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NEPI Rockcastle plc Incorporated and registered in the Isle of Man Registered number 014178V Share code : NRP ISIN : IMOOBDD7WV31 ( " NEPI Rockcastle " or " the Company " or " the Group " ) BUSINESS UPDATE " The first three months of 2021 were marked by continuing restrictions imposed by governments to contain some of the highest Covid - 19 infection rates in Central and Eastern Europe since the beginning of the pandemic . Several of the countries where we are operating have experienced consecutive lockdowns . Almost everywhere , entertainment and food court areas have been closed throughout the entire quarter . Recently , infection rates have started to fall in all our countries . Trading restrictions are being lifted and we now have 96 % of our GLA operational . Occupancy held up at more than 95 % while virtually all the income from 2020 and 91 % of the income for the first quarter of the year has been collected . We see footfall and tenant sales picking up strongly following the reopening . Most importantly , the vaccination campaign , which got off to a slow start in December 2020 , is now accelerating and , based on the experience of the countries more advanced on the path to mass immunisation , is proving effective . With our strong balance sheet and quality portfolio , we look forward to making the most of the opportunities available in the post - pandemic world . " Alex Morar , CEO BUSINESS HIGHLIGHTS As a result of decreasing Covid - 19 infection rates , trading restrictions continued to be relaxed in all Central and Eastern Europe ( ' CEE ' ) countries since the end of the first quarter ( ' Q1 ' ) of 2021. As of mid - May , 96 % of total Gross Leasable Area ( ' GLA ' ) was operational . This percentage is expected to increase to 98 % by the end of May . After a relatively slow start , the vaccination programme accelerated significantly in most CEE countries over the last two months . The roll - out speed in the countries where the Group operates is similar , on average , to that in the European Union ( EU ' ) as a whole . The EU targets to vaccinate 70 % of the adult population by the end of summer 2021 . Footfall in Q1 2021 was 29.5 % lower than prior year , as significant restrictions were in place for most of the quarter ( in 2020 the lockdown was introduced mid - March ) . By the end of April , the year - to - date ( ' YTD ' ) cumulative footfall was 12.6 % lower than in 2020. Tenant sales ( excluding hypermarkets ) in Q1 2021 were 26 % lower than Q1 2020 . By the end of April , 67 % of the rent concessions for Q1 2021 had been agreed . This includes the impact of government regulated concessions in Poland and Slovakia . In countries where restrictions have been lifted later ( Czech Republic , Hungary , Lithuania ) negotiations with tenants are at an early stage , to allow for monitoring of performance after reopening . At the end of March 2021 , the collection rate was 98 % of reported revenues ( adjusted for concessions granted ) for 2020 and 80 % for Q1 2021. Since then , the collection rate further improved to 99 % of reported revenues for 2020 and 91 % for Q1 2021 . Net Operating Income ( ' NOI ' ) for the three months ended 31 March 2021 was € 72 million , 28.5 % lower compared to Q1 2020. The difference is the result of the Covid - 19 rent concessions ( € 25 million in Q1 2021 , € 4 million in Q1 2020 ) and the disposal of the Romanian office portfolio , sold in August 2020 ( € 5.9 million NOI in Q1 2020 ) . The net amount of expected credit losses expense for Q1 2021 was € 0.1 million , as a result of adequate provisioning for receivables done in 2020 , no significant insolvencies in the period and no material expectations on non - recovery of receivable outstanding . Country EPRA occupancy rate as of 31 March 2021 was 95.2 % . Liquidity as of 31 March was very strong , amounting to € 1.2 billion ( including € 575 million in available committed credit facilities ) . Poland The loan - to - value ratio ( ' LTV ' ) was 32.9 % as of 31 March 2021 , below the 35 % strategic target . Investment grade credit ratings of BBB by Fitch Ratings ( stable outlook ) and S & P Global Ratings ( negative outlook ) maintained . OPERATING PERFORMANCE EPRA Net Reinstatement Value per share was € 6.36 on 31 March 2021 , 1.4 % lower from 31 December 2020 ( € 6.45 ) , as a result of the dividend payment during Q1 2021 . The property portfolio's value is substantially unchanged compared to December 2020 , at € 5.8 billion . No property valuations were undertaken in Q1 2021 , in accordance with the Group's policy to perform independent revaluations at half - year and year - end reporting dates . The earnings guidance for the 2021 financial year as previously communicated is withdrawn , due to the larger than expected lockdowns having a significant impact on Distributable Earnings Per Share ( ' DEPS ' ) in Q1 2021. Further lockdowns are still possible and difficult to predict . The Company will provide more details when available . Status of trading restrictions and government measures Between September 2020 and April 2021 , the countries where NEPI Rockcastle operates were faced with consecutive waves of increases in the number of new Covid - 19 cases . Governments responded with restrictions varying greatly in length and severity . Each country went through peaks and troughs in infection rates at different times . All this created a volatile environment for NEPI Rockcastle's operations , with new restrictions being announced , introduced or lifted in one country or another almost on a weekly basis . Investors were informed of the changes through regular updates . In May , most of the remaining trading restrictions were lifted . The status of restrictions as of mid - May 2021 is set out in the table below . In some cases , governments communicated timelines for further reopening , based on which we anticipate that over 98 % of GLA will be operational by the end of May . Weight in portfolio ( % ) Romania 35 All information below excludes joint ventures , unless otherwise stated 24 Slovakia 10 3 100 ΝΕΡΙ ROCKCASTLE Operating Essential GLA ( % retailers of total ) ( groceries on 17 May and 2021 pharmacies ) 99 www.nepirockcastle.com 88 97 Open Hungary 9 Bulgaria 8 Croatia 5 Serbia Czech Republic Lithuania 3 3 99 100 98 100 86 86 96 Group except for takeaway and outdoor terraces ** except for takeaway *** only food court closed , except for takeaway Open Open Open Open Open Open Open Open Non - essential Restaurants , children's Cinemas , playgrounds , other entertainment Open ( except children's playgrounds ) Closed Open ( except children's playgrounds ) Open Open Open Open Closed Closed retailers ( other coffee shops than food and and food entertainment ) courts Open Open Open Open Open Open Open Open Open Open 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 Closed ** Closed * Closed *** Open Closed * Open Closed * Closed *