27th Feb 2015 07:43
LONDON (Alliance News) - Intu Properties PLC Friday reported growth in property valuations and total returns for 2014, although its underlying earnings per share fell due to a drop in like-for-like net rental income.
The shopping centre and retail space owner and operator, which has the Trafford Centre, Lakeside the Metrocentre in its portfolio, said the valuations of its property rose 8.2% to GBP648 million in 2014, outperforming the IPD monthly retail index which increased 7.3%. Its net asset value per share rose to 379 pence, a total financial return of 17% over its pro-forma net asset value of 335p at the start of the year.
However, its adjusted earnings per share fell sligthly to 13.3p, from 13.7p in 2013, reflecting a 3.2% drop in like-for-like net rental income.
Still, it said it had signed 210 long-term leases for GBP34 million of new annual rent at an average 5% above previous passing rent during the year.
"Intu's improved 2014 results demonstrate we are well positioned to benefit further from rising consumer confidence and strengthening demand from retailers for quality space," Intu Properties Chief executive David Fischel said in a statement.
The company now has a development pipeline of GBP1.9 billion, with GBP1.3 billion of that in the UK and GBP0.6 billion in Spain.
"Following excellent acquisitions both in the UK and Spain in the last few years, we also look to the organic growth opportunity from driving forward our £1.9 billion development programme," Fischel said.
It will pay a final dividend of 9.1 pence a share, bringing the total for 2014 to 13.7p, flat on the previous year.
By Steve McGrath; [email protected]; @stevemcgrath1
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