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”)


SHORT FORM ANNOUNCEMENT: HALF YEAR RESULTS TO 30 JUNE 2024 AND DIVIDEND DECLARATION


Capital & Regional (LSE: CAL), the UK convenience and community focused shopping centre REIT announces its
half year results to 30 June 2024.

Highlights for the period
•     17.1% increase in Net Rental Income to £13.7 million ("NRI")
•     0.8% increase in like-for-like valuations
•     48 new lettings and renewals, compared to 42 in the 6 months to June 2023, at a combined average premium
      of 8.8% to previous rent2 and 14.1% to ERV2
•     17.1% increase in Adjusted Profit1 to £8.2 million
•     3.6% increase in proposed interim dividend of 2.85p per share

Lawrence Hutchings, Chief Executive, comments:
"We have delivered another positive set of results during the first half of 2024, with our proven community strategy
continuing to support our progress. Against what at times has been a challenging economic backdrop our team has
been able to capitalise on the continued strong levels of demand from retailers for space within our centres,
particularly those in London. This is reflected in the strong leasing momentum we have maintained.

“Over the six months to the end of June, not only did we complete more lettings and renewals than over the same
period last year, we also achieved these at both a higher average rent per lease and average premium to the previous
rent. The rapid re-leasing of all three of our former Wilko units to B&M in the first few months of 2024 is one of the
most notable examples of the demand for space in our centres from retailers that need to be at the heart of local
communities, which is further evidenced by the strong start we have made to the second half of the year. We also
continue to make significant progress on our repositioning masterplan in Ilford where we have agreed terms on two
major leases encompassing 44,000 sq ft of floorspace, generating approximately £0.5 million of additional income.
The expanded and relocated TK Maxx is trading well and our NHS community healthcare centre is now open on the
upper level.

“We have seen a further period of stable valuations and successfully integrated Gyle shopping centre into our portfolio
where the initiatives we have undertaken since acquisition last September have already led to a 5% increase in value.

“Notwithstanding the previously announced and ongoing corporate activity, Capital & Regional remains well placed
to continue to deliver on its successful community strategy to drive income growth and value in support of progressive
shareholder dividends.”
Operational metrics remain robust demonstrating the continued appeal of C&R’s community centres

•    48 new lettings and renewals (June 2023: 42), at a combined average premium of 8.8% to previous rent2 and
     14.1% to ERV2.

•    Occupancy improved to 93.9% (December 2023: 93.4%) due to re-letting the three former Wilko units in our
     portfolio to B&M.

•    21.1 million shopper visits in the first half of 2024.
•    Rent collection 99.2% for the first half of 2024, improving from 98.4% at the 2023 Interim results.
Occupier led demand driving rental and earnings growth
•    17.1% increase in Net Rental Income (“NRI”) to £13.7 million (June 2023: £11.7 million) reflecting impact of
     the Gyle acquisition which has been successfully integrated into the portfolio with a 21% increase in statutory
     revenue to £34.5 million (June 2023: £28.5 million). A further £1.0 million of contracted rent is due to convert
     to passing rent in the next 12 months as occupiers’ rent-free periods end.
•    19% growth in Snozone’s EBITDA1 to £1.9 million (June 2023: £1.6 million) reflecting revenue growth at both
     the UK and Madrid operations.

•    17.1% increase in Adjusted Profit1 to £8.2 million (June 2023: £7.0 million).
•    IFRS Profit for the period of £4.5 million (June 2023: £6.1 million).
•    Net £3.1 million invested during the period including completion of the new NHS community healthcare centre
     in Ilford that opened in May 2024 and remerchandising of the former WH Smith in Wood Green, creating new
     units for Pure Gym, Wendy’s and Wingstop that have opened in recent weeks.

•    The first phase of the Walthamstow residential development undertaken by Long Harbour, creating 495 Build
     to Rent apartments in two residential towers and providing a new captive audience of shoppers for our
     Walthamstow centre, is entering its final stages with the development due to complete in early 2025.
•    0.8% increase in like-for-like valuations over 2023 to £374.9 million (December 2023: £372.8 million). 5%
     growth in the valuation of the Gyle to £42 million since acquisition in September 2023 for £40 million.

