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Warehouse property investor Segro booked an 18% fall in annual profit, though its underlying performance improved on the back of higher rental income.
Pre-tax profit for the year through December dropped to £902.0m, down from £1.10bn on-year, principally reflecting lower gains in the value of its portfolio.
Adjusted pre-tax profit rose 10% to £267.5m, buoyed by 4.7% growth in like-for-like rental income.
Segro declared a full-year dividend of 20.7p, up 10% on-year.
'2019 was another successful year for Segro, with our clear strategy delivering excellent financial and operational results,' chief executive David Sleath said.
'Our high-quality, well-located portfolio of urban and big box warehouses continues to attract a broad range of customers, benefitting from the structural drivers of e-commerce and urbanisation.'