The chief executive of Capital & Regional has welcomed “hard-fought stability” in the shopping centre-focused REIT after its restructuring.
CapReg today announced results for 2021, saying it was “rebuilding” after the impact of the Covid-19 pandemic.
Revenue dipped by roughly 4% from a year earlier to £70m, with the company’s IFSR loss narrowing from £204m in 2020 to £26.4m on the back of valuation declines over the first half of the year. Net asset value edged up by 0.7% to £168.4m.
The year saw the company restructure the debt held against several of its malls. Group loan to value stood at 49% at the end of the year, down from 72% at the end of June.
Chief executive Lawrence Hutchings said: “The completion of our refocus, restructure and recapitalisation at the end of 2021 brought some hard-fought stability to our business following a challenging period where we, and the wider retail industry, faced the combined impact of the pandemic and the restrictions that came with it, as well as the associated acceleration of structural changes impacting physical retailing.”
The company agreed 143 new lettings and renewals during the year at a combined average premium of 7.3% to previous rent and 15.6% to ERV. That figure was greater than in 2020 and 2019 combined.
CapReg has collected 93% of 2021 rent and has already secured 95% of rent for the first quarter of this year.
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