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London West End property investor Shaftesbury swung to a first-half loss after the value of its properties slumped and the Covid-19 crisis hit rental income from its retail tenants.
Pre-tax losses for the six months through March amounted to £287.6m, compared to a profit of £38.7m on-year. Rental income fell 3.2% to £56.7m.
The company's earnings were also hurt by Covid-19 related provisions of £25.3m.
Excluding those provisions, its underlying EPRA earnings rose 5.1% to £28.7m.
Shaftesbury said discussions were underway with around 800 commercial tenants 'to agree tailored solutions' on rents and service charges.
The company said it was aiming to collect around 50% of rents due from April to September 2020 'over time'.
Shaftesbury had announced in March that it would not pay an interim dividend due to the Covid-19 pandemic.
'A gradual relaxation of government-imposed restrictions in the UK is now underway,' it said.
'However, it is difficult to predict the pace of these changes, the measures that will need to remain in place or the consequent structural implications for businesses and consumer spending patterns.'
'We expect the impact of Covid-19 will have a material effect on full year earnings and operating cash flows, although it is not possible to make a meaningful assessment at this stage.'