Intu Properties maintains 2012 full year dividend at 15p

DividendMax Ltd.

Intu Properties maintains 2012 full year dividend at 15p


Out-performed in challenging market background

property valuations increased 0.6 per cent, comparing favourably with benchmark index which fell 5.8 per cent

high occupancy at 96 per cent; successful relettings partly offsetting impact of tenant failures which represented 6 per cent of rent roll

signed 169 long-term leases for £44 million new annual rent at an average 7 per cent above previous passing rent and in line with valuation assumptions

underlying earnings per share 16.1 pence (2011 - 16.5 pence)

Progressed active management and major extension projects

pipeline now amounts to £1 billion programme over 10 years

represents some 2,300,000 sq. ft. of new retail, restaurants and leisure of which 650,000 sq. ft. consented

acquired strategic sites at Metrocentre, Cribbs Causeway, Braehead and Manchester Arndale

Improved financial flexibility

£300 million 2.5 per cent convertible bonds due 2018 issued in October

cash and committed facilities of £563 million at 31 December 2012

Launched nationwide consumer-facing brand and transformed digital proposition

announced January 2013, corporate name change effective 18 February 2013, consumer launch in May 2013

installing high capacity fibre optic networks enabling free WiFi and other digital services from March 2013

transactional website from spring 2013

Companies mentioned