Hammerson collects just 32% of first quarter rent

Hammerson has received just 32% of rent due for the first quarter of 2021, highlighting the significant struggles of the retail sector during lockdown.

The group said it had so far collected £19.8m of the £61.5m billed for the first quarter. A further £12.9m has been deferred or is not yet due due to monthly billing, while £28.8m is outstanding.

Hammerson also updated on 2020 rent collection and said this figure stood at 75% of £265.2m billed, including deferred rent due in 2021. This figure includes first quarter 2020 takings, which were unaffected by COVID-19 lockdowns.

In Q1 2020 it has collected 97% of rent, in Q2 63%, Q3 73% and Q4 66%. The group has waived £21.4m of rent in 2020 and still has £43.7m outstanding.

Liquidity update

Following the equity issuance in September 2020 and the disposal of the majority of its share of VIA Outlets in November, for total gross proceeds of £829m, Hammerson has repaid its revolving credit facilities (£568m), prepaid private placement noteholders at par value totalling £169m, and repaid a £75m loan maturing May 2021 issued under Hammerson’s approved £300m Covid Corporate Financing Facility.  

Following these transactions the group said it continues to maintain high levels of liquidity, and has access to £1,245m of available undrawn revolving credit facilities as well as substantial cash holdings.

HMSO : Hammerson collects just 32% of first quarter rent

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