Hammerson has turned its losses around, with rental income and portfolio value staying largely steady.
The REIT made £50.3m profit in the six months ending June, recovering from a £375.5m loss at the end of the same period last year.
Net assets increased for the first time since 2017, rising by £55m to £2.8bn. EPRA net tangible assets edged up by around 1.1% to nearly £2.9bn. EPRA NTA per share was down by 2p to 62p on the back of dilution from a final 2021 scrip dividend.
Adjusted net rental income was broadly flat at £86.5m, 1% down on £87.2m in the previous year.
Group portfolio value stood at £5.3bn, slightly down on £5.4bn last year.
The landlord made £194m of disposals in the period. Consequently, net debt was reduced by 6% to £1.7bn. Headline LTV was trimmed down to 37%, from 39%.
Hammerson said it expects to offload a further £300m properties by the end of 2023.
Rita-Rose Gagné, chief executive of Hammerson, said: “We are a better, more resilient, and financially secure business as a result of the actions taken since the beginning of 2021.
“We are conscious of the potentially volatile environment ahead and remain focussed on delivering our strategy. We have identified a number of levers within our control to continue to create value. We see more opportunities ahead.”
To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews
