12 March 2021 | 14:18pm
StockMarketWire.com - Shopping centre owner Hammerson wrote down the value of its property portfolio to £6.3 billion in 2020 as the company posted the largest decline in net rental income in its history and disposed of some assets.
The company reported net rental income of £158 million in 2020, down 41% on a like-for-like basis excluding premium outlets, largely impacted by Covid-19 closures, tenant restructuring and higher provisions for bad debt and tenant incentives.
Its portfolio value fell from £8.3 billion in 2019 to £6.3 billion in 2020, while group capital return was negative 20.9%.
The group reported net proceeds from disposals totalling £328 million and said it will continue to target disposals .
By Alec Mattinson2021-03-12T09:10:00+00:00
Top story
The UK’s biggest shopping centre owner Hammerson has posted a £1.7bn annual loss as the coronavirus pandemic has slashed the value of its portfolio and rental income plummeted.
The Bullring and Brent Cross owner’s headline loss rose to £1.7bn in the year to 31 December 2020 compared to a £781m loss in 2019, primarily due to a significant fall in its property value.
Its portfolio fell in value by almost £2bn to £6.3bn from £8.3bn, while group capital returns were down 20.9%, with UK flagships down 35.8%, France flagships down 15.3%, Ireland flagships down 17.5%, retail parks down 23.3% and Value Retail down by 6.2%.
By BFN News | 02:18 PM | Friday 12 March, 2021 Shopping centre owner Hammerson wrote down the value of its property portfolio to £6.3 billion in 2020 as the company posted the largest decline in net rental income in its history and disposed of some assets.
The company reported net rental income of £158 million in 2020, down 41% on a like-for-like basis excluding premium outlets, largely impacted by Covid-19 closures, tenant restructuring and higher provisions for bad debt and tenant incentives.
Its portfolio value fell from £8.3 billion in 2019 to £6.3 billion in 2020, while group capital return was negative 20.9%.
The group reported net proceeds from disposals totalling £328 million and said it will continue to target disposals .
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By Jeff Pitts
2/3/2021
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