Horace Mann(US:HMN)2025-07-31 08:30Financial Performance - Gross rental income (GRI) increased by 11% to £105 million, compared to £94 million in the previous year[38] - Net rental income (NRI) increased by 10% to £80 million, compared to £73 million in the previous year[38] - The company's property valuation increased by 11% to £2,956 million, compared to £2,659 million at the end of the previous year[38] - Like-for-like (LfL) GRI increased by 5% and LfL NRI increased by 4%[13] - EPRA earnings per share were flat at 9.9p, but the dividend per share increased by 5% to 7.94p[38] Acquisition and Redeployment - The company acquired Bullring and Grand Central for a net cash consideration of £319 million, expecting an additional annualised NRI of £22 million[15] - The acquisition is expected to result in a 4% EPS accretion[15] - £321 million was deployed at an average destination yield of 8.5%[13] Portfolio and Leasing - The company has a development portfolio of £293 million, with a gross development value (GDV) of approximately £5.5 billion[13] - Leasing activity shows positive spreads, with deals signed 45% higher than previous passing rent and 13% higher than estimated rental value (ERV)[13] - Occupancy increased from 94% to 95% year-over-year[13] Outlook and Strategy - The company upgraded its full-year 2025 guidance, expecting total GRI growth of approximately 17% and EPRA earnings of approximately £102 million[27] - The company is focused on a clear capital allocation strategy, including redevelopment, repositioning, and capital recycling[13] - The company aims for GRI growth of 4-6% CAGR, EPRA EPS growth of 6-8% CAGR, and DPS growth of 6-8% CAGR[87]