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Capital & Regional saw like-for-like net rental income fall in the first half of the year despite 'strong' leasing momentum, with new lettings undertaken at a premium to previous rent and continued footfall outperformance.
Like-for-like net rental income fell 3.1% to £25.2m as retailers continued to enter insolvency arrangement, denting growth by 4.2%.
The company secured 44 new lettings and renewals in the period totalling £3.1m in rental income at a combined average premium of 31.2%1 to previous passing rent and a 6.9%1 premium to expected rental value.
Footfall significantly outperformed the national index with our three London centres increasing by 0.6%, the company said.
Portfolio valuations fell by 6.8% in the period to £797.3m from £855.2m in December last year, reflecting an 11% reduction in regional asset values and a 3% reduction in the three London assets, the company added.
At 8:57am: (LON:CAL) Capital Regional PLC share price was +0.19p at 15.89p