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Unibail-Rodamco-Westfield 2022, het jaar van de comeback?

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Lamsrust
1
quote:

Branco P schreef op 26 oktober 2022 00:09:

[...]

Je beschrijft hier de methodiek zoals die in Nederland gehanteerd wordt voor winkelhuurovereenkomsten. In Duitsland werkt het alweer totaal anders. Ook in België en Frankrijk werkt het anders. In sommige gevallen zie je daardoor nu al flinke huurstijgingen en in andere gevallen ga je die pas vertraagd in de loop van volgend jaar zien.

Correcte toevoeging. Ik heb namelijk alleen verstand van NL huurrecht.
Take a sisi
0
Als ik zeg dat ik geen wonderen verwacht , zit ik hiermee dan dicht bij de waarheid , of sla ik dan de plank faliekant mis .
Take a sisi
0
Als ik zeg dat ik geen wonderen verwacht , zit ik hiermee dan dicht bij de waarheid , of sla ik dan de plank faliekant mis .
Kan het zijn dat Q4 pas uiting van een omslagpunt laat zien , en dat een opleving nu wellicht aan de vroege kant is .
HCohen
3
UNIBAIL-RODAMCO-WESTFIELD Q3-2022 TRADING UPDATE
cdn.urw.com/-/media/Corporate~o~Sites...

• Turnover up +20.8% in 9M-2022 vs. 9M-2021, reflecting asset quality, the continued post COVID-19 recovery and
successful asset deliveries
Tenant sales in Q3-2022 exceeded 2019 levels at 103% (+10% vs. Q3-2021 levels) and 104% in September, confirming
the positive trend seen in Q2-2022. Continental Europe above 2019 levels at 102% for Q3-2022 (+11% vs. Q3-2021) and
September outperforming with 104%. UK at 94% of 2019 levels and +17% vs. Q3-2021 levels. US at 108% of 2019 and
+6% vs. Q3-2021 levels
Rent collection improved to 96% for Q3-2022 (vs. 88% at Q3-2021), while H1-2022 collection rate increased to 97%
in line with pre-COVID levels
• Sustained leasing activity reflecting continued retailer demand for URW’s Flagship destinations, with 554 deals signed
in Q3-2022, up +20%1 vs. Q3-2019. 1,755 deals signed in 9M-2022 up +20%1 vs. 9M-2019. Minimum Guaranteed Rent
uplift of +5.6%
in 9M-2022 vs. +2.7% in H1-2022
Overall vacancy stable in Q3-2022 at 6.9% vs. H1-2022, with a continued improvement in the UK and the US
• Convention & Exhibition GRI up to €128.4 Mn in 9M-2022 (€53.8 Mn in 9M-2021) with strong recovery in activity.
Revenue for signed and pre-booked events in Viparis venues for 2022 at c. 95% of 2018 pre-bookings level
• Ongoing streamlining of US portfolio with sale of regional asset Westfield Santa Anita for $537.5 Mn (at 100%, URW
share 49%)
• €3.2 Bn of €4.0 Bn European disposals programme achieved, with completed disposals of Villeneuve 2, Aupark
(27% stake), Carré Sénart Shopping Parc, Almere Centrum and Gera Arcaden. Given current market conditions,
completion of European disposals programme expected in 2023
€13 Bn of cash and available credit lines on hand securing financing needs for more than 36 months
• Sustainability leadership recognised by long-term presence in the top quartile of all ESG ratings, including Q3-2022
renewal of AAA ESG rating by MSCI
2022 AREPS guidance increased from at least €8.90 to at least €9.10 (!!!)

Commenting on the results, Jean-Marie Tritant, Chief Executive Officer stated:
“Turnover was up +21% year-on-year, demonstrating the quality of our portfolio, our operational efficiency and the successful
delivery of new assets at high pre-letting levels.
Tenant sales in Q3 were at 103% of pre-COVID levels continuing the trend seen in previous quarters, with Continental Europe at
102% and the US at 108%.

