The following is a summary of the Hammerson Plc (HMSNF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Hammerson reported positive underlying GRI and NRI growth of 4% and 5% respectively.

• Adjusted earnings for the first half of the year reached GBP 50 million, following the completion of a GBP 500 million disposal program.

• Declared a 5% increase in dividend payout due to underlying growth in GRI and earnings.

Business Progress:

• Continued robust leasing activity, with 140 deals generating GBP 23 million, up 24%.

• Significant disposal including Value Retail for GBP 600 million to strengthen the balance sheet and focus on growth.

• Investing in repositioning strategic sites such as Cabot and Oracle, targeting increased net rental income and enhancing asset value.

• Engaged in heavy lease management, boasting leasing spreads 61% ahead of previous passing rents, also leasing 15% over estimated rental value in the UK.

Opportunities:

• The disposal of Value Retail enhances financial flexibility and capacity for significant investments in joint ventures and upscale projects, enhancing shareholder returns.

• Ongoing strategic repositioning and investments focused on high-growth urban areas with potential for high-quality redevelopments.

• Exploring further expansion and intensive usage of strategic lands adding to future growth prospects.

Risks:

• Potential fluctuations in like-for-like sales, noted a 3% decline in UK sales driven by timing mismatches in realizing revenue from new openings.

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