Capital & Regional PLC, a convenience and community-focused shopping center REIT, has provided an update on its results for the year ended 30 December 2023. The company's Chief Executive, Lawrence Hutchings, highlighted the positive operational performance and leasing momentum, emphasizing the focus on non-discretionary and needs-based retail and services categories. The acquisition of Gyle in Edinburgh was noted as a significant milestone in the company's goal of returning to growth, with value already created in the center through the leasing program.
The company's new auditor, Mazars LLP, has requested additional time to complete its procedures, delaying the release of the full-year preliminary results announcement. Despite this, key metrics and trading performance were provided, including 86 new lettings and renewals, a 1.5% increase in footfall, and steady occupancy at 93.4%. Additionally, the company reported a 99.0% rent collection for 2023 and a 2.6% increase in like-for-like valuations.
The Group's adjusted profit is expected to be approximately £12.7 million, with a 15.5% increase in portfolio valuation to £372.82 million, including the addition of Gyle. The Group's net loan to value (LTV) has increased to 43.6%, and the average cost of £199 million debt is 3.71%. The Group anticipates EPRA NTA per share to be approximately 89p and has proposed a 7.3% increase in the final dividend to 2.95p per share, delivering a total dividend for the year of 5.70p per share.
The company's dividend will be paid entirely as a Property Income Distribution (PID), with a Scrip dividend option offered. The final dividend is subject to approval of shareholders at the Annual General Meeting scheduled for 23 May 2024, with the payment set for Friday, 31 May 2024.