London & Associated Properties, the listed shopping centre and London retail property company, said it is facing the future with ‘cautious optimism’ in its half year results to 30 June 2009 released today.
Net asset value per share rose 25% to 66.13p compared to the December 2008 year end and rental income grew by 4% to £8.3m.
All its debt is long term, with no loans due to expire before September 2011, and it is covenant compliant.
The company has £310m of gross assets and £245m of property, and £5.5m cash in the bank.
It will pay a dividend of 0.75p per share.
Chairman Michael Heller said: ‘Our portfolio has to date withstood the worst of the tenant defaults and rental declines witnessed elsewhere, and we have no reason to believe that it will not continue to do so. I therefore feel that London & Associated Properties can face the future with cautious optimism.’