getloaded @getloaded: "Dear copiers and followers, $URW.PA ..."

United Kingdom

Dear copiers and followers, $URW.PA (Unibail-Rodamco-Westfield) released their update for Q1 2024. The report shows the Convention & Exhibition division is booming, largely due to the upcoming Olympic games hosted in Paris. Office division reflected strong leasing activity, perhaps a reminder remote-work is not a prohibitor for businesses requiring office space. Among key highlights is the La Defense location which is now fully let which will contribute positively going forward. I find the development in the US market of particular interest as it could indicate that the management is rethinking whether to keep certain US assets. This is a potential deviation from the strategy outlined by management to streamline the overall business as it aims to deleverage. Overall I am positive on the business outlook shared and see opportunities for further improvements. My confidence in management and its ability to deliver has been validated by the results seen to date. Summary of key ratios reported: - Rent collection at 96%, - Tenant sales up 6.4% - Footfall up 4.9% - Vacancy rates at 5.4% - level seen before covid - Like-for-like EBITDA up 6.7% - Net debt/EBITDA ratio at 9.3x Happy investing! $LI.PA (Klepierre SA) $SPG (Simon Property Group Inc) $FRA40 $SPX500

5 Mentioned

URW.PA

Unibail-Rodamco-Westfield

LI.PA

Klepierre SA

SPG

Simon Property Group Inc

FRA40

SPX500