Capital & Regional scored a 29% increase in triple net asset value last year on the back of growth in its three funds, the Mall, the Junction and X-Leisure.
Triple NAV climbed to 1272p a share in the 12 months to December 31. Pre-tax profits enjoyed similar growth, rising by 26% to £251m.
The combination of the strong NAV performance and increase in pre-tax profits has enabled Cap& Reg to deliver a dividend of 26p a share, up 44% on 2005. The 81% total shareholder return - comprising dividends and share-price growth - was the highest shareholder return of the 13 companies in the FTSE real estate sector.
Cap& Reg’s £3bn Mall Fund generated ungeared returns of 17.6% compared with 12.7% for the Investment Property Databank Shopping Centre Index. Its X-Leisure Fund trumped its internal target Benchmark of 12% by 5.7% by recording ungeared returns of 19.7%. The Junction also outperformed the IPD’s retail parks index on an ungeared level by 30 basis points.
Chief executive Martin Barber said: ‘This has been the fourth year in a row with returns of more than 30%, outperforming a buoyant market. The foundations of our business remain sound, and we remain confident that our specialist management teams will continue to outperform.’