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Drab performance from Intu Properties

RESULTS: Intu is growing through acquisitions, but there's little sign of the regional property recovery in its underlying performance
March 3, 2014

Intu Properties (INTU) has been through a tough trading period, its performance marred by a number of high-profile business failures. There is still plenty to do as it struggles to shrug off its reputation as the property sector’s serial underperformer.

IC TIP: Hold at 330p

Rental income rose 2 per cent to £370m, but only because it acquired the Midsummer Place mall in Milton Keynes: like-for-like rental income fell 1.9 per cent. And while new leases were signed at rents 4 per cent above previous levels, this was down from 7 per cent a year earlier. Occupancy levels slipped from 96 per cent to 95 per cent and there was a 2 per cent decline in footfall.

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