Trading update Q1 2024

24 April 2024, 07:00 AM CEST

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

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