Last checked at 
(Alliance News) - British Land Co PLC upped its payout and posted a swing to profit as rent collection improved in its first half.
The London-based property investor said its EPRA net tangible assets per share rose 5.1% annually to 681 pence from 648p.
Shares in the company were 0.2% higher at 534.20p each in London on Wednesday morning.
British Land posted a swing to a pretax profit of GBP373 million from a GBP757 million loss a year earlier. It benefited from a GBP219 million gain on valuation movements, compared to a GBP625 million hit a year earlier.
Revenue fell 25% yearly to GBP191 million from GBP255 million.
"We have delivered good financial and operational performance. Strong leasing activity, significantly improved rent collection and increasing values across our Campuses and Retail Parks have driven 6.1% total returns in the half," Chief Executive Simon Carter said.
British Land lifted its payout by 23% to 10.32 pence per share from 8.40p.
"Current market trends reinforce the conviction we have in our strategy. The trend towards more flexible working has clearly accelerated during Covid and office demand is more firmly polarising towards the highest quality most sustainable space. This is exactly what we deliver at all our Campuses, where we also benefit from strong demand from innovative growth sectors," British Land added.
British Land's portfolio is largely weighted to its campus assets, which include the Broadgate, Regent's Place and Paddington Central mix-used developments in central London. Just under 30% of its portfolio is in retail & fulfilment.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