•    Net Asset Value (“NAV”) increased to £203.9 million (December 2023: £202.0 million).
•    NAV per share and EPRA NTA per share at 88p and 85p respectively (December 2023: 90p and 88p,
     respectively) due to the increased number of shares in issue following the June 2024 scrip dividend.
Long term secure debt position

•    Long debt maturity profile of 3.6 years with low average cost of debt of 4.25% (December 2023: 4.1 years and
     4.25%). Approximately 80% hedged for the next two and a half years.
•    Group Net Loan to Value has reduced to 43% from 44% as at 30 December 2023.

•    Ilford loan extended to September 2025 with further conditional options to extend term to end of 2027.
Further progress in delivering energy efficiency driving forward our net zero carbon pathways
•    83% reduction in Scope 1 natural gas, and 20% in Scope 2 electricity consumption since 2019 within our
     shopping centres.

•    EPC rating of Snozone Milton Keynes improved from a ‘C’ to ‘B’.
•    100% renewable and Renewable Energy Guarantees of Origin certified electricity at all shopping centres and
     Snozone venues.
Continued strong performance supporting further increase in dividend

•    3.6% increase in proposed interim dividend of 2.85p per share (June 2023: 2.75p per share).
                                                                    6 months to          6 months to          Year to
                                                                      June 2024           June 2023         Dec 2023
     Revenue                                                               £34.5m           £28.5m5            £59.0m
     Net Rental Income                                                     £13.7m            £11.7m            £23.9m
     Adjusted Profit1                                                        £8.2m            £7.0m            £12.7m
     Adjusted Earnings per share (diluted)1                                    3.6p             4.1p               6.8p
     Headline Earnings per share (diluted)                                     2.8p             4.0p               6.3p
     IFRS Profit for the period                                              £4.5m            £6.1m              £3.7m
     Basic earnings per share (diluted)                                        2.0p             3.5p               1.9p
     Total dividend per share3                                               2.85p             2.75p              5.70p


     Net Asset Value                                                      £203.9m           £183.2m           £202.0m
     Net Asset Value (NAV) per share                                           88p             106p                 90p
     EPRA NTA per share                                                        85p             102p                 88p


     Group net debt4                                                      £162.6m           £138.5m           £162.7m
     Net debt to property value                                                43%              42%                44%
Notes
1
  Adjusted Profit, Adjusted Earnings per share, Net Rental Income, Net Debt and the Snozone EBITDA metric are as defined in the Glossary.
Adjusted Profit incorporates profits from operating activities and excludes revaluation of properties and financial instruments, gains or losses on
disposal, and other non-operational items. A reconciliation to the equivalent EPRA and statutory measures is provided in Note 6 to the condensed
financial statements.
2
    For lettings and renewals (excluding development deals and CVA variations) with a term of 1 year or longer which do not include turnover rent.
3
    Includes dividends declared post period end but related to the period in question.
4
    Weighted average, debt maturity assumes exercise of extension options.
5
 2023 comparative figure has been restated for a prior year adjustment to service charge income and expenditure recognised in the period.
There is no change to Profit.

Use of Alternative Performance Measures (APMs)
Throughout the results statement we use a range of financial and non-financial measures to assess our performance.
A number of the financial measures, including Net Rental Income, Adjusted Profit, Adjusted Earnings per share, Net
Debt and the industry best practice EPRA (European Public Real Estate Association) performance measures are
not defined under IFRS, so they are termed APMs. APMs are not considered superior to the relevant IFRS
measures, rather Management use them alongside IFRS measures to monitor the Group’s financial performance
because they help illustrate the trading performance and position of the Group. All APMs are defined in the Glossary
and further detail on their use is provided within the Financial Review.
Dividend
The Directors recommend an interim dividend of 2.85 pence per share (June 2023: 2.75 pence per share). The
dividend will be paid entirely as a Property Income Distribution (PID). We do not anticipate offering a scrip dividend
option for this dividend payment. Across the full financial year, the Group expects to pay a dividend of at least 90%
of the Group’s EPRA profits, in line with its dividend policy. The key dates proposed in relation to the payment of the
dividend are:

