Capital & Regional has seen adjusted profit increase by 19% as occupancy, footfall and rents rise.
In its results for the first half of the year, the shopping centre REIT said adjusted profit had hit £7m, largely thanks to 42 new lettings and renewals at a premium of 5.7% to previous rent and 13.7% to ERV.
The REIT, which has just bought the Gyle shopping centre in Edinburgh for £40m, said footfall had risen by 5.1% on H1 2022, with 19.3m shoppers visiting.
IFRS profit for the period was £6.1m, down from June 2022’s £26.8m. That half was inflated due to one-off gains of £12.3m from the discounted purchase of the Hemel Hempstead debt facility, and £6.8m from the deconsolidation of Luton.
Valuations continued to stabilise, with the portfolio increasing by 2.1% in the first half of 2023 to £329.7m, and a 2.3% increase in NAV to £183.2m.
Group LTV increased marginally to 42% from 41%.
While the bulk of the REIT is focused on convenience and community shopping centres, it also owns Snozone, the UK’s largest indoor real-snow ski resort. Profit for Snozone doubled to £1.6m over the six months, reflecting the first peak Q1 trading quarter not to be impacted by Covid since 2019.
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