We have exited minority stakes in
Strong Q1 reflecting consistent execution.
* Like-for-like gross rental income growth of +5% reflecting robust leasing, car parking and commercialisation performance
* Like-for-like net rental income was up +5% benefiting from solid collections (FY 22 96%;
* Q1 23 92%), lower bad debt charges and tenant incentive impairments
* Gross administration costs decreased 13% year-on-year in line with our commitment to reduce these by 20% by the end of 2024
* Value Retail has seen a strong start to the year with spend per visit up +3%
Footfall and sales
* Footfall in the
* Sales in the
* Value Retail footfall up +14% year-on-year; sales +17%
Leasing and occupancy
* Continued momentum on leasing with 61 leases signed year-to-date, representing £9m of rent on a 100% basis
* Headline rent +18% ahead of previous passing rent, and +5% ahead of ERV on a net effective basis
* Diverse leasing mix including non-fashion, restaurant, leisure, and services
* Continued demand with a further £16m in solicitors' hands
* Occupancy up year-on-year to 95%
Valuations
* Q1 managed portfolio valuations flat on
Disposals
* The Group remains disciplined in its disposal programme
* Since full year 2022 results in March, we have completed disposals including Hammerson's share of Italie Deux and Italik, delivering a cumulative c.£410m of our £500m 2023 target; the Group remains confident of completing the programme on schedule
Balance sheet and liquidity
* £22m of cash distributions received from Value Retail
* Including disposals to date and debt written down, the Group's credit metrics have further improved:
Pro-forma
* The Group's RCF facility of £613m extended to
* No further Group unsecured debt maturities not covered by existing cash until 2026
.
(C) 2023 M2 COMMUNICATIONS, source