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Intu Properties Fundamentals (INTU)

Interim Management Statement

INTERIM MANAGEMENT STATEMENT FOR THE PERIOD FROM 1 JANUARY 2014 TO 8 MAY 2014

Highlights of the period:

* Acquired 2 more top 25 UK shopping centres in £868 million transaction,
funded by £500 million rights issue and asset-specific debt facilities

* Occupancy remains high at 95 per cent

* Footfall year to date 1 per cent higher than same period of 2013

* 50 new long term leases agreed for £8 million new annual rent, 5 per cent
above previous passing rent and in line with valuation assumptions

* Projects underway at intu Lakeside (foodcourt), intu Potteries (cinema and
restaurants), intu Eldon Square (mall upgrade), intu Victoria Centre
(restaurants and reconfigurations), progress with intu Watford Charter
Place extension

Formation of Joint Venture with KWAP at Intu Uxbridge

A decent run up of late.

Interim Results

"Intu has recorded a strong first half performance with a 7.6 per cent like-for-like valuation uplift, increasing net asset value per share to 372p and taking the overall market value of our prime UK shopping centres to £8.8 billion. The initial indications from the major centres we acquired in the period, now rebranded as intu Merry Hill and intu Derby, are very positive. The letting market is showing encouraging signs of improvement and we are gaining further momentum with our £1.2 billion active management and development pipeline."

Another attempt @330p.

Looking for a break of 350p.

Double top.

INTU ANNOUNCES SIGNING OF NEW £600M REVOLVING CREDIT FACILITY

Interim Management Statement

Highlights of the period:

· Continued improvement in retailer demand with 71 new long term leases agreed for £13 million new annual rent, five per cent above previous passing rent and in line with valuation assumptions

· Key operating metrics are stable, with year to date footfall up one per cent and occupancy marginally reduced since 30 June 2014 at 95 per cent

· Initiated asset management plans at the recently acquired intu Derby and intu Merry Hill with new lettings exceeding expectations

· Successfully refinanced £453 million of existing bank facilities with £763 million of new facilities; also announced today a proposed further £350 million bond issue. Increased overall headroom in terms of cash and committed facilities to over £750 million

· £1.2 billion development pipeline on track. Active management projects completed at intu Lakeside (food court) and intu Eldon Square (mall upgrade), on site at intu Potteries (cinema and restaurants) and intu Victoria Centre (restaurants and reconfigurations)

· Further customer service and digital initiatives including the launch of upgraded and fully mobile enabled website intu.co.uk

· Recognised for a 30 per cent like for like reduction in carbon emissions since 2011 winning the 'Best in continuing carbon reduction' category in the Carbon Trust Standard Bearers Awards

Intu Announces Proposed Bond Transaction

Acquisition of Puerto Venecia Shopping Centre

AGM Trading Update

AGM TRADING UPDATE FOR THE PERIOD FROM 1 JANUARY 2015 TO 6 MAY 2015

Highlights of the period:

· Continued improvement in retailer demand with 44 new long term leases agreed for £7 million new annual rent, 10 per cent above previous passing rent and in line with valuation assumptions

· Key operating metrics are stable, with year-on-year footfall to date unchanged and occupancy marginally reduced since 31 December 2014 from 95 per cent to 94 per cent reflecting seasonal fluctuations since Christmas

· UK development pipeline on track with restaurant projects at intu Metrocentre and intu Bromley started in the period

· Strong footfall growth in Spain at both Puerto Venecia and Parque Principado along with encouraging increases in retailer sales

· Shareholders approved exercise of the option to acquire site in Malaga for a major shopping resort development. Detailed discussions with key retailers and leisure operators are underway for a 2016 start

· Over 40 per cent growth in year-on-year website traffic at intu.co.uk following the introduction in 2014 of a fully mobile responsive site and an increase in the number of participating retailers

· Cash and available facilities of over £500 million at 31 March 2015 providing headroom for our present development activities

Take your pick :

Panmure Gordon Sell 330.15 288.00 288.00 Retains

Numis Hold 330.15 - 357.00 Reiterates

Investec Hold 330.15 361.00 361.00 Reiterates

Final Results

David Fischel, Chief Executive of intu properties plc, commented:

"We are pleased to report a strong set of results for 2015 with a 7 per cent increase in underlying earnings per share and a 4 per cent revaluation surplus taking investment properties to £9.6 billion. Particularly encouraging was the return to like-for-like growth in net rental income, the result of quality lettings in aggregate 10 per cent ahead of previous passing rent, improved occupancy at 96 per cent and benefits from our investment programme with projects successfully concluded in 2015 in Nottingham, Newcastle and Stoke-on-Trent.

As economic recovery spreads out from London and the south east to the regions, consumer confidence is positive, driving improved retailer demand for space in our centres at a time when new supply of quality retail space is very limited. Investor interest for prime regional shopping centres remains keen.

These factors provide a favourable background for our development programme as we look to introduce the next level of leisure concepts. We expect to undertake around £600 million of mixed retail and leisure projects in the next three years in the UK, in particular the intu Watford extension, and commence our major Spanish shopping resort development, intu Costa del Sol.

Our top shopping destinations help deliver high footfall and long dwell times for our retailers and restaurateurs. We attract some 400 million shopper visits a year and focus on delivering a great customer experience. We are continuing to make the intu brand really count through digital initiatives, including our transactional website, and multichannel promotional events, reflected in very positive customer feedback via our Tell intu programme.

