Capital Shopping Centres Final Results

DividendMax Ltd.

Capital Shopping Centres Final Results


Operational highlight

Transformational acquisition of The Trafford Centre

·      High quality income stream

·      Valuation increased by £50 million to £1,700 million

·      Integration and management changes

Strong key operational metrics

·      Like-for-like net rental income has grown 3.6 per cent

·      Occupancy remains strong at 97 per cent

·      198 new long-term lettings have added £9 million additional annual rent for the Group

·      Footfall is up a further 2 per cent following two years of growth.  After a flat autumn, December was up 7 per cent on 2010

·      Positive impact on earnings and valuations with underlying earnings per share up 7 per cent to 16.5 pence and property values stable

Growing the pipeline of projects

·      Asset management initiatives underway, notably at Lakeside and Metrocentre

·      Acquisition of Broadmarsh, Nottingham

·      Planned capital expenditure of around £120 million, covering most centres, plus progress on potential major extensions at Lakeside and Nottingham

·      Acquisitions of land with potential for future development

Robust financial position

·      New £375 million revolving credit facility evidence of access to funding

·      Wholly owned assets, mostly freehold, make up 75 per cent of investment properties by value

Companies mentioned