• Continued strong tenant demand produced a 3.5% rental uplift on renewals and relettings
resulting from 275 leasing transactions signed over the 12 month period ending 31 March
2022.
• EPRA vacancy rate at today’s date has reduced further to only 1.3% thereby extending our
long-term low vacancy levels.
• Improved rent collection for Q1 2022 which currently stands at 96% of invoiced rent.
• Retail sales have maintained their steady recovery and during Q1 reached 97% of the
comparable pre-pandemic period.
• €79.5 million of disposals at or close to their latest valuations, which successfully completed
the €200 million disposal programme announced in August 2020.
• 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.
• 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.
• €66.5 million long-term financing extended to 2027 with a green and sustainability linked loan.
• Interest rate hedging ratio up to 83% providing a good coverage against the risk of any further
increases in interest rates.
• Full BREEAM certification was achieved on the entire portfolio by the end of February 2022.

Management board commentary
During Q1 2022, our business activities continued to be impacted by COVID-19 in the form of the
contagious Omicron variant. Government restrictions included the broad application of the health pass
with some additional limitations on visitor numbers. These restrictions affected footfall, although our
shopping centres remained fully open during this period.
Against a background of war in Ukraine, rising inflation and energy prices, it was encouraging that retail
sales continued to hold up well during Q1. The latest available information is for the month of March
which was around 98% of the pre-pandemic March 2019.
Supported by low vacancy levels and relatively low occupancy cost ratios (excluding owned
hypermarkets) of just above 10%, the Company has further improved rent collection during Q1 to 96%,
including indexation. The Company still anticipates receiving rental indexation across the portfolio of
around 3.6% during 2022.
The two disposals in France during March 2022, Les Grands Hommes, Bordeaux and our remaining 50%
ownership of the office and residential parts of Passage du Havre, successfully completed our disposal
programme and results in a LTV ratio (on a proportional consolidated basis) of 40.1% as per 31 March
2022, thereby reaching our target level of 40%.
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. However, with low vacancy, affordable rents and a high representation of essential
and everyday retail, our shopping centres are well set to face the challenges ahead.
Operational & financial review
Retail sales
After the full recovery of retail sales during H2 2021 following the reopening of our shopping centres,
retail sales continued to hold up well during Q1 2022 and reaching around 97% of the pre-pandemic Q1
in 2019, despite the effects of the Omicron variant and resulting government restrictions. The outstanding
market was Sweden which saw retail sales growth of 7.4% during this period.
Visitor numbers
During Q1, the impact of the Omicron variant continued to affect footfall which overall remained at around
80% of their pre-pandemic levels. The full recovery of retail sales on reduced footfall confirms the high
sales conversion rates and increase in basket size which many of our retailers comment on. Footfall
during April improved and reached 85%.

Renewals and relettings
Strong leasing activity has continued over the last 12 months with 275 leases renewed or relet, achieving an overall uplift of 3.5%.

Renewals and relettings, 12 months to 31 March 2022
Number of relettings and renewals Average rental uplift on relettings and renewals % of leases relet and
renewed (MGR)
Overall 275 3.5% 13%
Belgium 18 -3.4% 18%
France 39 8.2% 7%
Italy 122 5.5% 13%
Sweden 96 2.9% 18%
In Woluwe Shopping, Belgium, 18 leases were renewed or relet over the last 12 months showing a rental
decline of 3.4%. Several new premium international brands established stores including Jott, Bexley,
Xandres, Maison Dandoy and Guess. We signed a new lease with Fnac who will open at the end of May 2022 in the former 2,600m² AS Adventure store who themselves have relocated to a smaller unit.
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