June 12, 2020 / 3:54 PM / 2 months ago

BRIEF-Retail Estates FY Operating Result Lowers To EUR 86.7 Mln

June 12 (Reuters) - RETAIL ESTATES NV:

* FY NET RENTAL INCOME INCREASES BY 13.30% TO EUR 107.61 MILLION

* 2019-2020 PROPOSED DIVIDEND IS EUR 4.40 (3.53% INCREASE COMPARED TO PAST FY)

* ON 31 MARCH 2020 OCCUPANCY RATE IS 97.92%

* FY EPRA RESULT (EXCLUSIVE OF PORTFOLIO RESULT) INCREASES BY 13.63% TO EUR 69.20 MILLION

* FY OPERATING RESULT EUR 86.7 MILLION VERSUS EUR 87.8 MILLION YEAR AGO

* ON COVID-19: STARTED NEGOTIATIONS WITH ALMOST ALL AFFECTED TENANTS TO REACH AGREEMENT ON UNPAID APRIL AND MAY RENTS

* FULL AGREEMENT REACHED WITH TENANTS OF 493 RETAIL UNITS

* EXCUSES TENANTS FROM PAYMENT OF A MONTH’S RENT ON AVERAGE (AGREEMENTS CURRENTLY REPRESENT TOTAL OF EUR 5.48 MILLION)

* SECURES PAYMENT OF RENT FOR MAY AND JUNE

* DIFFICULT TO PREDICT EVOLUTION OF RETAIL TRADE, PERFORMANCE OF CUSTOMERS AND OUR OWN PROFITABILITY Source text : bit.ly/2UEOq0p Further company coverage: (Gdansk Newsroom)

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