Net rental income falls by £2.6m and shares fall by 235p
Capital & Regional has released its full year results for 2019, which show the in-town community shopping centre owner has suffered falls in rental income and in property valuations.
Net Rental Income is down 5 per cent from £51.9 in 2018 to £49.3 million, a drop of £2.6m.
Property valuations took a hit, with shares falling dramatically, with New Asset Value per share falling 39.4 per cent from 596p in 2018 to 361p at the end of 2019.
On an adjusted basis, which reflects the ongoing operating performance, the company reported an adjusted profit for the year of £27.4 million, compared to £30.5 million in the year ended December 2018.
Commenting on the results, Lawrence Hutchings, chief executive at Capital & Regional, said: “While the retail environment clearly remains volatile we see continuing opportunities to deliver our strategy, working closely with those retailers who are well equipped to thrive in an omni-channel retailing environment.
“I remain confident that our focus on needs based, non-discretionary merchandise and the urban bias of our real estate, with its close proximity to people and transport nodes provide an attractive opportunity for us to create additional value through mixed use development working alongside experienced partners. This ensures we are well positioned as a business to evolve, adapt and grow in tune with the rapidly evolving retail landscape.”