COVID-19 Impact Update: Unibail-Rodamco-Westfield withdraws guidance and provides update on planned dividends for the 2019 fi...
23 Marzo 2020 - 09:40PM
COVID-19 Impact Update: Unibail-Rodamco-Westfield withdraws
guidance and provides update on planned dividends for the 2019
fiscal year
Paris, Amsterdam, March 23, 2020
Press release
COVID-19 Impact Update:
Unibail-Rodamco-Westfield withdraws guidance and provides update on
planned dividends for the 2019 fiscal year
On February 12, 2020, Unibail-Rodamco-Westfield
(“URW” or “the Group”) announced its 2019 results and proposed a
dividend of €10.80 per stapled share. There were only a limited
number of COVID-19 cases outside China at that time. Since then,
the COVID-19 pandemic has evolved significantly and at a very rapid
pace.
Governments and business are employing stringent
measures to slow the spread of the COVID-19 virus, as described in
the press releases issued by the Group on March 16 and 19. There is
currently a lack of clarity about whether further measures will be
deployed and significant uncertainty about the duration and impact
of the COVID-19 pandemic on the operations of the Group.
Consequently, URW announces that:
- It withdraws its 2020 AREPS guidance and expects to provide an
update on its guidance when it can reliably estimate the duration,
severity, and consequences of the current situation;
- To satisfy its REIT dividend distribution obligations, it will
pay an interim cash dividend of €5.40 per share, as planned, on
March 26, 2020 (ex-dividend date March 24, 2020). This payment will
cover the Group’s distribution obligations for 2019; and
- Taking a prudent view of the uncertainties about the duration
and impact of the crisis, and in order to further augment the
Group’s strong liquidity position, it has decided to cancel payment
of the final dividend of €5.40 per share.
URW continues to focus on the strength of its
asset portfolio, its capital allocation priorities and the
preservation of its strong liquidity position, in addition to the
health and safety of its employees and communities. These are
unprecedented times and URW is taking all necessary measures to
address these challenges in the best possible manner and prepare
the Group for the future.
For further information, please
contact:
Investor Relations Samuel WarwoodMaarten
Otte +33 1 76 77 58 02 Maarten.otte@urw.com
Media Relations Tiphaine Bannelier-Sudérie +33 1 76
77 57 94 Tiphaine.Bannelier-Suderie@urw.com
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield is the premier global
developer and operator of Flagship destinations, with a portfolio
valued at €65.3 Bn as at December 31, 2019, of which 86% in retail,
6% in offices, 5% in convention & exhibition venues and 3% in
services. Currently, the Group owns and operates 90 shopping
centres, including 55 Flagships in the most dynamic cities in
Europe and the United States. Its centres welcome 1.2 billion
visits per year. Present on 2 continents and in 12 countries,
Unibail-Rodamco-Westfield provides a unique platform for retailers
and brand events and offers an exceptional and constantly renewed
experience for customers. With the support of its 3,600
professionals and an unparalleled track-record and know-how,
Unibail-Rodamco-Westfield is ideally positioned to generate
superior value and develop world-class projects. As at December 31,
2019, the Group had a development pipeline of €8.3
Bn.Unibail-Rodamco-Westfield distinguishes itself by its Better
Places 2030 agenda, that sets its ambition to create better places
that respect the highest environmental standards and contribute to
better cities. Unibail-Rodamco-Westfield stapled shares are listed
on Euronext Amsterdam and Euronext Paris (Euronext ticker: URW),
with a secondary listing in Australia through Chess Depositary
Interests. The Group benefits from an A rating from Standard &
Poor’s and from an A2 rating from Moody’s.
For more information, please visit
www.urw.comVisit our Media Library at
https://mediacentre.urw.comFollow the Group updates on Twitter
@urw_group, Linkedin @Unibail-Rodamco-Westfield and Instagram
@urw_groupAccess the URW 2018 report at
https://report.urw.com/2018/
- COVID-19 Impact Update Unibail-Rodamco-Westfield withdraws
guidance and provides update on planned dividends for the 2019
fiscal year
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