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Share Price: 62.20

Bid: 61.20

Ask: 62.40

Change: 1.60 (2.66%)

Spread: 1.20 (1.961%)

Open: 61.60

High: 62.20

Low: 61.60

Prev. Close: 60.20

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Capital & Regional portfolio value drops but FY profit seen in line

Thu, 24th Jan 2019 13:34

(Sharecast News) - Property investment company Capital & Regional said on Thursday that its net rental income for 2018 was expected to be flat and adjusted profit should be in line with market expectations, but the valuation of its portfolio declined amid negative sentiment towards retail assets.In an update for the second half of 2018, the group said net rental income is expected to be in line with 2017 despite 20 CVAs and retailer restructurings, which have dented NRI by around £1.5m over the year.Capital & Regional completed 87 leasing transactions in the year, comprising 42 new lettings and 45 renewals. Meanwhile, its occupancy increased from 96.9% across the portfolio at 30 June to 97% at 31 December.Footfall was up 0.7% in the second half, outperforming the national index, which was down 3.7%. Footfall for the year as whole was up 1.2% on a like-for-like basis, compared to the national index decline of 3.5%.The valuation of the company's portfolio fell by 4.5% in the second half to £855.3m. This was attributed to negative sentiment towards retail assets. Centres outside London saw a drop of 10.1%, while the group's three London assets saw their value rise by 1.1%, driven by income growth.Capital & Regional also said it was in ongoing discussions with struggling department store chain Debenhams and is "advancing plans for the right sizing of some stores".Debenhams pays an average rent of £8.65 per square foot on units in three of the company's seven wholly-owned assets, a total of around 340,000 sqft, representing 5.8% of total income.Peel Hunt said that from an operational perspective, the trading statement is "undoubtedly positive" in what is a difficult market for retail. However, the broker's anticipated valuation falls have been confirmed. "With that said the London assets have held up well with an unprecedented 1.1% valuation increase. The shares trade on a 52% discount to NAV and a 13% dividend yield," it said.At 1330 GMT, the shares were down 4.4% to 27.20p.

More News

14 Aug 2018 07:41

Capital & Regional dividend growth limited by retailer CVAs

(Sharecast News) - Capital & Regional saw the net asset value of its seven shopping centres dip in the first half of the year and said it expects full year dividend growth to be at the low end of its target range.

7 Aug 2018 16:01

UK Earnings, Trading Statements Calendar - Next 7 Days

Wednesday 8 August GlencoreHalf Year ResultsPaddy Power BetfairHalf Year Year Year Year 9

6 Aug 2018 08:13

Capital & Regional FD Staveley to step down

(Sharecast News) - Real estate investment trust Capital & Regional said on Monday that finance director Charles Staveley will step down from the board on 15 August and leave the company later in the year to pursue other business interests.

2 May 2018 16:07

UK Shareholder Meetings Calendar - Next 7 Days

Thursday 3 MayJames Fisher & SonsSavannah PetroleumTrinity MirrorEquiniti (re of

13 Mar 2018 07:06

EUROPE RESEARCH ROUNDUP-Capital & Counties Properties, Inmarsat, Norsk Hydro

March 13 (Reuters) - Securities analysts revised their ratings and price targets on several European companies, including Capital & Counties Properties, Inmarsat and Norsk Hydro, on Tuesday. * :

12 Mar 2018 15:31

DIRECTOR DEALINGS: Capital & Regional Chairman Buys, Sells Shares

LONDON (Alliance News) - Capital & Regional PLC said on Monday Chairman Hugh Scott-Barrett bought and sold shares in the property real estate investment trust in last at

8 Mar 2018 05:38

UK Stocks-Factors to watch on March 8

March 8 (Reuters) - Britain's FTSE 100 index is seen opening flat on Thursday, according to financial bookmakers. * UK-RECRUITERS: British recruiters a

4 Jan 2017 14:02

Capital & Regional refinances mall property debt

(ShareCast News) - Capital & Regional has refinanced the debt on its five wholly-owned shopping malls with £372.5m of new debt facilities with three lenders to cut its blended interest rate to 3.27% from 3.52%. The three new facilities were a £165m 10-year loan with Teachers Insurance and Annuity As

9 Dec 2016 09:15

Capital & Regional signs leases on two BHS spaces

(ShareCast News) - UK-focused specialist property real estate investment trust Capital & Regional announced on Friday that it exchanged two long-term leases for its former BHS units at The Mall Blackburn and The Mall Walthamstow, bringing new occupiers Wilko and the The Gym Group into the schemes an

9 Dec 2016 08:53

HSBC upgrades Capital & Regional to 'buy'

(ShareCast News) - HSBC has upgraded Capital & Regional, a British manager of shopping centres, to 'buy' from 'hold' but lowered its price target to 66p from 69p. The company's recent disposal of the Camberley shopping centre and refinancing has reduced the bank's equity valuation by £14.5m, equival

30 Sep 2016 08:27

BROKER RATINGS SUMMARY: Split View On Capita As Two Raise, Three Cut

19 Aug 2016 13:47

Directors dealings: Capital & Regional boss buys-in after interims

(ShareCast News) - Capital & Regional's boss Hugh Scott-Barrett bought into the company's shares on the same day that it published its latest interims. On 18 August, the UK-focused specialist REIT unveiled a 16% jump in operating profits for the six-month stretch running up to 30 June to £13.7m, in

18 Aug 2016 09:43

Thursday broker round-up

(ShareCast News) - Admiral Group: RBC reiterates underperform with a target price of 1600p. Laird: Berenberg maintains sell with a 230p target. BGEO Group: UBS reiterates neutral with a 2960p target. ICAP: Exane BNP Paribas upgrades to outperform with a 510p target. Poundland: Credit Suisse keeps

11 Aug 2016 15:03

UK Earnings, Trading Statements Calendar - Next 7 Days

18 Jul 2016 13:20

Monday broker round-up

(ShareCast News) - Experian: Barclays reiterates overweight with a target price of 1,550p. Rentokil: HSBC upgrades to hold with a 190p target. Card Factory: UBS reiterates buy with a 295p target. Capital & Regional: HSBC starts coverage at buy with a 61p target. Unilever: Goldman Sachs reiterates

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