15 Jul - 3 min read

Rent collection rates continue to improve

Rent collection rates continue to improve

Hammerson plc
(Incorporated in England and Wales)
(Company number 360632)
LSE and Euronext Dublin share code: HMSO  JSE share code: HMN
(“Hammerson” or “the Company”)

15 July 2021

Rent collection rates continue to improve

Since our last update on 20 April 2021, whilst some Covid-related restrictions have eased in all
territories, measures remain in place affecting F&B, leisure and cinema operators in particular,
although we expect this to be lifted in the coming weeks in the UK. Additional restrictions have also
been announced in France taking effect from 21 July; it is too early to assess the operational impact.

Footfall trends in all territories remain encouraging, with seven-day averages currently sitting at
around 70-80% of 2019 levels, following an initial spike on reopening. Many retailers continue to
report high sales and conversion rates as visitors shop with purpose. These trends have been
particularly positive in France during the first few days of the summer sales period.

Rent collection rates have continued to improve, with 89% of billable rents collected for FY20, and
68% for H1 21. Initial Q3 rent collection at 47% is ahead of Q1 and Q2 at the same point in time, and
FY21 YTD collection now stands at 62%. We expect all rent collections to continue to improve as
remaining Covid-related restrictions are lifted. We do not anticipate granting future concessions and
all avenues to collect rents due are being pursued.

                     Total           Total Waived,
                                                           Total        Total              Total             Collected
                 Demanded              Written Off
   Period                                                  Due        Collected         Outstanding           of due
                 in Quarter           and Not Yet
                                                           (£m)         (£m)               (£m)                  %
                    (£m)(1)             Due (£m)
  FY 2020             264                   26              238           211                  27                89%
  Q1 21                58                   12              46             35                  11                76%

  Q2 21                54                    -               54            33                  21                61%
  H1 21               112                   12              100            68                  32                68%
  Q3 21                42(2)                 3               39            18                  21                47%
 2021 YTD             154                   15              139            86                  53                62%

 1.   Excludes Value Retail
 2.   Decline in total demanded in Q3 predominantly reflects disposal of retail parks portfolio to Brookfield completed
      on 19 May 2021


Hammerson has its primary listing on the London Stock Exchange and secondary inward listings on the
Johannesburg Stock Exchange and Euronext Dublin.

Sponsor: Investec Bank Limited

Investor Contact

Josh Warren, Director of Strategy and Investor Relations
Tel: +44 20 7887 1053

Press Contacts
Catrin Sharp, Head of Corporate Communications
Tel: +44 20 7887 1063
FTI Consulting (for Hammerson)
Dido Laurimore
Tel: +44 20 3727 1000/ 0780 1654424
Notes to editors


Hammerson creates vibrant, continually evolving spaces, in and around thriving European cities, with a
focus on flagship retail destinations and premium outlets. As at 31 December 2020, our portfolio of
high-quality venues had a value of £6.3 billion and included 21 flagship destinations in thriving cities
and investments in premium outlet villages through our partnership with Value Retail. Key retail
venues include Bullring & Grand Central, Birmingham, Bicester Village, Oxfordshire, Dundrum Town
Centre, Dublin, and Les Terrasses du Port, Marseille.

Date: 15-07-2021 08:00:00
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