        • Confirmation of ZAR equivalent dividend                                               Tuesday, 27 August 2024
        • Last day to trade on Johannesburg Stock Exchange (JSE)                                Tuesday, 3 September 2024
        • Shares trade ex-dividend on the JSE                                                   Wednesday, 4 September 2024
        • Shares trade ex-dividend on the LSE                                                   Thursday, 5 September 2024
        • Record date for LSE and JSE                                                           Friday, 6 September 2024
        • Dividend payment date                                                                 Friday, 27 September 2024

South African shareholders are advised that the dividend will be regarded as a foreign dividend. Further details
relating to Withholding Tax for shareholders on the South African register will be provided within the announcement
detailing the currency conversion rate on Tuesday, 27 August 2024. Share certificates on the South African register
may not be dematerialised or rematerialised between 4 September 2024 and 6 September 2024, both dates inclusive.
Transfers between the UK and South African registers may not take place between 27 August 2024 and 6 September
2024, both dates inclusive.
Possible offers for Capital & Regional plc
On 23 May 2024, the Board of Capital & Regional plc confirmed that its majority shareholder Growthpoint Properties
Limited had received a preliminary expression of interest from NewRiver REIT plc ("NewRiver") in relation to a
possible offer in cash and shares for the entire issued, and to be issued, share capital of Capital & Regional.
On 19 July 2024, Praxis Group Limited (“Praxis”) announced it is in the early stages of considering whether or not
to make a cash offer for the entire issued and to be issued share capital of Capital & Regional. The Company
confirmed that it received an expression of interest from Praxis with a request to receive access to diligence
information pursuant to Rule 21.3 of the City Code on Takeovers and Mergers (the “Code”) on 5 July 2024. Capital
& Regional is complying fully with its obligations under Rule 21.3 of the Code in providing access to due diligence
information in order to enable Praxis to evaluate a possible offer for the Company.
In accordance with Rule 2.6(a) of the Code, NewRiver and Praxis are required, by no later than 5:00 p.m. (UK time)
/ 6:00 p.m. (SA time) on 15 August 2024 and 16 August 2024 respectively, to either announce a firm intention to
make an offer for Capital & Regional in accordance with Rule 2.7 of the Code or announce that they do not intend
to make an offer, in which case each announcement will be treated as a statement to which Rule 2.8 of the Code
applies.
In accordance with Rule 2.6(c) of the Code, the deadlines may be extended further at the request of the Board of
Capital & Regional and with the consent of the Takeover Panel. There can be no certainty that any firm offer will be
made for the Company, nor as to the terms on which any offer will be made.
About this announcement
This results announcement is the responsibility of the Directors of the Company. It is only a summary of the
information contained in the Half Year Results announcement and does not contain full or complete details.

Any investment decision by investors and/or shareholders should be based on consideration of the full announcement
published on SENS, available on the Company’s website at https://capreg.com/investor-info/reports-webcasts-and-
presentations/ and on the JSE website at: https://senspdf.jse.co.za/documents/2024/jse/isse/crpe/HY2024.pdf

Copies of the full announcement may be requested by emailing capinfo@capreg.com.

By order of the Board,

L. Hutchings                     S. Wetherly
Chief Executive                  Group Finance Director

1 August 2024



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 track record
of delivering value enhancing retail and leisure asset management opportunities across a portfolio of tailored in-town
community shopping centres.

Using its expert property and asset management platform Capital & Regional owns and manages shopping centres
in Edinburgh, Hemel Hempstead, Ilford, Maidstone, Walthamstow and Wood Green.

For further information see capreg.com.