May 6, 2020 / 6:41 AM / a month ago

BRIEF-Eurocommercial Properties To Appoint Evert Jan van Garderen CEO

May 6 (Reuters) - EUROCOMMERCIAL PROPERTIES NV:

* SUPERVISORY BOARD TO NOMINATE EVERT JAN VAN GARDEREN, CURRENTLY CFO, TO BE APPOINTED CHIEF EXECUTIVE OFFICER

* ALL OUR CENTRES IN SWEDEN HAVE REMAINED OPEN OVER THE PAST MONTHS WITH TRADING HOLDING UP WELL IN THE CIRCUMSTANCES

* EARNINGS (DIRECT INVESTMENT RESULT) OF €87.6 MILLION FOR THE THREE QUARTERS

* IN BELGIUM, FRANCE AND ITALY, ALL STORES EXCEPT FOOD STORES AND PHARMACIES HAVE BEEN CLOSED SINCE MID-MARCH AND ARE NOW PREPARING FOR GRADUAL REOPENING IN MID-MAY

* LIKE-FOR-LIKE (SAME FLOOR AREA) RENTAL GROWTH FOR TWELVE MONTHS TO MARCH 2020 WAS 1.7% ACROSS PORTFOLIO

* ALL MEMBERS OF MANAGEMENT BOARD HAVE REDUCED BASE SALARIES BY 20% FROM MAY PAYMENT FOR PERIOD OF THREE MONTHS AND THEIR VARIABLE REMUNERATION HAS BEEN CANCELLED

* HAS BEEN WORKING WITH TENANTS ON RENT DEFERRALS AND HOLIDAYS IN THE LOCKDOWN PERIOD FOR THE SMALLEST OPERATORS

* HAS A ROBUST BALANCE SHEET STRUCTURE AND BANK LOANS WITH AVERAGE COMMITTED UNEXPIRED TERM OF OVER FIVE YEARS

* PROPOSES CHANGING THE END OF ITS FINANCIAL YEAR TO 31 DECEMBER

* FOLLOWING CLOSURE OF MOST STORES BY MID-MARCH 2020 DUE TO COVID-19, NOT RELEVANT TO INCLUDE MARCH 2020 RETAIL SALES IN COMPARISON WITH THOSE OF LAST YEAR

* TOTAL VACANCIES FOR PORTFOLIO AT 31 MARCH 2020 REMAINED VERY LOW AS THEY HAVE OVER THE LAST 20 YEARS AND REPRESENTED 1.3% OF RENTAL INCOME Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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