For British Land Co. growing number of closed stores as well as reduction of rent for struggling retailers surpassed benefits from relatively stable market for office real estate in London, Bloomberg reports. As a result, it hurt the earnings of one of the largest developers and real estate investment companies in the UK.

ritish Land lost 6 million pounds of earnings as a consequence of retailers bankruptcy and forced rent cuts. The company also suffered from rent losses in large office buildings, including headquarters of UBS Group AG in London.

Shares buyback performed by the company, as well as improvements at market for office real estate of London did not help to minimize earnings losses.

Earnings per British Land’s share was 17,2 pence, which is lower than average forecast of economists at 17,8 pence. Shares of the company lost 2,7% today and fell to 609,8 pence.