Leasing dynamics were solid, both in terms of volumes and conditions, with a +5.6% uplift in MGR for the first nine months of 2022,
demonstrating continued retailer appetite for our Flagship destinations. The steady improvement in US and UK vacancy levels,
as well as the increase in rent collection to 2019 levels, both confirm the solid recovery trend seen in H1-2022.

1 Restated for disposals.

2 Our Convention & Exhibition business has rebounded from the extended closures of the pandemic and is on track to reach
pre-COVID levels. Our Offices activity performed well, driven by improved leasing and new deliveries.
We also continued to implement our strategy to grow our Commercial Partnerships revenues with the launch of Westfield Rise,
an in-house media, brand experience and data partnerships agency.
We made further progress on our deleveraging programme with the disposal of Westfield Santa Anita in the US and the closing
of five transactions in Europe. While market conditions may affect overall timing, we are committed to completing
our deleveraging plan and are supported by a strong liquidity position and the robust operational performance of our assets.
Based on the performance of the first nine months of 2022 including a strong Q3 that confirms the positive trend seen in H1,
the Group is upgrading its 2022 AREPS guidance from at least €8.90 to at least €9.10 per share.”
HCohen
1
Quotes

Tritant;
Our Convention & Exhibition business has rebounded from the extended closures of the pandemic and is on track to reach
pre-COVID levels. Our Offices activity performed well, driven by improved leasing and new deliveries.

Leasing and vacancy
Overall, MGR uplift year-to-date was +5.6% (vs. -6.5% in 9M-2021) confirming the positive trend seen in H1-2022 (+2.7%)
and illustrating retailer appetite for URW’s Flagship destinations. This performance is driven by the MGR uplift of +9.0%
in Continental Europe and +4.0% in the US, offset by the UK at -3.3%
.

Disposals
The Group is in active discussions in relation to its regional assets and continues to work actively on its Flagship assets.
Turnover, leasing and vacancy metrics reinforce the desirability and intrinsic value of these assets.


Financial resources
In addition, as at September 30, 2022, the Group’s credit linesfully undrawn position amounted to €10.0 Bn including €3.7 Bn
maturing over the next twelve months. URW is considering opportunities to extend or renew part of these lines.
Taking into account this liquidity and undrawn credit facilities and thanks to its long-dated debt maturity, the Group has
secured more than 36 months of financing needs14 (assuming the reinstatement of a dividend for fiscal year 2023 and the
reimbursement of the 2023 hybrid).


Outlook
Based on the performance of the first nine months of 2022, including a strong Q3 that confirms the positive trend seen in H1,
the Group is upgrading its 2022 AREPS guidance from at least €8.90 to at least €9.10 per share.
The Group assumes no major COVID-19 or energy-related restrictions, or any major disruption to the macro-economic
environment.
Golfer-1979
0
quote:

HCohen schreef op 26 oktober 2022 18:17:

Quotes

Tritant;
Our Convention & Exhibition business has rebounded from the extended closures of the pandemic and is on track to reach
pre-COVID levels. Our Offices activity performed well, driven by improved leasing and new deliveries.

Leasing and vacancy
Overall, MGR uplift year-to-date was +5.6% (vs. -6.5% in 9M-2021) confirming the positive trend seen in H1-2022 (+2.7%)
and illustrating retailer appetite for URW’s Flagship destinations. This performance is driven by the MGR uplift of +9.0%
in Continental Europe and +4.0% in the US, offset by the UK at -3.3%
.

Disposals
The Group is in active discussions in relation to its regional assets and continues to work actively on its Flagship assets.
Turnover, leasing and vacancy metrics reinforce the desirability and intrinsic value of these assets.


