Property developer Hammerson reports 'transformational year'

FTSE 100-listed retail property manager and developer Hammerson has reported growth of 2.1 per cent in group like-for-like net rental income in the year ended December 31st.

FTSE 100-listed retail property manager and developer Hammerson has reported growth of 2.1 per cent in group like-for-like net rental income in the year ended December 31st.

The company said that this demonstrated continued tenant demand for its properties and the success of asset management activities.

Occupancy of 97.7% was achieved, above the group's target of 97% and up since the half year stage.

Hammerson reported that its portfolio had been repositioned to a pure retail focus. It announced office asset disposals for £627m at a 7.0% premium and £541m investments into retail venues.

The group also reported a reduction in net operating expenses of 7.0% and said that finance costs were down 11% year-on-year.

With regard to active liability management, Hammerson reported that a seven-year €500m 2.75% bond had been issued and new £175m revolving credit facility had been agreed in December.

The final dividend increased by 7.5%. A total dividend for the year of 17.7p per share was reported.

David Atkins, Chief Executive Officer of Hammerson, said: "We have again proved that high-quality retail assets combined with active management can deliver good income growth even in a challenging environment.

"2012 was a transformational year for Hammerson, where we successfully executed over £1.0bn of investment activity to become a pure retail-focused company. Looking forward, our visibility of the future earnings profile of the business gives us confidence, and we continue to seek opportunities to enhance the scale and efficiency of our business through further acquisitions," he added.

MF

Recommended

Which assets will benefit as the “jam tomorrow” bubble pops?
Investment strategy

Which assets will benefit as the “jam tomorrow” bubble pops?

With tech stocks, cryptocurrencies and many other “long duration” investments crashing hard, the “jam tomorrow” bubble looks to be bursting. John Step…
24 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022
Share tips of the week – 21 January
Share tips

Share tips of the week – 21 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
21 Jan 2022
Seven cheap defence stocks to buy now
Share tips

Seven cheap defence stocks to buy now

We’ve got used to a world without war between major powers, but that era is coming to an end as Russia threatens Ukraine and China eyes Taiwan. Buy de…
21 Jan 2022

Most Popular

Shareholder capitalism: why we must return power to listed companies’ ultimate owners
Investment strategy

Shareholder capitalism: why we must return power to listed companies’ ultimate owners

Under our system of shareholder capitalism it's not fund managers, it‘s the individual investors – the company's ultimate owners – who should be telli…
24 Jan 2022
Ask for a pay rise – everyone else is
Inflation

Ask for a pay rise – everyone else is

As inflation bites and the labour market remains tight, many of the nation's employees are asking for a pay rise. Merryn Somerset Webb explains why yo…
17 Jan 2022
Three innovative Asian stocks to buy now
Share tips

Three innovative Asian stocks to buy now

Professional investor Fay Ren of the Cerno Pacific Fund highlights three of her favourite Asian stocks to buy now
24 Jan 2022