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Property company Capital & Counties Properties swung to a loss as higher rental expenses and a decline in its property portfolio offset income growth.
For the year ended 31 December, the company reported a pre-tax loss of £61.3m, compared with a profit of $41.6m on-year as revenue rose 6.3% o £79.4m.
Rental expenses increased to £16.5m from £13.9m offsetting a climb in net rental income to £61.1m from £57.4m
Earnings -- stated as EPRA net asset value per share fell 10% to 392p, driven primarily by a decline in the value of its Earls Court and Covent Garden properties, which pressured the total property value down 1.7% to £2.8bn, the company said.
The company proposed a final dividend of 1p per share resulting in a full-year dividend of 1.5p per share, unchanged on-year.
'Whilst there will be broader market challenges, not least as the UK transitions from exiting the EU, with new government policy directives including changes to labour access, trade regulations and movement of goods and the potential impact of the coronavirus (COVID-19), however we firmly believe that London remains a destination of choice for capital, talent and tourism,' Capital & Counties said.