trader4trader schreef op 29 juli 2020 17:55:
UNIBAIL-RODAMCO-WESTFIELD, THE PREMIER GLOBAL DEVELOPER AND OPERATOR OF FLAGSHIP DESTINATIONS, REPORTS H1-2020 EARNINGS
Adjusted Recurring Earnings per Stapled Share (“AREPS”) of €4.65
• Encouraging footfall recovery; regions open 11 to 12 weeks generally at 80 – 90% of LY
• Tenant sales: impacted less than footfall in June, thanks to higher conversion and average baskets
• Tenant negotiations: approximately a quarter of the way through the process
• Collection rates: 94% in Q1; 67% for H1-2020 overall
• Liquidity: €12.7 Bn of cash and undrawn lines
• Disposals: completed €2.0 Bn (at 100%) transaction for five French retail assets
• Average cost of debt: 1.7%; average debt maturity extended to a record 8.5 years
• Like-for-like portfolio revaluation: -5.1%
• EPRA Net Reinstatement Value (“EPRA NRV”): €197.00/stapled share
• Development pipeline scaled back to €6.2 Bn (-€2.1 Bn vs. Dec. 31, 2019)
• LTV: 41.5%, leaving ample headroom to covenants
“The first half of 2020 marked an unprecedented time that has i