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Hammerson reports well positioned portfolio and leasing driving performance

Hammerson

Hammerson reports well positioned portfolio and leasing driving performance – British property development and investment company Hammerson plc (HMSO) has reported that it has a 98.3% occupancy rate, which is a 17-year high. The achieved level of lettings in 2017 was the highest in the REIT‘s* 75 year history. This activity contributed to a 6.5% uplift in Earnings Per Share, which has risen on average by 8.3% per annum over the past five years. 

David Atkins, CEO of Hammerson reported that the highlight of the year was the proposed aquisition of intu; which we covered recently here on QuotedData.

Mr Atkins went on to explain that their disciplined approach to capital recycling ensures they continually lift the overall quality of their portfolio and are seeing clear investment demand for well-managed properties. The company has achieved £1.2bn of disposals over the last three years including £400m in 2017. Consumer confidence in France and Ireland is strong and their position in the premium outlets sector continues to deliver growth.  They say that the company is in a strong position to respond to the current consumer conditions in the UK and their rigorous approach to the capital and asset management of their properties supports confidence in generating future returns for shareholders.

The company’s strategy going forward will be to:

  • Focus on growing consumer markets
  • Create differentiated destinations
  • Promote financial efficiency and partnerships

The board proposed a final dividend of 14.8 pence per share for the period ended 31 December 2017, subject to approval by the shareholders at the Annual General Meeting to be held on Tuesday, 24 April 2018.  7.4 pence per share will be treated as a Property Income Distribution (“PID”), net of withholding tax where appropriate and 7.4 pence per share will be paid as a normal dividend.

* HMSO  switched to real estate investment trust (REIT) status when they were introduced in the UK in January 2007 and was one of the first to do so.

HMSO : Hammerson reports well positioned portfolio and leasing driving performance

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