Hammerson upgrades FY adjusted earnings guidance

Real estate investment trust Hammerson said on Thursday that it now expects full-year adjusted earnings of £75.0m-80.0m, ahead of previous guidance for a minimum of £60.0m.
Hammerson stated its improved guidance comes as a result of gross rental income coming in ahead of expectations across its managed portfolio, whilst its value retail unit also delivered a stronger-than-expected fourth-quarter performance.

The FTSE 250-listed firm noted that in its managed portfolio, the reintroduction of government restrictions during the key Christmas trading period had “marginally” softened footfall in the UK and Ireland, whilst France remained resilient, resulting in UK sales remaining strong at 97% of 2019 levels in November and 93% in December. Sales in France were 92% of 2019 levels in November and 93% in December.

In terms of rent collection, Hammerson said 2020 group rent collections stood at 97% of billable rent, while 2021 collections were at 88%. First-quarter collections for 2022 were at 74% of billable rent.

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