Operating highlights
|
· |
Growth of 2.5% in group like-for-like net rental income (UK Retail: 4.6%), demonstrating continued tenant demand for our properties and the success of asset management initiatives. |
|
· |
Occupancy increased to 97.9% at 31 December 2011 (31 December 2010: 97.3%), exceeding our target of 97%. |
|
· |
355 leases signed for 105,000m2, overall at 2% above ERV (UK Retail +1%, France Retail +2%, Offices +7%). |
|
· |
Portfolio further positioned for growth. £374 million invested over the year in acquisitions which enhance growth prospects, balanced by £272 million of disposals of mature assets. |
|
· |
Robust, flexible financial position. Over £650 million of new credit facilities signed, contributing to liquidity of over £700 million, which combined with gearing of 52% provides flexibility to fund acquisition, extension and development opportunities. |
|
· |
Final dividend increased by 5.7%, with future dividends anticipated to grow at a rate higher than recent historic levels. Total dividend for the year of 16.6 pence per share (2010: 15.95 pence). |
David Atkins, Chief Executive of Hammerson, said:
"These results prove the benefit of high quality assets combined with active management, which have delivered good income and capital growth in a challenging environment. In addition, we have enhanced the prospective returns from the portfolio through targeted acquisitions and development activity, but retain a strong, flexible financing structure which will allow us to take advantage of further investment opportunities.
|
Year ended: |
31 December 2011 |
31 December 2010 |
Change |
Like-for-like change |
|
|
|
|
|
|
|
Net rental income |
£296.0m |
£284.7m |
+4.0% |
+2.5% |
|
Adjusted earnings per share |
19.3p |
19.9p |
-3.0% |
|
|
Final dividend per share |
9.3p |
8.8p |
+5.7% |
|
|
|
|
|
|
|
|
As at: |
31 December 2011 |
31 December 2010 |
|
|
|
|
|
|
|
|
|
Adjusted net asset value per share, EPRA basis (1) |
£5.30 |
£4.95 |
+7.1% |
|
|
Gearing |
52% |
52% |
|
