Highlights:
- Net rental income from the investment portfolio increased by 6.0% on a like-for-like basis.
- Adjusted net asset value per share (EPRA basis) increased by 30.9% to 12.37, reflecting a capital return of 17.6% overall.
- Return on shareholders equity in 2005 was 34.0% (2004: 21.7%).
- During the year, the group invested over 600 million, including the acquisitions of Villebon 2, near Paris, for 105 million and a 50% interest in the Queensgate Shopping Centre, Peterborough, for 156 million.
- Three major developments were completed showing a total valuation surplus of 232 million at 31 December 2005 on costs of 331 million.
- Major retail developments were started in Bristol and Leicester with anticipated completion of both schemes due in 2008.
John Nelson, Chairman, said:
"I am very pleased to be able to report an excellent set of results for 2005. Adjusted net asset value per share increased by 30.9% to 12.37, due to a further strong performance from the groups portfolio, which showed a capital return of 17.6%. For 2005, Hammerson achieved a return on shareholders equity of 34.0%.
Over the next three years, the groups rental income will increase substantially, principally as a result of new contracted income from completed developments. In the light of the results for 2005 and the groups future prospects, the Board is recommending a final dividend of 13.91 pence per share, making a total for 2005 of 19.71 pence per share, an increase of 10.0% on last year.
The group has a high quality investment property portfolio and an outstanding development programme and pipeline. We anticipate good growth in the Companys rental income over the next three years, providing the potential for continuing dividend increases."
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Source: Hammerson
