Hammerson is anticipating earnings of more than £100m for 2022 after a strong third quarter.
In an update this morning, the REIT said like-for-like gross rental income had increased by 11% over the quarter, while footfall was now at 90% of 2019 levels and ahead of national averages. UK sales figures were 4% higher than in 2019.
The REIT has been pushing ahead with its non-core disposals, seen as a key plank in its turnaround strategy. Having sold £194m in the first half of the year, Hammerson said it was “confident” that it would complete a further £300m by the end of 2023.
Rent collection for the quarter rose to 93%, while occupancy was 95%.
Hammerson said it had continued to pivot away from fashion-led retail, with more than half of new leasing in other categories – “although best-in-class fashion brands and new concepts remain core to our offer”.
So far this year it has signed 21 leases, representing £17m of headline rent, which is 43% ahead of previous passing rent and 2% ahead of ERV.
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