Ian Hawksworth, Chief Executive, commented: "We are delighted to deliver a strong set of results for 2024. Our West End estates continue to be busy and vibrant with high footfall and customer sales growth. There continues to be strong leasing demand with 473 transactions completed 9 per cent ahead of December 2023 ERV, with an excellent leasing pipeline. Valuation has increased 4.5 per cent driven by strong ERV growth. The momentum of 2024 has continued into the current year. With our strong balance sheet, we are well-positioned to capitalise on market opportunities and confident of delivering further growth as the leading central London mixed-use REIT."

Highlights

- EPRA NTA of 200.2 pence per share, up 5.2 per cent (Dec 2023: 190.3 pence per share)

- Portfolio valuation increased by 4.5 per cent on a like-for-like basis at £5.0 billion (Dec 2023: £4.8 billion) driven by 7.7 per cent ERV growth offset by a marginal outward yield movement of 13 basis points like-for-like to 4.45 percent equivalent yield

- Underlying earnings increased by 16.2 per cent to 4.0 pence per share (pro forma FY 2023: 3.4 pence per share) and proposed total dividend for 2024 of 3.5 pence per share, up 11 per cent relative to 2023 3.15 pence per share

- 473 leasing transactions, representing £48.7 million of contracted rent, 9 per cent ahead of December 2023 ERV and
14 per cent ahead of previous passing rents

- 8.0 per cent like-for-like increase in annualised gross income to £202.8 million (Dec 23: £192.8 million) and 7.7 per cent like-for-like increase in ERV to £250.6 million (Dec 23: £236.9 million)

- High occupancy: 2.6 per cent of ERV available to let (Dec 2023: 2.1 per cent)

- Customer sales were up 3.1 per cent on a like-for-like basis relative to 2023

- £246.6 million of disposals completed since merger, with £86 million reinvested in acquisitions improving the quality of our portfolio
- In addition, sale of 50 per cent interest in Longmartin to our joint venture partner for net cash consideration of £94 million

- Strong balance sheet with access to £560 million of liquidity, net debt of £1.4 billion (Dec 2023: £1.5 billion) and EPRA loan-to-value ratio of 27 per cent (Dec 2023: 31 per cent)