Hammerson ups dividend as earnings climb amid strong leasing activity
Hammerson PLC on Wednesday raised its dividend as it reported higher net tangible assets and a strong rental income growth forecast.
The London-based real estate investment trust focused on city-centre shopping centres said revenue jumped 75% to £211.4 million in 2025 from £121.1 million a year prior.
It swung to a pretax profit of £233.1 million from a loss of £42.3 million in 2024, helped by a net revaluation gain of £84.6 million compared to a £20.6 million revaluation loss in 2024.
Net rental income climbed 23% to £180 million from £146 million. Like-for-like net rental income was up 3%, helped by active asset management and record leasing activity.
The firm declared a final dividend of 8.56 pence per share, up 6.1% from 8.07p a year ago. The dividend for the full year was up 5.6% at 16.50p from 15.63p.
EPRA net tangible assets per share grew 6.5% to £3.94 from £3.70.
‘I’m excited to be leading Hammerson as we embark on our next phase of growth. These strong results are testament to the quality of our unique portfolio, our integrated pure-play platform, and the hard work of our teams. The success of best-in-class retail-led city destinations is evident in our record leasing at positive spreads, very high occupancy, and growing footfall and sales, leading to rental growth,’ said Chief Executive Rob Wilkinson.
‘We will maintain our focus on our ongoing active asset management and targeted leasing. This gives us high visibility of our income streams. We have a clear line of sight to growth in rental income, earnings and dividend in FY26 and beyond, with multiple paths for growth, further increasing our scale and value creation.’
Looking ahead, Hammerson said it expects net rental income growth of around 20% in 2026, with like-for-like growth between 4% and 5%.
It expects EPRA earnings growth of 15%. EPRA earnings grew 5.1% to £104 million in 2025 from £99 million.
The company sees earnings per share growth of 10% in 2026, after EPRA earnings per share climbed 4.0% to £20.7p in 2025 from 19.9p.
‘Notwithstanding the uncertain macroeconomic environment, we have high visibility of our long-term income streams, and expect further growth in net rental income and EPRA earnings in FY27 and beyond,’ Hammerson added.
Shares in Hammerson were up 5.1% at 366.80 pence on Wednesday morning in London. In Johannesburg, the stock was 3.1% higher at R 78.71.
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