British Land has reported its first set of results since becoming a real estate investment trust (REIT) on 1 January.

The developer said underlying pre-tax profit for the nine months to 31 December had grown 12% to £194m compared with the same period last year. However, profit for the quarter dropped 10% to £64m.

Net asset value per share for the quarter was 1,610p after REIT charges and 1,685p before REIT charges. This is a rise of 3.8% on the same period last year.

Chairman Chris Gibson-Smith said: “We have a full agenda for British Land to cement our position as a flagship of the new REIT regime. The business is making good progress.”