Brief: Eurocommercial Properties End-June Net Property Income At 176.3 Million Euros

Eurocommercial Properties NV

28/08/2020 07:13

Aug 28 (Reuters) - Eurocommercial Properties NV  SIPFc.AS :
    * RENT COLLECTION IS 89% FOR H1 2020 AND 78% FOR Q2 AFTER
AGREED
TERMS
    * SALES TURNOVER FOR JUNE WAS 90% OF 2019 LEVELS
    * VACANCIES AT END OF JUNE WERE 1.2% OF ANNUAL RENT
    * INDEPENDENT PROPERTY VALUATIONS AT JUNE 2020 WERE ONLY
DOWN 2.9%
ON VALUES AT DECEMBER 2019
    * END-JUNE ADJUSTED NET ASSET VALUE: €42.73 PER DEPOSITARY
RECEIPT
    * AT END JUNE NET PROPERTY INCOME: €176.3 MILLION
    * AS AT END-JULY 2020, VISITOR NUMBERS WERE AT 83% OF THE
SAME
PERIOD IN THE PREVIOUS YEAR
    * TOTAL OCCUPANCY FOR THE PORTFOLIO AT 30 JUNE 2020 REMAINED
VERY
HIGH AS IT HAS OVER THE LAST 20 YEARS AND REPRESENTED 98.8% OF
RENTAL INCOME
    * AN INTERIM DIVIDEND WILL BE ANNOUNCED AFTER THE
EXTRAORDINARY
GENERAL MEETING TO BE HELD ON OCT 29
    * TOTAL STAFF COSTS FOR THE TWELVE MONTHS REPORTING PERIOD
WERE
REDUCED BY € 2 MILLION COMPARED TO THE PREVIOUS YEAR
    * HAS A ROBUST BALANCE SHEET STRUCTURE AND BANK LOANS WITH
AN
AVERAGE COMMITTED UNEXPIRED TERM OF NEARLY FIVE YEARS
    * MANAGEMENT BOARD MEMBERS TOOK 20% REDUCTION IN THEIR
SALARIES
FROM MAY PAYMENT FOR PERIOD OF 3 MONTHS AND HAVE GIVEN UP ANY
CLAIMS FOR VARIABLE REMUNERATION FOR THIS FY
    * AS AT 30 JUNE 2020, FOUR PROJECTS, WHICH REPRESENT C. €80
MILLION OF INVESTMENTS (GROUP SHARE), OF WHICH €39 MILLION HAS
ALREADY BEEN SPENT AS AT 30 JUNE 2020
    * FOLLOWING VAN GARDEREN’S PROPOSED APPOINTMENT AS CEO AT
UPCOMING
EGM, MANAGEMENT BOARD MEMBER ROBERTO FRATICELLI WILL BECOME CFO

Source text for Eikon:  ID:nGNE1FY8VL 
Further company coverage:  SIPFc.AS 

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