2014 HIGHLIGHTS
Delivering improved returns
property valuations increased 8.2 per cent (£648 million), outperforming the IPD monthly retail index which increased 7.3 per cent
total property return, as calculated by IPD, 13.1 per cent (2013 - 7.3 per cent)
net asset value per share (diluted, adjusted) of 379 pence, giving a total financial return for the year of 17 per cent on the pro forma opening net asset value per share of 335 pence
underlying earnings per share 13.3 pence (H1 6.4 pence; H2 6.9 pence) (2013 - 13.7 pence1) reflecting a reduction in like-for-like net rental income of 3.2 per cent in the year
signed 210 long-term leases for £34 million new annual rent at an average 5 per cent above previous passing rent
Significant corporate activity
acquired two UK top 20 shopping centres, intu Merry Hill and intu Derby, along with Sprucefield retail park in Northern Ireland in May 2014 for £855 million
exchanged contracts in December 2014 to acquire a top 10 Spanish shopping centre Puerto Venecia, Zaragoza for €451 million. Acquisition completed in January 2015
formed a joint venture at intu Uxbridge introducing an 80 per cent partner for £175 million, a small premium to the December 2013 book value
debt financing activity of £2 billion; weighted average maturity over eight years
cash and committed facilities of £671 million at 31 December 2014
Making the brand count
active retailers on our transactional website, intu.co.uk, include John Lewis, Next and Topshop
almost 40 per cent year-on-year increase in website visits in December 2014 to nearly three million, with an active marketing database of almost two million individuals
introduced Tell intu and customer service measurement, with the average Net Promoter Score increasing in the year
Development momentum
development pipeline of £1.9 billion, £1.3 billion in the UK and £0.6 billion in Spain
completed the remodelled food court at intu Lakeside, on site with the leisure extension at intu Potteries and mall refurbishment and catering quarter at intu Victoria Centre
on target to commence a major £110 million extension at intu Watford in 2015
