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Eurocommercial Properties 2021 jaardraadje

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Harm Wijk 21 april 2021 14:20

Starting from current events, to what extent Covid has impacted on performance
of your centers?
Sales and turnouts were affected by the
forced closures during both lockdown periods, when our malls remained open only for essential purchases, mainly hypermarkets and
pharmacies. In the period between the two lockdowns we saw a quick recovery of both the footfall
sales, supported by staycations
Summer. During this period, sales reached pre-pandemic levels and, while
clothing, shoes and restaurants in general have suffered, other sectors have recovered
well, including hypermarkets, health sectors & beauty, home goods, electronics and sports. the
the Swedish portfolio, on the other hand, has been more consistent throughout 2020, as all centres are fully open. in hypermarkets and Systembolaget
(the state monopoly on spirits) have helped to keep affluences consistently high, falling by only 10% on a Annual. Sales performance also were high, reaching levels comparable to 2019 between July and October.

Branco P 21 april 2021 14:27

Goed bezig Harm!

Ondertussen gebeurde er gisteren kennelijke nog dit:

www.guruwatch.nl/advies/140970/Euroco...

en vandaag BoA die Unibail er nogmaals van langs gaf.

Harm Wijk 21 april 2021 14:27

During 2020, what values were maintained the occupancy rate of your centers?
The intense leasing activity carried out during the this difficult period, unprecedented, there
allowed us to maintain our rate of support for the payment of the fee
for the second quarter that predicted that if an owner had offered a qualified tenant a discount on the rent up to the 50%, within certain parameters the government would reimburse the owner half
of the discount. The Italian Government has a tax credit system to assist tenants during lockdowns, while the government French has provided different levels of
rental support depending on the number of employees of the retailer. Agreements reached with our tenants have been limited to discounts on the fee and monthly payments. No revision of the terms of the existing contracts, which have remained intact in particular for the minimum guaranteed fees
(MGR), thus providing income security for the future. In our negotiations for the second lockdown we managed to negotiate some improvements to contracts, including extending duration, removing break options, or increasing percentage of turnover rent. Before the end of 2020 we reached agreements with 97% of tenants.
According to your observatory, what are the
product categories and types
of operators who are proving to be
more resilient to the crisis?
In Italy, in 2020, the clothing, entertainment and catering suffered the biggest loss of revenue, while
hypermarkets, health & beauty, electronics and home products performed well. Overall, during the
summer period, turnover is back to 90%
vacancy at a very low level: 1.6%.
As you have dealt with at the level of
group the theme of rents with your
Tenant?
Aid in terms of fees was granted on a case-by-case basis and within agreements established by the various governments or agreed between the national organizations representing the
mall owners and retailers.
The general principle adopted was that of
reasonable support for economic difficulties due to circumstances.
So we quickly reached agreements with most of the operators,
supporting them at a time of liquidity crisis and ensuring collection rates for
constant and full-year fees. The Swedish Government has introduced

Harm Wijk 21 april 2021 14:36

levels of 2019. After an initial period where tenants were understandably hesitant to enter into new contracts, the activity of improved during 2020 and have new contracts have been renewed and signed with a total increase in the rent on these 131
contracts of 16.6%. Several new international brands have been opened in our centres or are in the process of doing so as The North Face, Nike, Adidas and Starbucks, while existing international retailers including Primark,
Inditex, H&M, Abercrombie and JD Sports have increased their presence.
What about foreign sources?
In France, the recovery has been most marked in
the homewares, electronics,
sports and DIY, while clothing
performed below the levels
Regular. In the last 12 months, the leasing team has made 32 renewals and re-lettings that
generated a 6% increase in rent. As already mentioned, the Swedish portfolio has been more
throughout 2020. Leasing team completed 103 renewals and re-lettings
during the year, producing an increase in
average rent of 4.2%. There have been several important new openings of
shops during autumn: in Valbo, the recent
refurbishment and layout improvement
allowed stores like H&M to be restyling,
The New Yorker and Hemtex. At Elins Esplanad, after cassels' repositioning last
year, there have been new store openings
such as H&M and Nordic Wellness, an important
gym operator that has also recently opened in Bergvik. Clas Ohlson was a
significant addition to Ingelsta Shopping and
opened the new store in February 2021.
We have now successfully built and started
five full format H&M stores, including H&M
Home. In three of these locations, H&M has

Harm Wijk 21 april 2021 14:42

i know the smaller and older shops in the center further strengthening their presence in our shopping malls by providing a single H&M store in the specific basin users. Finally, in Belgium, the performance of the retail sector varied during 2020, with clothing and footwear among the sectors most affected. On the other hand, the jewellery compartments, health & beauty and home products
have been very resilient, showing the most strong recovery and growth in terms of sales between the two lockdown periods. In recent years, twelve months eight new leases were signed and three units renewed with a average increase in the rent of the 2,1%. We have attracted several new brands
including Maje, K-Way and Jott. The sector health & beauty has also been strengthened by the
transfer of Rituals into a larger unit that allowed the realization of the new flagship store format in Woluwe (Brussels).

