Intu Properties 2014 full year results

DividendMax Ltd.

Intu Properties 2014 full year results


  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,, 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

Companies mentioned