- 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 fell from £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.

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