FINANCE: Shopping centre specialist intu Properties has reported overall profits of £600m for the full year 2014, up 65% from £364m in 2013.
NAV per share rose 9% to 379p from 346p during the full year to end December 2014.
The rise resulted from an 8.2% uplift in like-for-like property valuations, from £7.6bn to £8.9bn. This exceeded the benchmark IPD index by 0.9%.
Rental income rose from £370m to £397m and like-for like yield fell by 47bps, or 5.32%.
Occupancy rates across the portfolio were 95% with a 5% uplift in new rents over the year, the equivalent of £34m. However, footfall remained static.
Intu’s acquisitions through the year included two prime shopping centres, in Merry Hill and Derby, and a retail park in Northern Ireland.
The company’s net debt rose by £265m but with higher valuations across the portfolio leverage was reduced from 48.5% at year end 2013 to 44.2% in 2014.