Financial resources
In addition, as at September 30, 2022, the Group’s credit linesfully undrawn position amounted to €10.0 Bn including €3.7 Bn
maturing over the next twelve months. URW is considering opportunities to extend or renew part of these lines.
Taking into account this liquidity and undrawn credit facilities and thanks to its long-dated debt maturity, the Group has
secured more than 36 months of financing needs14 (assuming the reinstatement of a dividend for fiscal year 2023 and the
reimbursement of the 2023 hybrid).


Outlook
Based on the performance of the first nine months of 2022, including a strong Q3 that confirms the positive trend seen in H1,
the Group is upgrading its 2022 AREPS guidance from at least €8.90 to at least €9.10 per share.
The Group assumes no major COVID-19 or energy-related restrictions, or any major disruption to the macro-economic
environment.

Gaan we volgend jaar weer dividend krijgen :)
dvl-2
1
Prima cijfers, weinig echt grote verrassingen. Het enige wat ik niet teruggevonden krijg is de huidige LTV. De net debt is wel teruggelopen maar op de vraag of er afschrijvingen plaats hebben gevonden krijgen we geen antwoord.
tradersonly
1
Dat ziet er solide uit. Eigenlijk alles verbeterd als ik het even snel scan. En AREP opnieuw naar boven bijgesteld.
HCohen
2
1ste reacties, ABM Financial News

Unibail-Rodamco-Westfield verhoogt outlook
www.iex.nl/Nieuws/759141/Unibail-Roda...

Door ABM Financial News op woensdag 26 oktober 2022
Views: 204
Unibail-Rodamco-Westfield verhoogt outlook

(ABM FN-Dow Jones) Unibail-Rodamco-Westfield heeft in de eerste negen maanden van 2022 hogere huurinkomsten geboekt en verhoogde de outlook voor het hele boekjaar. Dit bleek woensdag nabeurs uit de kwartaalcijfers van het vastgoedconcern.

"De omzet steeg op jaarbasis met 21 procent, wat de kwaliteit van onze portefeuille aantoont", zei CEO Jean-Marie Tritant. De omzet bij de congrestak van het bedrijf ging van 74 miljoen naar 203 miljoen euro.

De bruto huurinkomsten van Unibail-Rodamco stegen in de eerste negen maanden zelfs met 23 procent op jaarbasis van 1,4 miljard euro naar 1,7 miljard euro.

Het vastgoedfonds slaagde erin om 96,0 procent van de huren te incasseren, tegen 88,0 procent eind derde kwartaal 2021.

De leegstand noteerde eind september op 6,9 procent, wat stabiel is ten opzichte van eind juni 2022.

Outlook
Op basis van de prestaties in de eerste negen maanden verhoogt Unibail-Rodamco zijn outlook voor het hele jaar. Unibail rekent nu op een aangepaste terugkerende winst van minimaal 9,10 euro per aandeel. Eerder werd nog uitgegaan van minimaal 8,90 euro
dvl-2
1
Op tradegate is de laatste koers 48.20. Als we dat als waarheid mogen aannemen word het morgen een stevige groene dag.
mike65537
0
In the US, URW announced the sale of Westfield Santa Anita, a regional shopping centre, in August for $537.5 Mn (at 100%, URW share 49%).
The Group is in active discussions in relation to its regional assets and continues to work actively on its Flagship assets.
Turnover, leasing and vacancy metrics reinforce the desirability and intrinsic value of these assets.
URW is committed to completing its deleveraging programme through the radical reduction of its financial exposure to the US.
The performance of the Group’s assets, as well as its strong liquidity position, will allow URW to pursue this plan in an organised and timely manner.
HCohen
1
quote:

Golfer-1979 schreef op 26 oktober 2022 18:24:

[...]

