Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
British Land reported narrower annual losses as cost cuts offset a pandemic-led hit to its portfolio valuation.
For the year ended 31 March 2021, pre-tax losses narrowed to £1,053 million from £1,116 million year-on-year, as net rental income increased to £478 million from £367 million.
The value of the portfolio was down 10.8%, with offices portfolio down 3.8%, retail down 24.7%, residential down 10.6% and Canada Water down 2.5%.
Underlying profit decreased by £105m, primarily 'due to provisions for outstanding rent, service charge and rent deferrals made in light of Covid-19, as well as a reduction in like-for-like rents and the impact of disposals made during the period,' the company said.
A full year dividend of 15.04 pence was declared, down from 15.97p last year, but in line with its 80% payout of underlying earnings per share.
As at 18 May, 83% of rent due between 25 March 2020 and 24 March 2021, had been collected.
The company reported 'encouraging' performance since the easing of Covid-19 restrictions.
'In the period since reopening, footfall and sales on our Retail portfolio were 88% and 104% of pre pandemic levels respectively; 100% and 109% for retail parks (all excluding F&B),' it added.