British Land swung to a positive total return in the first half as rent collection increased and provisions fell.
Total accounting return for the six months to the end of September was 6.1% compared with -10.3% a year earlier.
Post-tax profit under the IFRS accounting standard was £370m compared with a £730m loss a year earlier. Underlying profit rose 12.1% to £120m as provisions for debtors and incentives fell by £47m.
The FTSE 100 group, whose properties include Sheffield’s Meadowhall shopping centre, said the value of its properties rose 2.9% to £9.13bn, boosted by a 7.1% increase for retail parks. Retail rent collection was close to pre-pandemic levels at 96% and office rents were fully collected.
Simon Carter, British Land’s chief executive, said: “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.
British Land proposed an interim dividend of 10.32p a share – up from 8.4p a year earlier.
