**Summary of Hammerson PLCs Half-Year Report (July 2025):**
Hammerson PLC, a leading UK-listed owner and manager of prime retail and leisure destinations, reported strong half-year results for 2025, highlighting growth and strategic advancements. Key highlights include
1. **Financial Performance**
**Gross Rental Income (GRI)** Increased by 11% to £105 million, with a 5% like-for-like growth, driven by active asset management and acquisitions.
**Net Rental Income (NRI)** Rose by 10% to £80 million, with a 4% like-for-like increase.
**EPRA Earnings** £48 million, slightly down from £50 million in HY24, but ahead of expectations.
**Dividend** Increased by 5% to 7.94p per share, reflecting confidence in earnings growth.
2. **Portfolio Valuation**
Portfolio value increased by 11% to £3.0 billion, with a net revaluation gain of £26 million, the first gain since HY17.
Occupancy improved to 95%up from 94% year-on-year.
3. **Strategic Acquisitions**
Acquired the remaining 50% interest in Bullring and Grand Central for £319 million, funded by an equity placing and suspension of the share buyback program.
This acquisition is expected to add £22 million in annualized net rental income and is immediately 4% accretive to EPRA earnings per share.
4. **Operational Highlights**
**Footfall and Sales** Welcomed 79 million visitors, with flagship footfall up 1% and like-for-like sales up 1%, outperforming national averages.
**Leasing** Signed 152 leases, up 13% like-for-like, generating £23 million in headline rent, with principal deals signed 45% ahead of previous passing rent.
5. **Capital Allocation**
Deployed £321 million over nine months at an average yield of 8.5%, focusing on top 1% locations.
Strong balance sheet with LTV at 35% and net debt:EBITDA at 7.8x.
6. **Future Opportunities**
Ongoing repositioning projects at Cabot Circus, The Oracle, and Cergy 3, with potential GDV of £265 million over the next two years.
Strategic land holdings of 70 acres offer significant development potential, with recent sales at a premium to book value.
7. **ESG Initiatives**
Achieved a 13% reduction in like-for-like emissions, now 47% down from the 2019 baseline, aligned with Net Zero by 2030 goals.
Signed a Corporate Purchase Power Agreement for renewable electricity, supporting sustainability targets.
8. **Outlook**
Raised FY25 guidance with total GRI growth expected at 17% and EPRA earnings around £102 million.
Confident in delivering medium-term financial framework with 8-10% EPRA EPS CAGR, supported by robust leasing pipeline and strategic acquisitions.
Hammersons CEO, Rita-Rose Gagné, emphasized the companys strong performance, driven by strategic investments in repositioning, data analytics, and a focus on high-quality destinations. The company remains well-positioned to capitalize on positive structural trends and deliver sustainable growth.