Capital & Regional still delivering strong operational performance

(Alliance News) - Capital & Regional PLC continues to deliver strong operational performance, ...

Alliance News 19 May, 2022 | 8:55AM
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(Alliance News) - Capital & Regional PLC continues to deliver strong operational performance, with footfall hitting the highest level since the Covid-19 lockdown restrictions were imposed in March 2020.

The London-based real estate investment trust focused on community shopping centres said on Thusday footfall almost tripled for four months ended April 30, compared to the same period last year.

In total there were 18.4 million shopper visits, equating to about 76% of the footfall for the equivalent period in 2019.

Footfall referes to the number of people entering a shopping area in a given time.

The company received 96% of the rent due in the first quarter of the year.

In the year to date, it has completed 34 new lettings and renewals for a combined value of GBP1.8 million in aggregate, ahead of previous rent and estimated rental value.

Occupancy has remained stable at 93% as at April 30.

Capital & Regional plans to resume dividend payments in the second half.

Chief Executive Lawrence Hutchings said leasing momentum had also been maintained, above both estimated rental value and previous rents on aggregate.

The group has made "significant progress" across a number of key initiatives, most notably with the signing of a new National Health Service community healthcare centre at Ilford, Hutchings said.

While inflationary pressures in the UK provide a challenging economic backdrop, the company saw physical retail reaffirm its important place in the retail mix and signs of a shift in sentiment towards this sector.

Shares in Capital & Regional were down 3.6% at 57.22 pence on Thursday in London, while its Johannesburg shares were flat at ZAR11.00.

By Artwell Dlamini; artwelldlamini@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Capital & Regional PLC 56.40 GBX -0.18 -

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