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(Sharecast News) - Shares in Capital & Regional jumped on Thursday, after the property firm said rent collection was improving, while footfall had benefited from more people working from home.
The firm, which owns seven shopping centres, the majority of which are in and around the outskirts of London, said that of the quarterly rent due on or since 29 September, 51% had either been received or was imminently expected. This compares to less than 40% collected at the last quarter rent date.
As a result, the firm has now collected 56% of all rents falling due since 25 March. As of 30 September, it had total cash on the balance sheet of more than £81m.
Footfall, meanwhile, was 76.1% of the prior year equivalent in September, compared to August's 34.8% year-on-year decline. September football outperformed the national index by 11%.
The update sent shares in the real estate investment trust 25% higher by 1215 BST, to 46.30p.
Lawrence Hutchings, chief executive, said: "The in-town location of our centres, together with our focused strategy of serving the essential needs of our local communities, means they are benefiting from the increased number of people working from home and are performing well on a relative basis.
"Feedback from our retailers indicates that average transaction values are registering higher than the comparable period last year, with shopper visits being purpose driven."
Capital & Regional owns shopping centres in Blackburn, Hemel Hempstead, Luton, Maidstone in Kent, Walthamstow and Ilford in north east London, and Wood Green in Essex. The firm said 98% of stores had re-opened since national lockdown restrictions eased earlier in the summer.
6 Sep 2023 10:33
IN BRIEF: Capital & Regional ties up Gyle Shopping Centre acquisition
Capital & Regional PLC - London-based real estate investment trust - Says it has completed its acquisition of the Gyle Shopping Centre in Scotland. "The acquisition of The Gyle Shopping Centre, supported by the successful equity raise, reflects the confidence that investors have in our needs based non-discretionary community centre strategy, our management platform and portfolio," Capital & Regional Chief Executive Lawrence Hutchings says.
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