Great Portland Estates’ EPRA earnings fell by 19.2% to £53.7m in the year to 31 March, following £348.9m of asset sales.
Rental income for the year was £84.1m, down £13.1m or 13.5% on last year.
The developer also reported net asset value per share growth of 1% in the year.
The firm posted a pretax profit of £56.1m, down 27% on year.
Its portfolio valuation grew marginally by 0.2% during the year to £2.6bn.
Rental values were up by 1.2% on the previous year. Rental value growth guidance for the new financial year is in the range +1.5% to -2%.
Net assets remained broadly flat at £2.31bn, compared to £2.37bn last year.
Toby Courtauld, chief executive, said: “The GPE team is operating well. Against a backdrop of elevated political and economic uncertainty, we are pleased to have delivered many successes over the past year; with another strong leasing performance, we’ve beaten rental value estimates and prelet more of our committed developments, ahead of schedule, to global businesses; we’re innovating across our operations, introducing new technology, and evolving our product to suit the changing patterns of occupier demand.
“While we can expect political and possibly economic turbulence over the year ahead, we remain convinced of the long-term, enduring appeal of our capital city and its property markets to businesses and investors.”
During the year, the £348.9m of sales comprised 160 Great Portland Street, W1, sold for £127.3m; 55 Wells Street, W1, sold for £64.6m and four smaller commercial sales and 10 residential sales, all W1, totalling £157m.
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