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Real Estate company Derwent London swung to annual loss as the value of its property portfolio owing to the impact of Covid-19 lockdowns.
For the year ended 31 December 2020, pre-tax loss was £83.0 million compared to a profit of £280.6 million in 2019, while net property and other income rose rose to £183 million from £182.6 million.
The investment portfolio revaluation deficit was £196.1m for the year compared with a surplus of £156.4m in 2019.
The full year dividend was raised 2.8% to 74.45p per share from 72.45p a share.
Looking ahead, the company estimated its average 2021 estimated rent value, or ERVs, will move in the range of 0% to -5%.