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Capital & Regional collects 34% of 3Q rent

MarketWatch logo MarketWatch 7/3/2020 Joe Hoppe

Capital & Regional PLC said Friday that it has received just over a third of its rent due in June, following the coronavirus crisis.

The property-management-and-investment company said that it has received or expects to shortly receive 34% of its third-quarter rent due on June 24, and around 40% due from March 25 to date. Capital & Regional said around half of the outstanding payments due are from major well-capitalized retailers, who have capacity and a clear contractual obligation to pay

The company said all seven of its shopping centers have remained open throughout the lockdown, and to date 470 of its units are now trading following the easing of lockdown restrictions, up from 68 in early May, with a further 10% having confirmed dates to reopen.

Footfall for the week ended June 28 was around 55% of the same period a year prior, and tenants report average transaction values have risen year-on-year, said the company.

As of June 30, Capital & Regional had total cash of more than 81 million pounds ($101.0 million). It also has an undrawn revolving credit facility of GBP15 million available.

Write to Joe Hoppe at joseph.hoppe@wsj.com

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