British Land the UK’s second largest property REIT has seen rental income for the last year increase by 5.4 percent. This has been due mainly to their continued programme of acquisitions which has assisted in rental income growth. Growth of pre-tax profits has fallen from the previous year due to a lacklustre in commercial property valuations. The organisation has spent just shy of £520 million on commercial property developments and acquisitions choosing to invest some of its war chest of cash. Their strong balance sheet has allowed the company to leverage investment funds at exceptionally good rates. They made some good commercial decisions with the development of the London office properties and have secured some good pre-lets from quality tenants. They have however as most commercial property companies suffered from the challenges of the retail sector. With retailers suffering they are keeping a keener eye on their rental costs. Making upward rent reviews less positive than in better times.