2020 results
Throughout 2020, URW’s organisation has demonstrated resilience in extreme operating conditions with encouraging consumer demand whenever restrictions were eased or lifted. Our Flagship destinations continue to attract leading brands and emerging players – working together to innovate in a rapidly evolving retail environment. With a focused operational plan for 2021 and clear commitment to deleveraging, URW will emerge as a stronger business harnessing the market rebound.
Adjusted recurring EPS (in euros)
Net rental income (in Mn euros)
EPRA Net Reinstatement value (in euros)
| FY-2020 | FY-2019 | Change | Like-for-like change 1 | |
|---|---|---|---|---|
| Net Rental Income (in € Mn) | 1,790 | 2,491 | -28.1% | -26.4% |
| Shopping Centres (in € Mn) | 1,699 | 2,293 | -25.9% | -24.0% |
| Offices & Others (in € Mn) | 85 | 103 | -16.9% | +0.1% |
| Convention & Exhibition (in € Mn) | 6 | 95 | -93.6% | -93.6% |
| Recurring net result (in € Mn) | 1,057 | 1,760 | -40.0% | |
| Recurring EPS (in €) | 7.63 | 12.72 | -40.0% | |
| Adjusted Recurring EPS (in €) | 7.28 | 12.37 | -41.1% | |
| Dec. 31, 2020 | Dec. 31, 2019 | Change | Like-for-like change | |
| Proportionate portfolio valuation (in € Mn) | 56,314 | 65,341 | -13.8% | -11.2% |
| EPRA Net Reinstatement Value (in € per stapled share) | 166.80 | 228.80 | -27.1% |
1 Like-for-like NRI: Net Rental Income excluding acquisitions, divestments, transfers to and from pipeline (extensions, brownfields or redevelopment of an asset when operations are stopped to enable works), all other changes resulting in any change to square metres and currency exchange rate differences in the periods analysed.
European Public Real Estate Association Performance measures
Adjusted recurring EPS (in euros)
EPRA NRV (in € per stapled share)
EPRA NTA (in € per stapled share)
EPRA NDV (in € per stapled share)
EPRA NIY (Shopping centres)
EPRA Vacancy rate (Shopping centres)
EPRA Cost ratio (excluding direct vacancy costs)
EPRA Cost ratio (including direct vacancy costs)
Shareholder's report
Shareholding structure
Unibail-Rodamco-Westfield Stapled Shares are listed on the Amsterdam Stock Exchange and the Paris Stock Exchange, as well as in the form of Chess Depositary Interests (CDI) on the Australian Securities Exchange. URW is included in the CAC 40, AEX 25 and ASX 200 indices. On December 31, 2020, the Group had a market capitalisation of €8.9 billion. URW has a large and diverse international shareholder base, which is mainly composed of institutional investors based in the United States, the United Kingdom, The Netherlands, France and Australia. As at December 31, 2020, none of URW’s shareholders had declared holdings of more than 10% of the issued share capital.
Dividend
Given the impact of the pandemic on the Group’s 2020 results, the on-going uncertainty of the 2021 operating environment and its impact on URW’s results, as well as the Group’s commitment to deleverage, the Group has decided to suspend the payment of a dividend for its fiscal years 2020, 2021 and 2022. Once the Group has completed its deleveraging programme, it will resume paying a dividend (at a significant and sustainable payout ratio) which will grow in line with the performance of its reshaped portfolio. Given the statutory results of URW SE in 2020, the Group has no obligation to pay a dividend in 2021 for the fiscal year 2020 under the SIIC regime and other REIT regimes it benefits from. It anticipates not to have such an obligation in fiscal years 2021 and 2022 as well. Consequently, URW SE’s SIIC distribution obligation, standing at €212.5 Mn as at December 31, 2020, will be delayed until URW SE has sufficient statutory results to meet this obligation.
Shareholder's contact
Investor relations
Tel.: +33 (0)1 53 43 73 13
individual.investor@urw.com
Financial services for shares and dividends
Stapled Share
BNP Paribas Securities Services
Grands Moulins de Pantin – Investor Services
Relations Unibail-Rodamco-Westfield
9, rue du Débarcadère
93 761 Pantin Cedex
Tel: +33 (0)1 57 43 02 30
Fax: +33 (0)1 55 77 34 17
Contact form: Planetshare
CDI
Computershare Investor Services Pty Limited
Yarra Falls, 452 Johnston Street, Abbotsford VIC 3067
GPO Box 2975, Melbourne VIC 3001, Australia
Tel (within Australia): 1300 070 730
Tel (international): +61 3 9415 4382