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Real Estate Investment Trust Shaftesbury slashed its first-half losses as vacancy rates fell toward pre-pandemic levels following a rebound in occupier demand.
For the year ended 30 September 2021, pre-tax losses narrowed to £194.9 million from £699.5 million year-on-year even as rental income slipped to £105 million from £114.4 million.
At 30 September 2021, EPRA vacancy was £8.0 million and represented 6.0% of portfolio estimated rental value, down from 10.2% at 30 September 2020 and 11.9% at 31 March 2021.
The company resumed its dividend, recommending a final dividend of 4.0p per share.
Since 1 October 2021, leasing momentum had continued, with lettings and renewals with a rental value of £5.4 million concluded.
'Economic headwinds and the risk of further Covid variants and associated disruption might dampen the recovery,' the company said.