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Overig advies 27/07/2021 08:25
Major step in phasing out France: sold four out of six French assets for € 305m
Benelux disposal program finalized, Koningshoek sold above book value
LTV down to 46% - pro-forma for four asset French disposal 42%
Dutch valuations stabilizing for the first time in nine valuation rounds
As a result of disposals, outlook 2021 direct result now
at € 1.75 - 1.85 per share
Outlook direct result 2022 reiterated at € 1.40 - € 1.50 per share; to be followed by 4 - 6% annual growth
Dividend guidance 2021 minimum € 1.00 per share.

Summary
Key metrics
H1 2021 H1 2020 Change
Key financial metrics (x € 1,000)
Gross rental income 83,778 96,050 -12.8%
Net rental income 61,534 63,576 -3.2%
Direct result 43,656 44,753 -2.5%
Indirect result -74,027 -161,857 54.3%
Total result -30,371 -117,103 74.1%
Per share items (€)
Direct result 0.93 0.97 -3.7%
Indirect result -1.79 -3.73 52.0%
Total result -0.86 -2.76 68.9%
Total return based on EPRA NTA -0.91 -2.76 67.0%
Dividend paid 0.50 0.63 -20.6%

Key financial metrics (x € 1,000)
Investment property 2,435,876 2,577,580 -5.5%
Assets held for sale 4,157 3,200 29.9%
Net debt 1,105,301 1,185,779 -6.8%
Equity attributable to shareholders 1,059,590 1,124,296 -5.8%
EPRA performance metrics
EPRA EPS for H1 (€/share) 0.92 0.96 -4.5%
EPRA NRV (€/share) 29.03 30.26 -4.1%
EPRA NTA (€/share) 26.33 27.74 -5.1%
EPRA NDV (€/share) 25.39 26.59 -4.5%
EPRA Vacancy rate 6.2% 5.9% 0.3 pp
EPRA Cost ratio (including direct vacancy costs) for H1 30.9% 39.8% -8.9 pp
EPRA Net Initial Yield 5.8% 6.0% -0.2 pp
Other ratios
Net LTV 46.1% 46.7% -0.6 pp
ICR 5.5x 5.3x -0.2x
IFRS NAV (€/share) 26.41 27.97 -5.6%
Number of ordinary shares in issue 40,270,921 40,270,921 0.0%
Number of ordinary shares for NAV 40,124,745 40,191,662 -0.2%
Weighted avg. number of ordinary shares outstanding 40,168,985 40,212,448 -0.1%
Shopping Centers portfolio metrics
Number of assets 26 29 -3
Surface owned (x 1,000m2) 1) 740 809 -8.5%
LFL NRI growth 4.3% -21.0% 25.3 pp
Occupancy rate 94.9% 95.0% -0.1 pp
Theoretical rent (€/m2) 220 221 -0.5%
ERV (€/m2) 213 211 0.9%
Footfall growth 22.3% -22.8% 45.1 pp
Proportion of mixed-use Benelux (in m2) 10.3% 10.0% 0.3 pp
Net Promotor Score (NPS) Benelux 16 4 12
1 Excluding developments

Message from our CEO
With valuations stabilizing and the vast majority of our disposals now complete, we have a strong balance sheet and sufficient
liquidity to step up our LifeCentral strategy. Our operations have proved resilient, even in difficult market conditions. Given that
we are approaching our “trough” earnings forecast for 2022 and have delivered most of our 2020-2022 management agenda,
growth is once more in sight. For shareholders, it means a return to increased dividends, beginning next year.
In addition, we have strengthened our lease portfolio. Over the past years, we have reduced our exposure to the vulnerable
Benelux fashion segment while at the same time increasing the proportion of mixed-use in our portfolio. For our top ten Benelux
tenants, all leases have now been secured or renewed successfully – a clear demonstration of the confidence these retail
brands have in our portfolio and LifeCentral strategy. I am proud of our leasing and asset management teams who have
achieved this, particularly as they were already working hard to support tenants through the Covid-19 crisis.
Although the economic effects of Covid-19 will still be with us in the second half of the year, our expectation is that these will be
centered around potential bankruptcies of smaller businesses. We don’t believe this will have a material impact on our
occupancy rate or rents beyond what is already factored into our strategy.
Following the completion of our Dutch disposal program in Q2, we have made significant progress in the phase-out of our
French operations. We have now sold four of the six centers slated for disposal. The impact of this transaction will become
visible in the figures at year-end 2021. Annual cost savings will be realized, starting in 2022. With the four French disposals, we
are getting much closer to our targeted loan-to-value range of 30-40%. As Dutch valuations are stabilizing, it becomes more
likely that we will reach our target range ahead of our year-end 2022 objective, even as we accelerate implementation of our
LifeCentral transformation strategy.
During H1, the decline in the value of our portfolio slowed significantly. In our view, this reflects lower risks for retail itself, and
increased confidence in the prospects for mixed-use center strategies. In H1, we report a stable yield in the Netherlands for the
first time since H1 2017, helped by an active investment market. In Belgium, yields for our leading Full Service Center (FSCs)
transformations in Liège and Courtrai even narrowed, a first sign that our strategy is paying off and that our theory that FSCs will
trade at lower yields than traditional shopping centers is valid.
Looking forward, we will continue our LifeCentral journey, creating more FSCs in line with the program set out in our strategy.
Today, we are announcing plans to transform our Sterrenburg center in Dordrecht into an FSC. Next year, we plan to deliver our
first FSC projects in Courtrai, Tilburg, Capelle aan den IJssel, Dordrecht and Hoofddorp. Today, we are also re-confirming our
Direct Result Per Share (DRPS) guidance for 2022, and targeted annual growth of 4-6% thereafter. At the same time, we now
expect a DRPS for 2021 at € 1.75-1.85, but now including the € 0.13 negative impact from the sale of our French centers. To be
clear, without this disposal impact, our DRPS guidance for the year would have increased.
Now that most of our disposal program is complete and valuations stabilizing, we can also be more specific about future
dividend distributions. Our proposal will be to distribute at least EUR 1.00 per share as a dividend for 2021; for 2022, we expect
to return to our regular pay-out ratio of 75-85% of our direct result. We remain focused on realizing strong total returns for our
shareholders – a track record of delivering regular and increasing dividends is something investors are right to expect from the
only Dutch Real Estate Investment Trust (REIT) with a 75-year history on the stock market.
Matthijs Storm, CEO
Schiphol, 27 July 2021

go for more to
https://www.wereldhave.com/siteassets/coporate-press--updates/2021/wereldhave-pr-2021-h1---vfinal.pdf

tijd 10.29
Wereldhave EUR 15,01 -27ct vol. 82.915



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