6 675
Fashion Jobs
Ads
Published
Nov 8, 2022
Download
Download the article
Print
Text size

Understated Hammerson ahead in Q3, next quarter pipeline 'strong'

Published
Nov 8, 2022

Malls giant Hammerson continues to make a post-pandemic recovery with third-quarter rental income and sales rising, and it expects full-year adjusted earnings to follow suit.


Bullring


The major UK commercial property group, whose portfolio includes the Bullring/Grand Central in Birmingham, Bicester Village Designer Outlet Centre in Oxfordshire and key shopping centres across Europe, said year-to-date gross rental income on a like-for-like basis rose 11%.

Net rental income also continues to benefit from a strong leasing performance, improved collections and, as a result, lower bad debt charges.

The company said it now expects 2022 adjusted earnings to be at least £100 million, up from £80.9 million in the year-ago period. It said earnings benefited from lower administration and net finance costs, and a better-than-expected performance from Value Retail.

Footfall has also continued to improve to around 90% of pre-pandemic 2019 levels in the UK and Ireland, with France around 95%. Sales continue to exceed 2019 levels with third-quarter UK sales up 4% and Ireland up 2%. Around 93% of third-quarter rent has been collected to date, it noted.

A total of 221 leases have been signed year-to-date, representing £17 million of headline rent, 43% ahead of previous passing rent and 2% ahead of estimate rental value.

Without giving much detail or comment in the trading statement, Hammerson did at least say “demand remains high and the fourth-quarter pipeline is strong”.
 

Copyright © 2024 FashionNetwork.com All rights reserved.