2011 HIGHLIGHTS
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
