Land Securities Group Plc, the U.K.’s largest real estate investment trust by market value, reported a record loss for last year as the company’s shopping centers and offices slumped in value.
The net loss for the 12 months ended March 31 widened to £5.19bn ($7.9 billion), or 999 pence a share, from £830.8m, or 160.9 pence, a year earlier, the London-based company said in a statement today.
Land Securities raised £756m in a rights offering in March after its balance sheet was battered by falling real estate values in the global financial crisis. The company sold its Trillium property services unit in January for £444m pounds to cut debt.
'They have been weaker in terms of cash flow than the other major companies because they have the most tenants in administration,' Harm Meijer, an analyst at JPMorgan Chase & Co. with a 'neutral' rating on the stock, said before the results were announced. 'The market will want to see how that has evolved.'