Hammerson PLC (LSE:HMSO), owner of London's Brent Cross, Birmingham's Bull Ring and Bristol's Cabot Circus shopping centres, has reported a tenfold increase in its IFRS losses of £526 million for 2024 but a stronger balance sheet.
This reflected a £497 million impairment of its 'value retail' portfolio before its €705 million sale (£595 million) sale in September.
Adjusted earnings came in at £99 million, down from £116 million, reflecting the impact of disposals.
But Hammerson said it had "one of the strongest balance sheets in the sector", with net debt down 40% at £799 million versus a closing portfolio value of £2.7 billion.
The board recommended a final dividend of 8.07p per share for 2024 in line with the new policy of 80-85% of adjusted earnings, and making a full-year dividend of 15.63p, up 4% year on year.
Chief executive Rita-Rose Gagné said: "Following a transformative and successful year for Hammerson, we enter 2025 as a repositioned business."
The Value Retail sale was "pivotal", joining other disposals of properties deemed non-core that have generated £1.5bn of cash proceeds over the last four years.
"We have strategically realigned the business to benefit from structural market trends," Gagné said, concentrating the portfolio on "exceptional assets in some of Europe's fastest growing and most vibrant cities", with retailers wanting "fewer and more productive stores" in only top quality these locations.
She said Hammerson is "poised to deliver significant revenue and underlying earnings growth, with the full impact of our ongoing investments and acquisitions yet to be realised".