Like-for-like net rental income growth of 3.5% for Hammerson
In its final results statement for the year ended 31st December 2010, adjusted profit before tax increased by 11.2%, adjusted earnings per share up 1% and adjusted NAV per share up 17.6%.
Occupancy at 31 December 2010 of 97.3%, compared with 95.4% at 31 December 2009, following demand from occupiers for prime, regionally dominant centres; convenient retail parks; and modern offices.
With gearing of 52%, the Group says it has the flexibility to invest in acquisitions and developments offering superior growth prospects, whilst continuing to recycle capital.
Net rental income was £284.7 million (2009: £293.6m) with a like-for-like change of 3.5%.
John Nelson, Chairman of Hammerson, said,"This is a strong set of results which reinforces the strategy we are pursuing. Our rigorous focus on the performance of each asset is improving occupancy and income. We have sold mature assets and reinvested in properties which offer better growth prospects through active management. Looking forward, our financial flexibility and continued asset recycling will allow us to continue to take advantage of opportunities which we believe will arise in the coming period."
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