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COVID-19 update
CAPITAL & REGIONAL PLC
(Incorporated in the United Kingdom)
(UK company number 01399411)
LSE share code: CAL JSE share code: CRP
LEI: 21380097W74N9OYF5Z25
ISIN: GB00BL6XZ716
(“Capital & Regional” or “the Company” or “the Group”)
COVID-19 UPDATE
Capital & Regional provides a further update on the impact of the COVID-19 pandemic and rent collections for the
24 June Quarter Date.
Our overriding priority remains the health, safety and protection of our colleagues, guests and customers and, since
the outbreak of the virus, we have been following the latest official government guidelines and advice across our
portfolio.
Operations
• All seven of the Company’s community shopping centres have remained open throughout the period of
lockdown providing essential services to the communities we serve. The lifting of restrictions enabling non-
essential retailers to open again from 15 June 2020 has seen a significant increase in the number of tenants
now back trading. As of today 470 stores are back open and trading, increased from 68 stores in early May.
This represents 74% of units with a further 10% having confirmed dates for re-opening. We are working
closely with the remaining retailers to re-open as soon as possible noting only 5% of our retailers are currently
not authorised to open.
• Footfall for the week ending 28 June 2020 was approximately 55% of the equivalent week in the prior year,
97% higher than the last week prior to the restrictions easing. Feedback from many of our retailers is that
average transaction values have been higher than the comparable period last year with shoppers making
focused purpose led visits.
• Of the rent for the third quarter of the year that was due on or since the 24 June 2020 we have received or
expect to imminently receive 34%. In total we have collected approximately 40% of all rents that have fallen
due from the 25 March 2020 to the present day, incorporating rents payable on both a quarterly and monthly
basis.
• Approaching half of the balance of rents that are outstanding are due from major well-capitalised retailers
who have capacity and a clear contractual obligation to pay. It is encouraging that several of the non payers
have engaged with us regarding payments now stores are trading and we are fully committed to working
constructively with all our customers.
• In line with government guidance our Snozone operation closed its two indoor ski slope sites on Friday 20
March 2020. We are making plans for reopening in anticipation of the restrictions being lifted in the coming
weeks and expect the business to be back up and trading in time for the peak Q4 trading quarter.
Liquidity
• As at close of business on 30 June 2020 the Group had total cash on balance sheet of over £81 million, which
is equivalent to more than one year’s gross revenue. In addition, the Group has an undrawn revolving credit
facility of £15 million available until January 2022. The earliest maturity on any of the Group’s other loan
facilities is February 2023.
• We have signed waivers for all income covenants with quarterly test dates in July and October 2020 on our
three largest asset backed loan facilities. These represent over 93% of our outstanding debt.
• In light of the uncertain market conditions we have paused on any commitments to the proposed Hemel
Hempstead Leisure project. We are considering alternative options and are in discussions with the lender to
review the loan facility to reflect this.
It remains too early to quantify the medium and longer term impacts of COVID-19 on the Group's operations. Whilst
it is clear that COVID-19 is rapidly accelerating a number of structural trends that were already under way in retail
industry, we continue to believe the Group’s focus on local community centres providing non-discretionary and
essential goods and services will help mitigate the Group on a relative basis and provides the business with a sound
base in these unprecedented times.
Further details will be provided when the Group announces its half-year results for the six months ended 30 June
2020, on Friday 4 September 2020.
This announcement contains Inside Information. The person responsible for arranging the release of this
announcement is Stuart Wetherly, Company Secretary of Capital & Regional plc.
3 July 2020
JSE sponsor
Java Capital
Notes to editors:
About Capital & Regional plc
Capital & Regional is a UK focused retail property REIT specialising in shopping centres that dominate their
catchment, serving the non-discretionary and value orientated needs of the local communities. It has a strong track
record of delivering value enhancing retail and leisure asset management opportunities across its portfolio of in-
town shopping centres.
Capital & Regional owns seven shopping centres in Blackburn, Hemel Hempstead, Ilford, Luton, Maidstone,
Walthamstow and Wood Green. Capital & Regional manages these assets through its in-house expert property and
asset management platform.
Capital & Regional is listed on the main market of the London Stock Exchange (LSE) and has a secondary listing on
the Johannesburg Stock Exchange (JSE)
For further information see capreg.com/
Date: 03-07-2020 08:00:00
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