Strong Leasing and Asset Management Performance
Leased 486,000 square feet at 3% ahead of ERV, with an additional 629,000 square feet under offer at 6% ahead of ERV. EPRA occupancy increased by 5% to 88%.
Development Achievements
On-site developments are achieving record rents, driving development yields above 7% and mid-teens IRRs. Key developments include 1 Triton Square and Broadgate Tower.
Retail Parks Growth
Retail Parks footfall grew 13.5% above the UK Retail benchmark over the last 5 years. Recent acquisitions delivered IRRs as high as 14%.
Financial Performance
Underlying profit increased by 8% to GBP 155 million, and underlying EPS rose by 1% to 15.4p. Dividend increased by 1%.
Improved Cost Efficiency
Admin costs reduced by GBP 5 million or 12% year-on-year, contributing 0.5p to EPS.