2015 Interim Results

Our 2015 interim results were announced at 9am on Wednesday 12th August showing strong growth. Read the full details below or download the presentation and press release.



  • Operating Profit increased 76% to £11.8 million (June 2014: £6.7 million) with a profit for the period of£57.0 million (June 2014:  £11.7 million)
  • Interim dividend of 1.5p per share, (June 2014: 0.35p per share) under new REIT dividend policy. Based on H1 Mall Operating Profit we anticipate paying a 2015 total dividend of at least 3.0p per share
  • NAV and EPRA NAV per share of 67p, increases of 12% and 13% respectively from December 2014
  • UK shopping centre portfolio valued at £958.2 million (Group share £827.7 million) up from £895.7 million (Group share £774.9 million) at 30 December 2014 as a result of £51.8 million valuation uplift and the acquisition of the Buttermarket shopping centre in Ipswich
  • See-through net debt to property value reduced to 43% (December 2014: 45%)
  • Total shareholder return of 10.1% for the period (June 2014: 6.4%)


  • 26 new lettings totalling £1.5 million and £0.8 million of lease renewals, both at rents significantly above ERV, driven by the attractive and affordable space in the Group's UK shopping centres
  • Year-on-year occupancy increased by 2.1% to 96.4% (June 2014: 94.3%)
  • Continued progression of strategy to upgrade portfolio with:
    • Completion of the £3 million refurbishment at Walthamstow
    • Commencement of a £5 million project to upgrade Maidstone which is scheduled to complete by June 2016
  • Acquisition of the Buttermarket Centre, Ipswich in March for £9.2 million in a 50:50 joint venture, following which planning permission for reconfiguring the centre has been secured, construction has started and pre-lets have been signed or are in solicitors' hands for just under 80% of the redeveloped scheme
  • C&R in-house Trade Index shows our retailers' sales are up 1.7%
  • Footfall stable and outperforming the industry benchmark by 1.9%
  6 months to
June 2015
Year to
Dec 2014
6 months to
June 2014
Total shareholdr return¹
Operating profit²
Profit per period
Net Asset Value (NAV) per share
EPRA NAV per share
Group net debt/(net cash)
See-through net debt to property value

¹Change in share price plus dividends paid.  Year to December 2014 weighted average to reflect 351.1 million new shares issued on 14 July 2014.
²As defined in Glossary.
³December 2014 adjusted for £42.1 million of German joint venture net proceeds received in February 2015 and £8.9 million of payments due in respect of Mall performance fee and income due to former unit holders.
^See-through net debt divided by property valuation. 

John Clare, Chairman, commented:

"Capital & Regional has made a strong start to its first year as a specialist UK shopping centre REIT.

"Our hands-on approach to asset management, combined with improving economic conditions for our retailers and leisure operators, have driven both letting and occupancy across our portfolio.  This provides a sound platform to deliver future growth through the capital expenditure programme supporting our existing portfolio, as well as through the acquisition of retail assets where we can see potential to grow income, such as the Buttermarket Centre in Ipswich.

"The Board is therefore pleased to announce an Interim Dividend of 1.5p per share, ahead of previous guidance, reflecting our confidence in the prospects for the business.  Based on H1 Mall Operating Profit we now anticipate paying a 2015 total dividend of at least 3.0p per share." 

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