Good resilience for first-half results, despite the impacts of an unprecedented health crisis
Rapid normalization of center footfall levels, following their full reopening and retailer sales stable compared with 2019, in May excluding the closure period and in June
Invoiced rents down -0.8% like-for-like, significantly affected by the health crisis
Funds from operations (FFO) stable at Euro 63.0 million
EPRA NNNAV of Euro 19.90 per share, down -2.4% year-on-year
Loan to value ratio (LTV excluding transfer taxes) of 41.1% (40.0% based on a standard level of rent recovery for the second quarter of 2020)
2020 objectives revised:
In view of the health crisis’ various impacts on rents, organic growth no longer seems to be a relevant indicator for 2020;
FFO per share is expected to contract by 10% and 15% compared with 2019;
The dividend will range from 70% to 95% of 2020 FFO; in Q4 2020, the Board of Directors will decide on a potential interim dividend payment before the end of the year.
These objectives exclude the impacts of a reoccurrence of episodes linked to the health crisis
