A company owned by Belfast-born developer Paddy McKillen has filed after tax losses of £4.5M last year compared to £2M profit the year before.
According to the accounts filed on 7 October the shareholders were paid a £5M dividend
Belfast Office Properties Ltd is co-owned by Mr McKillen and Dungannon businessman Padraig Drayne.
The company's assets include Ards shopping centre.
Mr McKillen is currently taking a legal challenge against the Irish government's National Asset Management Agency (Nama).
He is claiming that Nama has no right to take over loans which were made to him and is challenging the transfer of 80m euros of loans from Bank of Ireland.