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Photo de l'actualité 2021 Half-year earnings
July 28, 2021
Finance

2021 Half-year earnings

  • Solid balance sheet and limited contraction in values: LTV at 38.3% excluding transfer taxes, portfolio value of Euro 3,186 million including transfer taxes, down -2.2% over six months. Average appraisal yield rate at 5.74%, EPRA NDV down -6.8% over six months to Euro 17.17 per share
  • Business close to 2019 levels and positive trend for retailer sales: Footfall between the reopening of stores on May 19 and June 30, 2021 reached 91% of the pre-crisis activity level from 2019, retailer sales for May at +8.4% vs. 2020 and for June at +5.6%
  • The rollout of the government support measures in the second half of 2021 is expected to normalize the rent collection levels: gross collection rate for 2020 at 88.3% and for the first half of 2021 at 75.0%
  • Funds from operations (FFO) at end-June 2021 down -11.6%: reflect of the impacts of the health crisis, the refinancing operation carried out in July 2020 and the asset sales completed in December 2020
  • 2021 objectives: excluding the impacts of a further deterioration in the health situation, including the potential impacts of the measures relating to the “health pass” (reduced footfall, further weakening of retailers, likely drop in variable rents and the contribution from Casual Leasing, and increase in additional operating expenses), Mercialys expects its funds from operations (FFO) per share to be at least stable in 2021 compared with 2020
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