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: +44 20 7887 1053
Press Contacts
Hammerson
Catrin Sharp, Head of Corporate Communications
Tel: +44 20 7887 1063
FTI Consulting (for Hammerson)
Dido Laurimore
Tel: +44 20 3727 1000/ 0780 1654424
dido.laurimore@fticonsulting.com
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.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
