Capital & Counties Properties Plc has declared an interim dividend of 0.8 pence per share (30 June 2021: 0.5 pence per share). The interim dividend will be paid as a PID on 19 September 2022 to shareholders on the register at 26 August 2022.
Other Financial Highlights:
- Total equity of £1.8 billion (Dec 2021: £1.8 billion)
- EPRA NTA 209 pence per share (Dec 2021: 212 pence per share)
- Total property value increased 4.5 per cent (like-for-like) to £1.9 billion (Dec 2021: £1.8 billion)
- Group net debt to gross assets ratio of 25 per cent (Dec 2021: 24 per cent)
- Covent Garden loan to value ratio of 20 per cent (Dec 2021: 15 per cent)
- Underlying earnings of 0.5 pence per share (Jun 2021: nil pence per share)
Strong demand across all uses delivering income and value growth
- Covent Garden total property value of £1,817 million, 4.8 per cent like-for-like growth since Dec 2021
- ERV increased by 3.9 per cent (like-for-like) to £79.2 million (Dec 2021: £76.2 million) and inward movement in equivalent yield by 6 basis points to 3.82 per cent (Dec 2021: 3.88 per cent)
- Strong leasing demand across all uses with 25 new leases and renewals agreed 9 per cent ahead of Dec 2021 ERV representing £3.9 million contracted income with a further £3.1 million under offer
- Footfall continues to trend towards pre-pandemic levels, customer sales in aggregate ahead of 2019 levels
- Low EPRA vacancy at 2.0 per cent (Dec 2021: 2.6 per cent)
- Rent collection patterns continuing to normalise with 95 per cent of H1 2022 rent collected
- 11 new openings across the estate including Reformation, TAG Heuer and Chestnut Bakery
- Extensive cultural programme; public art installations, pop-up bars and terraces across the estate
Commitment to environment, sustainability and community
- Joined the UN Race to Zero supporting commitment to becoming Net Zero Carbon by 2030
- Initiated first Carbon Risk Real Estate Monitor ("CRREM") analysis on a number of properties
- Recognised as a Climate Leader in the 2022 Financial Times survey
- Continued improvement of EPC ratings across the portfolio
- Implemented rainwater harvesting at Floral Court; expected to provide c.50 per cent of estate cleaning requirements p.a.
Resilient and flexible capital structure
- Repayment of £200 million drawn debt comprising £75 million of private placement notes and the £125 million loan secured against shares in Shaftesbury
- Liquidity of £439 million (cash of £139 million and £300 million undrawn facilities) (Dec 21: £642 million)
- Covent Garden net debt of £359 million (Dec 2021: £254 million) and loan to value ratio of 20 per cent (Dec 2021: 15 per cent)
- Group net debt of £605 million (Dec 2021: £599 million) and net debt to gross assets of 25 per cent (Dec 2021: 24 per cent)
- Weighted average maturity on drawn debt of 5 years (Dec 2021: 5 years) and average cash cost of debt of 2.7 per cent (Dec 2021: 2.8 per cent)
- Group capital commitments of £5.6 million (Dec 2021: £5.4 million)
Other investments
- Investment in Shaftesbury PLC valued at £506 million, based on share price (Dec 2021: £596 million), dividend income from Shaftesbury PLC shares of £3.9 million received in H1 2022 and a further £4.7 million in July 2022
- Lillie Square property value of £84 million, a decrease of 1.8 per cent (like-for-like) since Dec 2021. £35 million cash distribution from the joint venture (£17.5 million Capco share)
