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Hammerson rent collection hits 70% in Q4

Looking ahead, Hammerson said it now remains focused on collecting arrears, and ‘does not anticipate granting future concessions’

Hammerson has revealed that rent collection has improved in its latest quarter, with 70% of rent now collected in Q4 to date.

This is “significantly” ahead of any quarter since Q1 2020, when the effects of the pandemic were first felt.  

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The UK continued to be the “strongest performer”, as it was in Q3, with 74% of rent collected. Meanwhile, Ireland stands at 71%, and France at 65%. In total, FY 2020 collections now stand at 94% and FY 2021 year-to-date collections stand at 78%.

It comes as the majority of its occupiers have been able to operate with “minimal disruption” since its last half-year results on 5 August. 

Overall, footfall in all territories now stands at around 15-20% below 2019 levels, although some centres in the UK exceeded 2019 comparable levels around the August bank holiday weekend and have continued to perform strongly since.  

Hammerson noted the trend of high conversion rates and larger basket sizes has continued, with UK sales in its destinations in line with 2019 in August and September, and around 4% lower in France.  

Looking ahead, the landlord said it now remains focused on collecting arrears, and “does not anticipate granting future concessions”. It added that all avenues to collect rents due are being pursued.  

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