By Adam Whittaker
Great Portland Estates said the valuation of its portfolio rose but rental income dropped on high levels of refurbishment activity.
The real-estate investment trust said Wednesday that its value of its portfolio rose 3.6% to 2.9 billion pounds ($3.88 billion) over the year ended March 31. However, revenue dropped slightly to 94.2 million pounds from 95.4 million pounds in the year prior.
The company said that despite continuing macroeconomic uncertainty, commercial property values in London are set to increase. It intends to take advantage of the market improvement by selling assets and deliver returns to shareholders, it said.
Great Portland Estates said that market conditions mean its expects further rental growth of 4% to 7% over the next financial year.
It declared a final dividend of 5 pence a share, compared with 12.6 pence a share the prior year.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
May 21, 2025 03:30 ET (07:30 GMT)
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