Highlights
Performance and business highlights
• Overall retail sales growth of 1.8% for the six months to 30 June 2024 compared to the same period
in 2023 and 2.7% over 12 months.
• Like-for-like rental growth of 4.5% mainly due to rental indexation.
• Continued strong tenant demand resulted in 2.5% rent uplifts on 261 renewals and relettings
negotiated over the last year. 100 of these transactions were new lettings to retailers entering our
centres and producing an uplift of 5.8%.
• EPRA vacancy rate at 30 June 2024 was 1.7%, around its historically low level.
• Occupancy cost ratio (OCR) was 9.8% at 30 June 2024.
• Rent collection rate reached 98% for the first half of 2024.
• Property values increased by 1% with an overall EPRA net initial yield of 5.7%.
• Commercial terms agreed for a €265 million six-year green loan with ABN AMRO and ING on Woluwe
Shopping, Belgium, for a €50 million six-year green and sustainability linked bank loan with ABN
AMRO on Cremona Po, Italy and for a SEK 550 million (circa €47 million) five-year green bank loan
on Valbo, Sweden, thereby nearly completing the 2025 refinancing programme. The loan agreements
are expected to be signed in the fourth quarter of 2024.
• Loan to value ratio (on the basis of proportional consolidation) reduced to 41.8%. Net debt to EBITDA
at 8.5x, and ICR at 3.6x.
• Net earnings €1.24 (direct investment result) per share for the six months to June 2024 compared to
€1.22 for the six months to June 2023.
• Total cash dividend of €1.70 per share for the year 2023. In accordance with the Company’s dividend
policy, an interim cash dividend of €0.64 per share was already paid in January 2024. A final cash
dividend of €1.06 per share was paid in July 2024.
• Eurocommercial’s shareholders representing 23.7% of the issued share capital opted to receive a
stock dividend (1 new share for every 24 shares held) instead of the final cash dividend of €1.06 per
share, which raised an additional equity amount of €13.5 million in July 2024.
• The Company started a buyback programme of its shares on 13 June 2024 for a maximum amount
of €15 million. Up to 29 August 2024 444,989 shares have been bought back for a total amount of
€10.1 million.
• Direct investment result guidance for the full year 2024 updated, now ranging between €2.35 and
€2.40 per share (initially ranging between €2.30 and €2.40 per share).
• The Company intends to offer shareholders the possibility of opting for a stock dividend instead of a
cash dividend for the 2024 interim dividend scheduled for January 2025.

see & read more on
https://ml-eu.globenewswire.com/Resource/Download/0fed4c6c-e975-4b5a-95c7-e15381f4803b