The key figure to look at from British Land's (BLND) figures for the year to March 2017 is the adjusted net asset value (NAV), which was all but unchanged from a year earlier. This confirms that values have largely bounced back from the post-referendum panic depression, when valuations were plucked out of the air rather than based on transactions, of which there were very few.
Even so, there was still a £144m negative valuation movement in the portfolio compared with a £616m uplift the previous year; hence the apparent drop in headline profits. In fact, underlying profits moved ahead by 7.4 per cent to £390m, and not only was the annual dividend maintained, but the proposed dividend for the year to March 2018 has been raised to 7.52p per share on a quarterly basis, totalling 30.08p per share.