LONDON Feb 28 British shopping mall owner Intu
Properties, said full-year net asset value fell 3
percent, hit by the costs of financial restructuring and an
equity placing, and forecasted rental income to further decline
Intu, which owns some of Britain's largest shopping centres
including the Trafford Centre in Manchester, north west England,
said on Friday adjusted net asset value per share fell to 380
pence last year, from 392 pence in 2012.
Last year, Intu announced its fourth equity raising in as
many years to fund the acquisition of a mall in Milton Keynes,
north west of London, for 250 million pounds ($417 million).
Large malls that dominate their catchment areas have managed
to weather the weak retailing climate better than others, but
the failure of some retailers is affecting Intu's performance.
The company's underlying earnings per share fell to 15
pence, from 16.1 pence, bearing a 10 million pound impact from
retailer tenants who fell into administration in 2012 and 2013.
While net rental income rose to 370 million pounds from 363
million pounds, this was mainly due to the acquisition of the
Milton Keynes mall, Chief Executive David Fischel said.
Excluding it, like-for-like income fell 1.9 percent or by 7
million pounds, he said.
He also said that while the retailing environment was
improving, the residual impact of tenant failures in early 2013
and upcoming lease expiries would further hit net rental income
The company remains in talks with Australian developer
Westfield to buy two shopping centres which it would
fund through new debt and an equity raise through a rights
issue, he said.
It recommended a final dividend of 10 pence per share,
bringing the amount paid in 2013 to 15 pence.