British Land Co., the U.K.’s second-largest real estate investment trust, said net asset value was little changed in the quarter through March as gains on office developments were matched by a drop for retail properties.
Net asset value rose to 595 pence a share in the company’s fiscal fourth quarter from 593 pence three months earlier, the London-based company said in a statement today. Net income for the 12 months through March fell to 480 million pounds ($760 million) from 840 million pounds a year earlier the value of its real estate grew more slowly.
Britain entered a double dip recession in the first quarter, making it harder for landlords to demand higher rent and leading appraisers to lower the estimated values of shopping centers. Helping offset these declines were higher values for office developments in central London, where British Land plans to build 2.2 million square feet (204,000 square meters) of space through 2014.
British Land fell 1.3 percent in London on Friday to 488.7 pence. The shares have advanced 4.2 percent in the past six months, less than the FTSE 350 Real Estate Investment Trust Index’s 5.6 percent gain.