Propert investment firm Redefine posted a full year loss but upped its dividend.
Basic loss per share was 21.7p for the year to the end of August, down from a 1.18p profit the year before.
The loss attributable to equity holders was £124.76m, with the company putting the blame on a net decrease in the fair value of its investment property and assets held for sale of £126.9m.
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Much of that loss in fair value - £94.6m - related to the historic "Wichford" UK portfolio, including assets in the Gamma and Delta portfolios, the firm said.
The firm said gross rental income was £76.2m, up 184.3% on the comparable period.
Earnings available for distribution were £25.5m, up 25.6% on the prior year.
The firm announced a second interim dividend of 2.30p per share, an increase of 9.5% on the year before.
This took total declared dividends for the year of 4.4p per share, up 6.5% on 2011.
Chairman Greg Clarke said the outlook for much of the UK and Eurozone economies remained subdued.
"But, with a renewed focus on investment, the company is now well placed for future growth at a time when there are attractive opportunities to make accretive acquisitions," he said.
Redefine efforts are ongoing to reduce its overall loan to value ratio (net of cash) to no more than 60%.
The firm said priorities for 2013 were to reduce the group's overall exposure to UK regional offices through the sale of assets.
it also plans to improve the quality of its portfolio by keeping its exposure to assets with long-term secure leases and/or higher value alternative uses.