What solutions are you adopting to increase services with a view to omnichannel?
As mall owners, we are monitoring the evolution of services in omnichannel optics, maintaining a dialogue with the main players in the tech and digital world innovation, to understand what kind of services are more useful and functional to customers and tenants and to deliver seamless shopping experiences, that is, seamlessly between online and offline. In recent years we have installed in our Amazon locker and Post centers in Italy and Instabox delivery points in Sweden. We use lockers, in some centers, even for the withdrawal of niche food products not present in hypermarkets, so as to increase the range of offer in the center. We an active partnership with Alipay to foster
mobile payment services. The websites of shopping malls, which we are thinking about, will be
more and more click-oriented and pure collect, to support stores in offering a

Harm Wijk 21 april 2021 14:50

service that is the best possible. Last October, Eurocommercial launched at I Gigli the
first drive-to-store project of flash eCommerce-related offers in a shopping mall
in Italy. The project, called Shop&Shock, allows a smooth and intuitive customer journey. Also at I Gigli we are testing a "customer care service" in the gallery, using the Amazon Alexa voice assistant. in we do many tests in Eurocommercial, aware that digital transformation journey will evolve the entire retail sector within a few years. How communication changes in this context?
On the new communication channels, in our malls are active social media Facebook and Instagram and in two of them also Tik Tok, which we launched first in Italy at the Fiordaliso shopping center. also digitization of the galleries we're implementing is seen in an omnichannel perspective
where you activate on-to-off mode a lot interesting between ledwalls, totems and touch tables
digital signage; in this sense, a project to digitize the food court
by Curno using mobile multifunction app between orders and multiple payments. The common denominator of these activities is the collection of data on all the physical and digital touchpoints we manage. By analyzing them from a CRM perspective, it will be possible not only to study the trend
about the effectiveness of services, but predict what can be of actual use and utility.
What are your prospects for 2021? Despite the current restrictions,
part of our portfolio, let's see the recovery of the economy in a positive way, in particular
virtue of the continuous progress of vaccinations. Our fundamentals are solid and we are confident that our business is well prepared to re-emerge and continue to create value at
long-term for our stakeholders

Harm Wijk 21 april 2021 14:51

Okay dat is het hel interview. Op een plek ging het niet helemaal goed met kopieren en plakken, maar het is wel compleet.

Harm Wijk 21 april 2021 15:59

Er was toch wat tekst weggevallen, na: "The Swedisch government has introduced" komt nog de volgende tekst:

initiative to support the payment of the fee for the second quarter which provided that
if a landlord had offered a qualified tenant a discount on the rent up to
50%, within certain parameters the government would have reimbursed the owner half
discount. The Italian government has put in a tax credit system is implemented to assist tenants during lockdowns, while the French government has provided different levels of
support for the rent depending on the number of retailer's employees. The agreements reached with our tenants were limited to discounts on the rent and monthly payments. There has been no revision of the terms of the existing contracts, which have remained intact in particular for the guaranteed minimum rents (MGR), thus providing income security for the future. In our negotiations for
the second lockdown we managed to negotiate some improvements to the contracts, including the extension of the duration, the removal of break options or the increase of
percentage of turnover rent. Before the end of 2020 we reached agreements with
97% of tenants

hjs64 21 april 2021 16:19

Bedankt Harm.

Branco P 21 april 2021 16:37

klein stukje weggevallen:

quote:
Harm Wijk schreef op 21 april 2021 14:36:
We have now successfully built and started
five full format H&M stores, including H&M
Home. In three of these locations, H&M has

In three of these locations, H&M has closed the smallest and oldest shops in the center
cities, further strengthening their presence in our shopping centers by providing
a single H&M store in the specific basin of users.

Met andere woorden: in drie van de 5 gevallen waarbij in het ECP centrum de H&M werd vergroot, sloot H&M een stuk verderop in de binnenstad een (kleinere) vestiging.

Waarmee maar weer eens bevestigd wordt dat het type winkelcentrum dat ECP in bezit heeft het type winkelcentrum is waarop de grote retailers zich in de toekomst focussen. Lagere huren, beter bereikbaar en daardoor beter passend in de Multi-Channel strategie.... en uiteraard de Hypermarkten die voor een continue stroom aan bezoekers zorgt.

Branco P 21 april 2021 16:38

Thanks Harm!!

Up&Down 21 april 2021 20:54

Ja dank. Het is duidelijk dat ECP het IR kantoor in Engeland heeft gesloten en dat ze geen mensen meer hebben om dit te vertalen. Misschien kan je jezelf als ZZP-er aanbieden?

