Operational and Rent Collection Update

RNS Number : 5915P

Hammerson PLC

20 October 2021

 

20 October 2021

Significant improvement in collection rates

Since our half year results on 5 August, occupiers have been able to operate in all territories with minimal COVID-related restrictions.¹

Overall, footfall in all territories now stands at c.15-20% below 2019 levels, although some centres in the UK exceeded 2019 comparable levels around the key August bank holiday weekend and have continued to perform strongly since.  The trend of high conversion rates and larger basket sizes has continued, with UK sales in our destinations in line with 2019 in August and September, and around 4% lower in France.  

Rent collection rates have improved with 70% of group billable rent collected for Q4 to date, significantly ahead of any quarter since Q1 2020 at the same point in time².  As with Q3, the UK continues to be the strongest performer, with 74% of rent collected, Ireland stands at 71%, with France at 65%.

FY 2020 collections now stand at 94% and FY 2021 YTD at 78%.

We remain focused on collecting arrears.  We do not anticipate granting future concessions and all avenues to collect rents due are being pursued.  

Period	Total Demanded (£m)3	Total Waived, Written Off and Not Yet Due (£m)	Total Due (£m)	Total Collected (£m)	Total Outstanding (£m)	Collected of due %
FY 2020	254	30	224	210	14	94
H1 21	114	16	98	77	21	79
Q3 21	50	1	49	40	9	82
Q4 21	41	3	38	27	11	70
FY 2021 YTD	205	20	185	144	41	78

1  The sanitary pass scheme in France impacted footfall and sales through part of August and September.

2  Previous quarters: Q3 21 47%, Q2 21 40%, Q1 21 41%, and Q4 20 41% at Q+14

3  Excludes Value Retail

Ends

This announcement has also been released on the SENS system of the Johannesburg Stock Exchange and on Euronext Dublin.

Investor Contact

Josh Warren, Hammerson, Director of Strategy and Investor Relations

Tel: [phone]

[e-mail]  

Press Contacts

Hammerson

Catrin Sharp, Head of Corporate Communications

Tel: [phone]

[e-mail]

FTI Consulting (for Hammerson)

Dido Laurimore

Tel: [phone]

[e-mail]  

Notes to editors

Hammerson

Hammerson creates vibrant, continually evolving spaces, in and around thriving European cities, with a focus on flagship retail destinations and premium outlets. As at 30 June 2021, our portfolio of high-quality venues had a value of £5.5 billion and included 19 flagship destinations in thriving cities and investments in premium outlet villages through our partnership with Value Retail. Key retail venues include Bullring & Grand Central, Birmingham, Bicester Village, Oxfordshire, Dundrum Town Centre, Dublin, and Les Terrasses du Port, Marseille.

 

END

 

 

UPDDKCBDCBDDBKD