Leeds-based property company Town Centre Securities has posted an 11.7% increase in its net asset value per share in the year to 30 June.
The company benefited from both a 7.1% increase in the valuation of its like-for-like property portfolio and an 8% increase in rents via acquisitions.
However, pretax profits fell from £274m last year to £24m in 2015.
Chairman and chief executive Edward Ziff said: “The letting market remains competitive but we continue to find opportunities to increase income in all areas of our portfolio and over the next couple of years our income will benefit from the transactions we have already concluded. We intend to increase portfolio sales and purchase activity this year.”