!@#$!@! 22 april 2021 17:29

quote:
!@#$!@! schreef op 19 april 2021 15:32:
MERC gaat ook nog steeds als een speer. Toch bijzonder hoe de koers eerst negatief reageert op de cijfers met een daling van ruim 5% , om daarna alleen maar flink verder te stijgen.

En deze keer weer hetzelfde. Op de dag van de cijfers een daling van 5% om nu gewoon weer verder te stijgen. Toch apart.

ECP begint Klep bijna in te halen kwa koers. Waarschijnlijk omdat de "hoge LTV" niet meer als een probleem wordt gezien. Dus dat sentiment begint al te keren.

Branco P 22 april 2021 20:50

quote:
!@#$!@! schreef op 22 april 2021 17:29:
[...]

En deze keer weer hetzelfde. Op de dag van de cijfers een daling van 5% om nu gewoon weer verder te stijgen. Toch apart.

ECP begint Klep bijna in te halen kwa koers. Waarschijnlijk omdat de "hoge LTV" niet meer als een probleem wordt gezien. Dus dat sentiment begint al te keren.

Relevant is met name de leegstand. Blijft je leegstand laag, dan blijft je huurstroom op pijl c.q. dan heeft die huur de meeste kans om verder te gaan stijgen.

En uiteraard is hierbij het type winkelcentra relevant, maar dat heb ik nu wel vaak genoeg herhaald ;-)

mike65537 23 april 2021 09:09

Leesvoer:

Jaarverslag 2020:

www.eurocommercialproperties.com/asse...

MOEdig Voorwaarts 23 april 2021 09:31

quote:
mike65537 schreef op 23 april 2021 09:09:
Leesvoer:

Jaarverslag 2020:

www.eurocommercialproperties.com/asse...

Met daarbij een grote teleurstelling voor Branco, aangezien de boekwaarde per object volgens mij niet meer wordt vermeld. Dat maakt het natuurlijk wel weer wat makkelijker objecten "tegen boekwaarde" te verkopen, daarbij gebruik makend van een (afgezwakte) versie van de "Vastned-methode" ;)

!@#$!@! 23 april 2021 10:08

Ik heb even oppervlakkig naar de cijfers van WH gekeken. Maar die zijn nogal wat desinvesteringen van plan. Op basis van het verwachte directe resultaat voor volgend jaar lijkt WH echter hoger gewaardeerd dan ECP ? (Op basis van verwacht dividend rendement) of is dat te kort door de bocht ?

Branco P 23 april 2021 14:52

quote:
MOEdig Voorwaarts schreef op 23 april 2021 09:31:
[...]

Met daarbij een grote teleurstelling voor Branco, aangezien de boekwaarde per object volgens mij niet meer wordt vermeld. Dat maakt het natuurlijk wel weer wat makkelijker objecten "tegen boekwaarde" te verkopen, daarbij gebruik makend van een (afgezwakte) versie van de "Vastned-methode" ;)

Dat is inderdaad een extreem grote teleurstelling. Ik was er al een beetje bang voor omdat de waardes ook niet bij de update zaten een maandje geleden. Ik heb ECP reeds een e-mail gestuurd met de vraag of deze individuele waardes ter beschikking gesteld kunnen worden.

Wat me overigens ook niet bevalt is dat de nieuwe website helemaal geen sectie "investors" bevat. Alsof het informeren/aantrekken van nieuwe investeerders opeens niet meer nodig is.

Tot slot heeft men in de plattegrond van Woluwe de nieuwe Donut Shop (Mister Donut) en de Sleutelboer (Quick Talon) op -1 met elkaar verwisseld. Daar kan ik echter wel mee leven. ;-)

Branco P 23 april 2021 14:57

quote:
!@#$!@! schreef op 23 april 2021 10:08:
Ik heb even oppervlakkig naar de cijfers van WH gekeken. Maar die zijn nogal wat desinvesteringen van plan. Op basis van het verwachte directe resultaat voor volgend jaar lijkt WH echter hoger gewaardeerd dan ECP ? (Op basis van verwacht dividend rendement) of is dat te kort door de bocht ?

Volgens mij geeft WHA een direct resultaat verwachting af van 1,80-2,00 per aandeel waarbij naar verwachting 1,80 het meest voor de hand ligt.

Ik denk dat je bij ECP sowieso aan een paar dubbeltjes meer moet denken. De rest van de verklaring zit in de hogere LTV bij WHA en de hogere leegstand bij bij WHA en de daaraan gekoppelde verwachting rondom de toekomstige ontwikkeling van het directe resultaat.

!@#$!@! 23 april 2021 16:24

Ja die had ik gezien, maar echter voor ECP mogen we voor volgend jaar een hoger direct resultaat verwachten. WHA verwacht een direct resultaat van €1.40-€1.50 volgend jaar. (met daarna 4-6% groei weer per jaar)
Vandaar....

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