While financial markets are volatile, the improved economic environment and tenant demand, together with the returns we are achieving from our investment in development, active management, technology and branding mean we are well positioned to achieve further organic growth in 2016".

INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2016



David Fischel, Chief Executive, commented:

"We are pleased to report a strong set of results for the first six months of 2016 with a 10 per cent increase in underlying earnings per share driven by excellent growth in net rental income of 7.5 per cent on a like-for-like basis. We have therefore raised our guidance for full year like-for-like net rental income growth to 3 to 4 per cent.

Letting activity was also very positive leading to an improved occupancy ratio of 96 per cent. Our established retailers, such as Zara and Next, have been upsizing space and we have welcomed new lifestyle brands and international retailers at a time when the supply of quality retail space is limited. We continue to focus on strengthening and improving our prime regional shopping centres, introducing new leisure concepts and increasing the dwell time of our 400 million customer visits per year.

With over £500 million of cash and available facilities, we are well positioned to take opportunities when they arise, such as the acquisition in the period of the other half of intu Merry Hill which adds to the considerable momentum from our active asset management and development projects, both in the UK and Spain."


Investor conference call

A presentation to analysts and investors will take place at UBS, 1 Finsbury Avenue, London EC2 at 09.30BST on 28 July 2016. The presentation will also be available to international analysts and investors through a live audio call and webcast. The presentation and a copy of this announcement will be available on the Group's website intugroup.co.uk.

Final Results

"In a year which will be remembered for its political turbulence, intu is pleased to have recorded a strong set of results with six per cent growth in underlying earnings per share, an increased dividend and stable property values, leaving net assets per share (diluted, adjusted) unchanged at 404 pence.

We ended the year with £922 million of cash and available facilities, well placed to pursue our pipeline of active management projects, development and acquisition opportunities both in the UK and Spain.

The power and recognition of the intu brand is our major differentiator. With our focus on compelling customer experiences and family friendly fun day-out destinations, we are continuing to meet the demands of the changing retail world, recording increased footfall and 96 per cent occupancy.

Major retailers including Zara and New Look have upsized and upgraded existing units and rolled out more of their exciting brands in our prime regional centres. We welcomed international brands such as Victoria's Secret together with the expansion of premium fashion and lifestyle brands such as Jack Wills, Cath Kidston and Joules. In all, our tenants invested around £100 million in new shops and refits over the year which is a significant commitment to our centres.

While the environment for business this year is likely to be challenging as the full impact emerges of the UK's EU referendum vote, we are well positioned as we focus on top quality assets in prime locations with high occupancy and strong footfall. The dividend increase reflects the results for the year and our confidence in intu's prospects. We intend to deliver continuing growth in like-for-like net rental income over the coming years."

Peel Hunt Hold 294.35 250.00 250.00 Upgrades

Liberum Capital Sell 294.35 240.00 240.00 Retains

Bashed around yesterday after interims. Sitting on support around 260-265.

Looks attractive to me with dividend of 5.32% except I don't fancy level of indices generally.

One to watch - I think I may be able to get in a bit lower yet. Say 250.

BLND also interesting with it's buy back program.




INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2017

David Fischel, intu Chief Executive, commented:

"intu has performed robustly over the six month period in a UK retail environment which continues to be challenging. Retail brands are being selective in their expansion, looking at established locations such as our 17 prime shopping centres which are attracting high footfall through their differentiated offering and compelling customer experience.

The resilience of the tenant market in our centres is shown by our 103 lettings in the period at 7 per cent above previous passing rents, including brands such as Next, River Island, Hugo Boss, Gant, Paul Smith, Victoria's Secret and Tesla. Also our tenants continue to invest in upsizing and upgrading their units which has resulted in maintained high occupancy.

Our £679 million UK development programme is progressing on schedule with the £180 million intu Watford extension on target to open in Autumn 2018. We expect to start shortly on the £71 million intu Lakeside leisure extension which is over 90 per cent let to tenants including Nickelodeon, Hollywood Bowl and multiple restaurants.

Our Spanish business continues to perform well and intu now owns three of the country's top ten shopping centres. During the period, we acquired Madrid Xanadú for €530 million, a centre which has strong leisure attractions including an indoor ski slope, with an aquarium and Nickelodeon theme park attraction under construction.

We have a clear strategy to deliver long-term value to shareholders and, with cash and available facilities amounting to £920 million, we have significant flexibility to pursue opportunities as they arise in the UK and Spain."

Date Broker Recommendation Price Old Target Price New Target Price Notes
28 Jul Jefferies International Underperform 259.15 229.00 229.00 Reiterates

I hope that was to let their mates in. I bought a small amount at 260.4.

Interesting stock this. I'm in around 257. Apart from that intraday spike down to 250 it's lost support but it has bounced off it now.

Dividend = 14.2p = 5.6% yield.

More interesting John Whittacker the Deputy Chairman continues to buy. I'm not sure if it's being going on forever but I first noticed when the stock was around 340p.

He now owns 27.2% of the company and continues to buy. Last sizeable purchase of 22m shares at 2.89 = £64m.
http://www.hl.co.uk/shares/shares-search-results/i/intu-properties-plc-ordinary-50p/director-deals

I have bought long term for the yield and to slowly watch it rise.
Also, I have to wonder what his plans are as he keeps on buying. Not so far to 30% now. I'm king of wondering whether he will take it private in some way eventually.

Bought some more at 225.1. xd today.
6.21% dividend yield. Happy with that.