The commercial landlord has posted a £1.08bn pre-tax loss, which is compared to the £1.11bn loss a year earlier.
The value of the group’s portfolio is down 10.8% to £9.1bn – causing shares in British Land to slump.
Susannah Streeter is a senior investment and markets analyst at Hargreaves Lansdown. She said: “There is no mistaking the challenge British Land is facing. It’s not only being threatened by the rising tide of homeworking, but like a sandcastle, it faces fresh erosion from the heavy spade of e-commerce.”
British Land remains optimistic and has said that footfall and sales in its retail portfolio were 99% and 104% of pre-pandemic levels.
Chief executive Simon Carter said: “With supply of the best space tight, we would expect our Campuses to outperform and are encouraged by the conversations we are having on our space, particularly on our development pipeline, as well as the pick up in activity we are seeing at Storey.”