StockMarketWire.com - Retail property group Intu cut its guidance for like-for-like net rental income growth for the full year on Tuesday, blaming 'tenant failures' owing to a difficult UK retail backdrop.

The company said it anticipated full year like-for-like net rental income growth for 2018 to be in the range of 0% to 1%, down from 1.5% to 2.5% guidance given earlier this year, amid tenant failures of 1.5% in the year.

For the period from July to 23 October, the company signed 84 long-term leases agreements at rental levels 8% above previous passing rent and increased occupancy by 0.4% to 97%.

EPRA NNNAV a share was 297p, down 12p from 30 June amid a fall in property valuations.

The company's property valuation deficit increased by £298m, or 3.0% from a year earlier, reflecting current negative sentiment towards UK retail property.

The portfolio was valued at £9,580m at 30 September 2018, the company said.

'In September, we opened the £180 million retail and leisure extension of intu Watford, 90 per cent let or in advanced negotiations, as we constantly innovate and invest to ensure our business anticipates and adapts to changing consumer trends,' said David Fischel, intu Chief Executive.

'EPRA NNNAV per share amounts to 297p at 30 September 2018, reduced by 12p from 30 June, following a 3 per cent fall in like-for-like property valuations between 30 June and 30 September which reflects current negative investor sentiment towards UK retail property. We are however confident our business and assets are resilient and can weather the challenges we are currently seeing.' At 8:01am: [LON:INTU] Intu Properties share price was -0.3p at 201.2p



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