Land Securities Group Plc wrote down the value of its UK shopping centres by 11.7% as rental income declined and battered retailers closed more stores.

Britain’s second-largest real estate investment trust lost about £10m of rent from retailers in the financial year that ended on 31 March. That was outweighed by rising rents in the office business, according to a company statement on 14 May.

Weaker retail markets accounted for a 4.1% decline in the value of the company’s portfolio overall. Land Securities sees “no near-term improvement in retail market conditions,” the company said.

However, the firm still reported a full-year revenue profit of £442m, beating the average analyst estimate by more than 1%, according to data compiled by Bloomberg.

strong style="mso-bidi-font-weight: normal;">LandSec REIT slashes shopping centre values as retail crisis worsens