EANS-News

Atrium European Real Estate Limited / First quarter 2021 trading update - ATTACHMENT - Seite 2

* The green bonds issued in February at a 2.625% coupon together with a EUR78
million buyback of 2022 notes reduced Atrium's average debt cost to 2.8% and
extended its maturity to 5.0 years (as of today)
* The green hybrid issuance in May at a 3.625% coupon will be treated as equity
(IFRS), thus reducing the Group's LTV to 27%. Both Fitch and Moody's have
confirmed a 50% equity / debt treatment for rating purposes
* The proceeds from the hybrid are intended to be used for the financing of
BREEAM certified residential for rent assets and developments
* Moody's maintained Atrium's Baa3 investment grade credit rating on 24 April
and improved its outlook to stable
* Atrium has a strong liquidity of EUR470 million as of today, with c.EUR170
million[1] in cash and EUR300 million unutilized credit facility to enable it
to execute its growth strategy and navigate the pandemic

Key financial figures for the period

In EURm 3M 2021 3M 2020 CHANGE
% / ppt
Net rental income
("NRI") 32.2 36.3 (11.3)

EBITDA 26.7 30.8 (13.2)

Operating margin
(in %) 92.8 91.0 1.8

Occupancy rate
(in %)* 91.7 92.3 (0.6)

EPRA NRV (in EUR)* 4.19 4.25 (1.4)

* As at 31/3/2021 and 31/12/2020 respectively


* Group NRI was EUR32 million for the 3M 2021, down 11% or EUR4 million year on
year due to:

o EUR3 million COVID-19 lockdown relief impact, both mandatory and voluntarily
tenant support
o EUR1 million non-core assets disposals impact as part of the portfolio
rotation strategy

* EBITDA decreased by 13% due to the NRI decrease, while operating margin
improved 1.8 ppt to 92.8% mainly due to Russia


* Occupancy slightly lower compared to year-end 2020 due to extended lockdowns
in Q1, but is expected to recover when shopping centres resume normal
operations and as the vaccination roll out continues
* EPRA NRV as at 31 March was stable at EUR4.19 with stable retail market yields
[2]


Dividend

* 46.4% of shareholders opted to receive the Q1 2021 dividend in the form of
scrip dividend, resulting in an issuance of 4,560,813 shares and cash outflow
reduction of c.EUR12 million
* The Q2 2021 dividend will be paid (as a capital repayment) on 30 June 2021 to
shareholders on the register as at 11 June 2021, with an ex-dividend date of
10 June 2021. The election date for a scrip dividend will start on14 June and
end on 25 June 2021


* A circular setting out further details on the election being offered to
shareholders pursuant to the scrip dividend alternative will be posted on the
Company's website before the start of the election period



Liad Barzilai, Chief Executive Officer of Atrium Group, commented: