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  • 2020 Half-year earnings
Photo de l'actualité 2020 Half-year earnings
July 27, 2020
Finance

2020 Half-year earnings

  • 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
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