For 2021, the Group expects like-for-like retail NRI to grow by between +15 and +20% on a cash basis versus that expected for 2020. Taking into account the new restrictive measures in place and their impact on the Group’s operations, URW currently expects its 2020 AREPS to be between €7.20 and €7.80 per share. These extraordinary challenges reaffirm the necessity of the Group’s € 9+ Bn RESET plan, to immediately strengthen the capital structure and reduce risk. In October, a worrying increase in COVID-19 infections has led to a return of government restrictions, including renewed lockdowns, hence adding further uncertainty. We achieved a key milestone in our €4 Bn disposal programme, with the signing of an agreement on October 12 to sell the SHiFT office building above book value. Tenant negotiations also progressed well and are now 72% complete.

Collection rates improved significantly to 79%, with Continental Europe at 91%. “The recovery accelerated through September, as all of the Group’s European centres were open and restrictions mostly lifted in the US, except in California, and footfall and tenant sales continued to recover. €9+ Bn RESET plan announced on September 16 to strengthen the balance sheet and ensure uninterrupted access to credit markets

2020 on a cash basis, broadly flat on an IFRS basisĭividend: cash dividends capped at €250 Mn for 20 LTV: 42.5% (41.9% pro-forma for the proceeds of the SHiFT disposal)Ģ020 Forecast: AREPS of €7.20 - €7.80 retail NRI: between -25% and -30% on a cash basis, -18% to -23% on an IFRS basisĢ021 Lfl retail NRI guidance: between +10% and +20% vs. Like-for-like (Lfl) portfolio revaluation since Dec. Tenant negotiations: 72% through the processĬollection rates: 95% in Q1, 52% in Q2 and 79% in Q3, of which 91% in Continental Europeĭisposals: €0.6 Bn realized of the €4 Bn RESET plan, with the signing of the SHiFT office disposal at a premium to book value New restrictions in place in Europe may affect recovery and Q4 results Tenant sales impacted less than footfall: September down -15% in Continental Europe, -19% in Europe, and -17% in the US for opened stores (1)

Adjusted Recurring Earnings per Stapled Share (“AREPS”) of €6.57 for the first 9 months of 2020įootfall recovery sustained: September -21% in Continental Europe and -24% in Europe

Westfield stapled