital & Regional manages the fund and holds 18.2% after spending £2m on an additional 7.5 million units in November.
Despite the slip in value, footfall in December was up by 11% compared with the same period in 2010.
Capital & Regional also manages, and has a 13.4% stake, in the Junction fund, which has Manchester's Great Northern warehouse among its assets.
During the final quarter the value of the fund increased by 1% reflecting a net initial yield of 5.68%.
Chief executive Hugh Scott-Barrett said: "Active asset management has driven income growth across the UK funds. This has largely offset modest outward yield shift in the market for shopping centres and retail parks.
"The significant increase in Mall footfall during December 2011 compared to December 2010, up 11.1% and exceeding the national index by 6.8%, once again highlights the strength of the shopping centre portfolio following earlier disposals, in what are very challenging market conditions."
Capital & Regional will issue full-year figures on 7 March.