Redefine International has posted a rise in annual earnings, but reduced its full-year dividend.

The real estate investment trust said its re-based underlying earnings rose to £49.8m, up from £46.3m a year earlier and in line with company guidance.

It declared a dividend of 2.6p per share, down from 3.2p.

"In line with guidance, 2017 has seen the dividend re-based to align more closely to operational cash flow," chief executive Mike Watters said.

"We firmly believe this was the right thing to do and continue to deliver one of the highest yields on NAV in the industry."

"With a growing global appetite for predictable income returns, we believe our income-led business model, designed to deliver market leading shareholder distributions, remains extremely attractive and we look to the future with confidence."