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Capital & Regional PLC said on Wednesday its operational performance for five months ‘remains robust’, with footfall and occupancy now approaching pre-pandemic levels.
The London-based real estate investment trust focused on community shopping centres said the occupancy rate improved to 95% as at November 30 from 94% as at June 30, driven mainly by the inclusion of the NHS medical centre at Ilford.
Rent collection was now nearing pre-Covid levels, with 96% of the quarterly rent due on September 29 and 97% of the rent due for the year to date received.
For the five months that ended November 30, footfall was 11% ahead 2021, representing 90% of the equivalent period for 2019.
Over this period, Capital & Regional completed 42 new lettings and renewals for a combined rent of £2.1 million, ahead of previous rent and estimated rental value.
Chief Executive Lawrence Hutchings said the group’s operational performance remained robust. Despite current macro uncertainties, it continued to see footfall and occupancy progress back towards 2019 levels, he said.
Hutchings said the general macro-economic backdrop will likely remain challenging as the group move through the next few months.
Looking ahead, the group expects adjusted profit to improve by more than 20% in the medium term.
Shares in Capital & Regional were down by 3.9% at 48.90 pence on Wednesday in London, while its Johannesburg shares were flat at R 11.15.
By Artwell Dlamini, Alliance News reporter
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