However, the FTSE 250-listed firm said it is well-positioned thanks to a strong leasing record and high demand for its locations, as “92% of our portfolio is within walking distance of a Crossrail station”.
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In the year to 31 March, the portfolio valuation was flat with offices up 1% and retail down 3.5%.
Net asset value per share rose 1.8% to 868p with net assets of £2.2bn.
The total dividend was raised by 3.3% to 12.6p per share.
New contract, sustainable initiatives
Also on Wednesday, the property owner revealed a new contract with Exane BNP Paribas to pre-let a 39,970 square feet of office space in central London on three separate 15-year leases.
“Although a relatively small letting and no rent has been disclosed, it is encouraging to see tenants continue to sign leases,” Peel Hunt commented.
In another update, Great Portland Estates announced plans to become a net-zero carbon business by 2030.
The landlord also launched a community fund to donate the proceeds of salary cuts to charities in London.
Shares dipped 2% to 628.6p on Wednesday at the opening bell.