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Adjusted earnings 

  • Hammerson now expects FY22 adjusted earnings to be not less than £100m. 
  • Year-to-date, like-for-like gross rental income increased by 11%;  net rental income continues to benefit from strong leasing performance, improved collections and resulting lower bad debt charges. 
  • Earnings also benefited from lower administration and net finance costs, and a better than expected performance from Value Retail.

Footfall  

  • UK and Ireland footfall has continued to show an improving trend to currently c.90% of 2019 levels, with France at c.95%. 
  • Footfall consistently exceeds national indices.   

Sales  

  • Sales continue to be above 2019 levels with UK Q3 sales +4%; France +3%; and Ireland +2%. 
  • Footfall at Value Retail in Q3 was around 90% of 2019 levels, with brand sales approaching 93%, while spend per visit is around 4% ahead of 2019. 

Leasing 

  • 221 leases have been signed year-to-date, representing £17m of headline rent, 43% ahead of previous passing rent and 2% ahead of ERV on a net effective basis.  
  • More than half of leasing has been to non-fashion categories, including F&B, leisure and services, although best-in-class fashion brands and new concepts remain core to our offer. 
  • Demand for prime space remains high, with Group occupancy at 95% including the Cergy extension.Our pipeline for Q4 is strong. 

Rent Collections 

  • Group Q3 22 rent collections to date are at 93%. 
  • We expect collection rates to continue to improve further by the full year. 

Valuations 

  • Yields remained stable in aggregate at Q3 with only marginal adjustments to ERVs.

Debt and disposals 

  • Value Retail completed the refinancing of Bicester Village in September. 
  • H aThe mmGro ersu on p an plc no unced on 3 November 2022 that it intends to exercise the par call option on the remaining €235.5m of 2023 eurobonds with existing cash on balance sheet.

(Incorporated in England and Wales) 

  • No further Group unsecured debt maturities not covered by existing cash until 2025.   
  • Hammerson delivered £194m in disposals in H1.  Discussions are ongoing with a range of interested 

ENDS