londonmetric property plc said wednesday that it swung to a pretax loss for the first half of fiscal 2023 despite an increase in revenue as it booked a loss in its accounts due to a lower value of its investment properties the uk realestate investment trust said pretax loss was 2434 million pounds 2893 million for the six months ended sept 30 compared with a pretax profit of gbp2566 million the previous year the company booked a loss on the revaluation of investment properties of gbp2917 million compared with a profit of gbp2012 million the year before revenue rose to gbp719 million from gbp637 million while net rental income according to epra accounting standards rose 14 to gbp721 million net tangible assets per share fell to 2293 pence from 2611 pence while the value of the portfolio slipped to gbp35 billion from gbp36 billion at the end of fiscal 2022 sharp movements in both bond yields and interest rates have brought to an end the era of cheap money and is having a material impact on real estate valuations stability has partially returned with a moderation in expectations for future rate increases however we are expecting interest rates to remain higher for longer chief executive andrew jones said the company declared a dividend of 46 pence a share up from 44 pence the prior year