Share Search
Visit the Share Search
Hammerson rent collection rates continue to improve
15th Jul 2021 07:26
(Sharecast News) - Hammerson said on Thursday that its rent collection rates had continued to improve, with 89% of billable rents collected for the 2020 financial year, and 68% for the first half of 2021.
The FTSE 250 retail landlord said initial third quarter rent collection was at 47% - ahead of the first and second quarters at the same point in time - while 2021 year-to-date collection now stood at 62%.
It said it expected all rent collections to continue to improve as remaining Covid-19-related restrictions were lifted, and did not expect to grant future concessions, with "all avenues" to collect rents due being pursued.
"Since our last update on 20 April, whilst some Covid-19-related restrictions have eased in all territories, measures remain in place affecting food and beverage, leisure and cinema operators in particular, although we expect this to be lifted in the coming weeks in the UK," the Hammerson board said in its statement.
"Additional restrictions have also been announced in France taking effect from 21 July; it is too early to assess the operational impact."
The company said footfall trends in all of its territories were "encouraging", with seven-day averages currently sitting at around 70% to 80% of 2019 levels, following an initial spike on reopening.
"Many retailers continue to report high sales and conversion rates as visitors shop with purpose.
"These trends have been particularly positive in France during the first few days of the summer sales period."
At 0819 BST, shares in Hammerson were down 1.72% at 35.48p.
The FTSE 250 retail landlord said initial third quarter rent collection was at 47% - ahead of the first and second quarters at the same point in time - while 2021 year-to-date collection now stood at 62%.
It said it expected all rent collections to continue to improve as remaining Covid-19-related restrictions were lifted, and did not expect to grant future concessions, with "all avenues" to collect rents due being pursued.
"Since our last update on 20 April, whilst some Covid-19-related restrictions have eased in all territories, measures remain in place affecting food and beverage, leisure and cinema operators in particular, although we expect this to be lifted in the coming weeks in the UK," the Hammerson board said in its statement.
"Additional restrictions have also been announced in France taking effect from 21 July; it is too early to assess the operational impact."
The company said footfall trends in all of its territories were "encouraging", with seven-day averages currently sitting at around 70% to 80% of 2019 levels, following an initial spike on reopening.
"Many retailers continue to report high sales and conversion rates as visitors shop with purpose.
"These trends have been particularly positive in France during the first few days of the summer sales period."
At 0819 BST, shares in Hammerson were down 1.72% at 35.48p.