Brief: Eurocommercial Properties End-March Operating Income Up At EUR 37.5 Mln

Eurocommercial Properties NV

06/05/2022 06:40

May 6 (Reuters) - Eurocommercial Properties NV  ECMPA.AS :
    * FIRST QUARTER RESULTS 2022
    * IMPROVED RENT COLLECTION FOR Q1 2022 WHICH CURRENTLY
STANDS AT
96% OF INVOICED RENT
    * Q1 EPRA VACANCY RATE AT TODAY’S DATE HAS REDUCED FURTHER
TO ONLY
1.3% THEREBY EXTENDING OUR LONG-TERM LOW VACANCY LEVELS
    * RETAIL SALES HAVE MAINTAINED THEIR STEADY RECOVERY AND
DURING Q1
REACHED 97% OF THE COMPARABLE PRE-PANDEMIC PERIOD
    * LOAN TO VALUE RATIO (ON THE BASIS OF PROPORTIONAL
CONSOLIDATION)
REDUCED TO 40.1% AT 31 MARCH 2022 COMPARED TO 42.3% AT 31
DECEMBER 2021
    * GROSS RENTAL INCOME FOR THE QUARTER ENDING 31 MARCH 2022
(ON THE
BASIS OF PROPORTIONAL CONSOLIDATION) WAS €51.7MILLION COMPARED
WITH €52.2 MILLION IN THE SAME PERIOD LAST YEAR
    * NET EARNINGS €0.55 (DIRECT INVESTMENT RESULT) PER SHARE
FOR THE
QUARTER ENDING 31 MARCH 2022 COMPARED TO €0.50 PER SHARE FOR THE
SAME PERIOD LAST YEAR.
    * €66.5 MILLION LONG-TERM FINANCING EXTENDED TO 2027 WITH A
GREEN
AND SUSTAINABILITY LINKED LOAN
    * FULL BREEAM CERTIFICATION WAS ACHIEVED ON THE ENTIRE
PORTFOLIO
BY THE END OF FEBRUARY 2022
    * REOPENING OF OUR SHOPPING CENTRES, RETAIL SALES CONTINUED
TO
HOLD UP WELL DURING Q1 2022 AND REACHING AROUND 97% OF THE
PRE-PANDEMIC Q1
    * WHILE WE MONITOR ANY IMPACT ARISING FROM THE CHANGING
GEOPOLITICAL LANDSCAPE, THE IMMEDIATE OUTLOOK WILL LARGELY
DEPEND ON CONSUMER CONFIDENCE AND THE EFFECTS ON RETAIL SPENDING
RESULTING FROM RISING LIVING COSTS AND INFLATION
    * DURING Q1, THE IMPACT OF THE OMICRON VARIANT CONTINUED TO
AFFECT
FOOTFALL WHICH OVERALL REMAINED AT AROUND 80% OF THEIR
PRE-PANDEMIC LEVELS
    * Q1 IFRS PROFIT AFTER TAXATION, EXCLUDING THE
NON-CONTROLLING
INTEREST, FOR THE THREE MONTH REPORTING PERIOD TO 31 MARCH 2022
WAS €66.6 MILLION (€1.27 PER SHARE)
    * END-MARCH OPERATING INCOME EUR 37.5 MILLION VERSUS EUR
33.8
MILLION YEAR AGO

Source text for Eikon:  ID:nGNE18xxd5 
Further company coverage:  ECMPA.AS 

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