Warner Estate Holdings, after the charge for conversion to a REIT, increased its net asset value per share by 17% to 774p for the year to 31 March, while property owned and under management rose by 29% to £3.2bn. The Times. Financial Times

However, profits fell to £67.8m from £91m the year before.

The REIT conversion charge was to £13.5m, but there were further costs that had not been factored in, including a loss of £8.7m relating to the reorganisation of group debt and a further conversion charge of £4.3m for the transfers of its share of joint ventures to REIT status.