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NEPI ROCKCASTLE PLC - COVID-19 update: Recent restrictions adopted in countries of operations. Nearly 100% of GLA operational mid-October

Release Date: 18/10/2021 17:35
Code(s): NRP     PDF:  
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COVID-19 update: Recent restrictions adopted in countries of operations. Nearly 100% of GLA operational mid-October

NEPI Rockcastle plc
Incorporated and registered in the Isle of Man
Registered number 014178V
Share code: NRP
ISIN: IM00BDD7WV31
(“NEPI Rockcastle” or the “Company” or the “Group”)


COVID-19 UPDATE: RECENT RESTRICTIONS ADOPTED IN NEPI ROCKCASTLE’S COUNTRIES OF OPERATIONS. 
NEARLY 100% OF THE GROSS LEASABLE AREA REMAINS OPERATIONAL AT MID-OCTOBER


Subsequent to the updates related to the impact of the Covid-19 pandemic on the Group’s operations, the most
recent of which was included in the interim results announcement dated 19 August 2021, NEPI Rockcastle
provides herewith an update on trading within its portfolio.

From the beginning of June 2021, most trading restrictions have been lifted and all GLA became operational.
The trading data since June 2021 has been encouraging with tenant sales in most of NEPI Rockcastle’s
countries of operations nearing or exceeding the 2019 trading levels. Tenant sales have rebounded faster during
this period when compared to the summer reopening of 2020. Retailers and customers have adapted to the
new circumstances which has led to the impact of restrictions in 2021 to date being lower than in 2020. The
collection rate for H1 2021 reported revenues increased to approximately 97% at the end of September 2021.

The spread of new virus variants and the slowdown in vaccinations in some CEE countries has led to a new
surge in Covid-19 cases in some of the Group’s jurisdictions during the last few weeks. New measures have
been implemented by the governments of the CEE countries, adapted to the national circumstances and with
less severe effects than in the past over the Group’s operations:

   - capacity limits for restaurants, food-courts, cinemas and children’s playgrounds (between 30% to
     75%), except for Hungary and Lithuania;
   - access restrictions for people not in possession of a Covid-19 certificate in shopping centres
     (Lithuania) or in some specific areas (e.g.: restaurants, food-courts, children playground, cinemas) in
     countries except for Hungary, Croatia and Serbia;
   - in Bulgaria and Slovakia, restrictions applied include the temporary closure of children’s playgrounds
     and conference centres, which affects less than 1% of the Group’s GLA.

As a result, nearly 100% of NEPI Rockcastle’s GLA remains operational at mid-October, as the restrictions
regarding capacity and people not in possession of a Covid-19 certificate only affects the Group’s business
indirectly.

Further restrictions may be adopted in the CEE countries, depending on the dynamics of the Covid-19 infection
rates and vaccination rates. While Romania’s and Bulgaria’s vaccination rates are below 40%, vaccination
rates in other jurisdictions such as Poland, Czech Republic, Hungary and Lithuania exceed 50%, and
governments have eased the safety restrictions (wearing masks only in indoor spaces, schools functioning with
physical presence, increased return of the employees to their offices, etc).
NEPI Rockcastle is confident in the quality of its assets and its strong balance sheet, with over €1 billion in
liquidity (cash and cash equivalents and undrawn committed revolving credit facility) and a gearing ratio
below its strategic threshold of 35%. The safety and wellbeing of the Group’s customers, employees and
partners remains NEPI Rockcastle’s priority. The business continues to apply the necessary safety measures
across the portfolio, to ensure customers can securely access retail and other services.

Further details on the Group’s operational performance and financial position will be included in the quarterly
business update, which will be released on 18 November 2021.

For further information please contact:

NEPI Rockcastle plc
Alex Morar/ Mirela Covasa                                   +44 1624 654 704

JSE sponsor
Java Capital                                                +27 11 722 3050

Euronext Listing Agent
ING Bank                                                    +31 20 563 6685

Media Relations                                             mediarelations@nepirockcastle.com

18 October 2021

Date: 18-10-2021 05:35:00
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