Land Securities’ net asset value increased by 25.6% as the value of the company’s portfolio rose by more than £2bn last year.
The propco said the improved performance in the full year to the end of March 2015 came as it “transformed” its shopping centres portfolio.
Total property returns exceeded the IPD Index, rising by 23%, with the portfolio valued at £14bn at the end of March.
As values rose, the LTV within the company declined from 32.5% to 28.5% based on loans and bonds valued at £4.2bn.
Chief executive Rob Noel said the company had no plans to take on more debt in the coming year, but added that the business needed to be flexible in this area should another opportunity such as Bluewater present itself.
The Bluewater mall in Kent was cited as a success story in the portfolio, with voids down and footfall up to record levels. There were 160 lease renewals at the shopping centre over the 12 months.
The valuation of Bluewater remained static, however, which Noel said was because the company had anticipated the market at the time of the purchase.
The development programme remained robust throughout the year. The company spent £441.9m on development over the 12 months, with a further £220m committed on future projects.
A retail development in Oxford, due for completion in 2017, is already 30% prelet, Noel said, citing it as an example of the company’s performance in development .
The company ended the year with a pretax profit of more than £2.4bn, up from £1.1bn in the previous year.
Land Securities’ full-year dividend will rise to 31.85p per share from 30.7p.
