Hammerson reports 'significant' improvement in rent collection
By Michele Maatouk
Date: Wednesday 20 Oct 2021
(Sharecast News) - Hammerson reported a "significant" improvement in rent collection for the fourth quarter on Wednesday.
The property group noted that since its last update on 5 August, occupiers have been able to operate in all territories with minimal Covid restrictions.
Overall, footfall in all territories is now around 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, it said.
Hammerson said the trend of high conversion rates and larger basket sizes has continued, with UK sales at its 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 the fourth quarter to date. This is "significantly ahead" of any quarter since the first quarter of 2020 at the same point in time, Hammerson said.
"As with Q3, the UK continues to be the strongest performer, with 74% of rent collected, Ireland stands at 71%, with France at 65%," it said. FY 2020 collections now stand at 94% and FY 2021 year-to-date 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."
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