Trading update Q1 2024

Key items:

• Full Service Center footfall continues to power ahead: 10% above Q1 2023
• Retail sales +5%, well above inflation
• Polarizing leasing market in the Benelux with several expanding formulas but also some bankruptcies
• Leasing spreads in the Netherlands moving into positive territory
• Rent collection >97% underpinning tenant quality
• LTV improved to 41.5% due to positive Belgian revaluations (ERV driven) and targeted CAPEX
• Update on short-term strategic focus: rotating capital out of the Netherlands to further reduce LTV
• Full Service Center Sterrenburg awarded with the 2024 Kern annual development award
• Forecast FY 2024 DRPS € 1.75 reiterated