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Capital & Regional interim losses widen as rental income slips

Fri 04 September 2020 08:52 | A A A

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(Sharecast News) - Real estate investment trust Capital & Regional posted widened interim losses on Friday as a result of a decrease in rental income, leading it to keep dividend payments suspended for the foreseeable.

Capital & Regional said pre-tax losses for the six months ended. 30 June had come to £115.5m, more than doubling the £55.4m loss recorded a year earlier, while revenues slipped 19% to £36.5m and net rental income dropped from £25.2m to £16.2m.

Net asset value per share tumbled to 229.0p from the 361.0p reported at the end of 2019.

Footfall at all seven of C&R community shopping centres was "significantly impacted" by Covid-19 but occupancy did remain high at 95%.

The London-listed group, which noted that it had only collected 76% of first-half rents, opted not to declare an interim dividend and said it would maintain that position until the ongoing uncertainty stemming from the Covid-19 pandemic fades.

Chief executive Lawrence Hutchings said: "We are now working to better understand the long term impact of the current uncertainties to determine the best approach for reducing debt levels and shaping the group's future position to best capitalise on its strengths as an owner and manager of community shopping centres."

As of 0850 BST, Capital & Regional shares were up 1.17% at 69.40p.

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