Gaan we volgend jaar weer dividend krijgen :)
Quote
'assuming the reinstatement of a dividend for fiscal year 2023 '

Over fiscaal jaar 2023
Hoogstwaarschijnlijk pas uitgekeerd in 2024(interim is niet uit te sluiten, maar ik reken er niet op)
Ortega
0
quote:

dvl-2 schreef op 26 oktober 2022 18:30:

Prima cijfers, weinig echt grote verrassingen. Het enige wat ik niet teruggevonden krijg is de huidige LTV. De net debt is wel teruggelopen maar op de vraag of er afschrijvingen plaats hebben gevonden krijgen we geen antwoord.
Net financial debt 23,3 miljard, stond bij de halfjaarcijfers op 21,6 miljard.
Das dan ook het enige minpuntje wat ik lees.
Hoewel : een dividendaankondiging had ook wel fijn geweest om eindelijk eens uit het slop te komen.
Calendar
0
quote:

dvl-2 schreef op 26 oktober 2022 18:30:

Prima cijfers, weinig echt grote verrassingen. Het enige wat ik niet teruggevonden krijg is de huidige LTV. De net debt is wel teruggelopen maar op de vraag of er afschrijvingen plaats hebben gevonden krijgen we geen antwoord.
NAV wordt ook niet gegeven. Cijfers zijn nog steeds per 30/6 op de site. Neem aan dat de NAV wel gestegen is,.
Calendar
0
quote:

Ortega schreef op 26 oktober 2022 19:29:

[...]

Net financial debt 23,3 miljard, stond bij de halfjaarcijfers op 21,6 miljard.
Das dan ook het enige minpuntje wat ik lees.
Hoewel : een dividendaankondiging had ook wel fijn geweest om eindelijk eens uit het slop te komen.
As at September 30, 2022, the Group’s net financial debt(12) decreased to €23.3 Bn (from €24.1 Bn as at June 30, 2022) and
the cash on hand13 increased to €3.0 Bn (from €2.4 Bn as at June 30, 2022), supported by the disposals achieved in Q3-2022.

12 On a proportionate basis. After impact of derivative instruments on debt raised in foreign currencies. Excluding financial leases accounted as debt under IFRS 16 and partners’ current account. Excluding Hybrid securities which are accounted for as equity
Ortega
0
quote:

Calendar schreef op 26 oktober 2022 19:42:

[...]

As at September 30, 2022, the Group’s net financial debt(12) decreased to €23.3 Bn (from €24.1 Bn as at June 30, 2022) and
the cash on hand13 increased to €3.0 Bn (from €2.4 Bn as at June 30, 2022), supported by the disposals achieved in Q3-2022.

12 On a proportionate basis. After impact of derivative instruments on debt raised in foreign currencies. Excluding financial leases accounted as debt under IFRS 16 and partners’ current account. Excluding Hybrid securities which are accounted for as equity
Merci, maar uit het halfjaarcijfers - pdf :
H1-2022 pro-forma IFRS Net Financial Debt reduced by -€1.0 Bn to €21.6 Bn,

Maar goed, laten we er verder geen punt van maken.
dvl-2
0
quote:

Ortega schreef op 26 oktober 2022 19:29:

[...]

Net financial debt 23,3 miljard, stond bij de halfjaarcijfers op 21,6 miljard.
Das dan ook het enige minpuntje wat ik lees.
Dat is inderdaad apart. Ze melden in de h2 inderdaad 22,1 miljard excl. de hybrid bond maar nu geven ze aan dat de schuld gezakt is van 24,1 naar 23,3. Zou het kunnen dat ze de hybrid bond vanaf q3 volledig meetellen in de schuldpositie?
Calendar
2
quote:

Ortega schreef op 26 oktober 2022 19:57:

[...]

Merci, maar uit het halfjaarcijfers - pdf :
H1-2022 pro-forma IFRS Net Financial Debt reduced by -€1.0 Bn to €21.6 Bn,

Maar goed, laten we er verder geen punt van maken.
Is inderdaad verwarrend dat ze de ene keer IFRS gebruiken en de andere keer niet. Blijkbaar is de niet IFRS schuld in ieder geval gedaald.
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