Britain's biggest industrial landlord boosted its profits by 20 per cent on the back of last year's property boom.
Brixton said earnings for the 12 months to December 31 rose to £53.5 million from £44.7 million in 2003.
Adjusted net asset value, the key indicator of a property company's performance, rose by 14.3 per cent to 376p from 329p and earnings per share rose by a similar proportion to 18.3p.
The rise in profits was driven by a net increase in the group's property portfolio, with £830 million of acquisitions against £400 million of sales during the year.
Disposals included the Fradley Distribution Park near Lichfield and the Hartlebury Trading Estate at Kidderminister which Brixton had previously acquired as part of the Industrious portfolio.
The group still has a substantial investment in the West Midlands which it administers from an office at the Vaughan Trading Estate at Tipton. It also operates a leasing call centre at Leamington.
Overall, Brixton owns or manages 25 million sq ft of industrial accommodation worth more than £2 billion.
Returns from direct property reached 18.3 per cent last year and property shares returned 44.6 per cent compared with the FTSE 100's 11.3 per cent.
Brixton plans to raise the dividend by 2.7 per cent to 111/2p.