Performance and business highlights
• Continuation of the strong recovery in retail sales which for Q3 saw an increase of 6.5%
compared to Q3 2020. Overall retail sales have fully recovered to their pre-pandemic levels and
were 1.5% above Q3 2019.
• Strong tenant demand resulted in 5.4% rental uplifts on renewals and relettings, with 271 deals
signed during the 12 month period ending 30 September 2021. All countries showed positive
uplifts with Italy (6.9%) and Sweden (5.6%) being most prominent.
• EPRA vacancy rate remained very low at 1.5% extending our long-term low vacancy record.
• Improved rent collection saw 89% of rent collected for Q3 and 86% so far collected for the first
nine months of 2021.
• Exceptionally strong trading across our seven Swedish shopping centres (22% of the
portfolio) with Q3 retail sales growth of 7.4% and 8.5% compared to Q3 2019 and Q3 2020
respectively, resulting in full rent collection.
• The 7,000m² conversion of the former hypermarket at Fiordaliso, Milan will open on 11
November 2021 fully let with tenants including Adidas, JD Sports, New Yorker, Hollister and
Bershka.
• Loan to value ratio (on the basis of proportional consolidation) marginally lower at 43.5%
compared to 43.8% at 30 June 2021.
• Net earnings €1.57 (direct investment result) per share for nine months to 30 September 2021.
• Termination of depositary receipt structure completed and STAK wound up.
• Eurocommercial maintained its GRESB 4 Star Rating, achieving its highest score and also
received an EPRA Gold Award for sustainability reporting for the eighth consecutive year
(sBPR).
2
Board of Management’s commentary
It has been most encouraging to see that the swift rebound in retail sales in our shopping centres that
we reported in June has been maintained. Retail sales during Q3 increased by 6.5% compared to Q3
2020 and were 1.5% above the pre-pandemic Q3 2019. Footfall is at the same level as last year but
remains slightly below pre-pandemic levels and was suppressed in France during August and September
by the requirement to show the Pass Sanitaire to enter shopping centres of more than 20,000m² in some
French départements. The fact that retail turnover has produced like-for-like growth on lower footfall
further demonstrates the high sales conversion rates and increase in basket size which our retailers have
regularly commented on.
Against this background, tenant demand for our shopping centres continues to be characterised by strong
letting activity with 271 lease renewals and relettings completed over the last 12 months producing a
rental uplift of 5.4%. Our vacancies remain at around their historically low levels at 1.5%, varying between
0.4% and 2.4% in our four markets.
Q3 rent collection has increased to 89% and is at 86% for the first nine months of 2021, a figure that will
improve following the recent EU approval for the rent support package in France which has delayed Q2
rent collection covering the third lockdown period.
In the Half Year report we referred to advanced discussions on further property sales and these
negotiations are now in their final stages. We will announce these sales as soon as there are signed,
binding contracts.
High participation at recent national retail events confirms that our tenants remain positive and continue
to view prime physical retail space as the foundation of their omni-channel business. With all our
shopping centres fully open and trading at close to full speed since June, we remain hopeful that the
effects of the virus can be managed without the need for significant further restrictions. Against this
background and with full occupancy at affordable rental levels, we can envisage the return of stable
income and future growth encouraged by meaningful rental indexation from January 2022, which based
on current inflation data is estimated to be well over 2% for our portfolio.
Operational and financial review
Retail sales
Following the general reopening of our shopping centres from May 2021, there has been a quick and full
recovery in retail sales. For Q3 2021, retail sales increased by 6.5% compared to Q3 2020 with all sectors
showing positive growth. Overall, retail sales in Q3 were higher than pre-pandemic levels and were 1.5%
above Q3 2019.
Like-for-like retail sales by country*
Q3 2021/Q3 2020 Q3 2021/Q3 2019
Overall 6.5% 1.5%
Belgium 6.6% -8.4%
France -1.7% 0.9%
Italy 9.6% -0.9%
Sweden 8.5% 7.4%
* Excluding extensions/redevelopments.
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Like-for-like retail sales by sector*
Q3 2021/Q3 2020 Q3 2021/Q3 2019
Fashion 6.8% -3.2%
Shoes 8.4% -9.3%
Health & Beauty 5.2% 1.4%
Gifts & Jewellery 9.5% 10.8%
Books & Toys 0.3% -0.2%
F&B (Restaurants & Bars) 14.3% -4.2%
Services 15.6% -14.7%
Sport 8.3% 10.2%
Home Goods 2.1% 12.0%
Telecom & Electrical 5.6% 2.8%
Hypermarkets/Supermarkets 1.5% 8.9%
*Excluding extensions/redevelopments.
Retail sector sales recovery in Q3 for Eurocommercial’s portfolio compared to 2019

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