VALUATION
The proportionate Gross Market Value (GMV) of the Group’s assets as at December 31, 2022, decreased by
-4.1% to €52.2 Bn from €54.5 Bn as at December 31, 2021, mainly as a result of disposals (-€1.8 Bn) and a like-for-like portfolio revaluation of -€1.3 Bn (-2.7%), partly offset by CAPEX, Acquisitions and Transfers (+€0.9 Bn)
and positive FX moves (+€0.4 Bn). The like-for-like shopping centres valuation was -2.6% for 2022 including
-2.3% in H2 as appraisers increased their assumption of discount and exit cap rates.
The EPRA Net Reinstatement Value per share came to €155.70 as at December 31, 2022, down -€3.90 (-2.4%)
compared to December 31, 2021, mainly driven by the revaluation of investment properties, partly offset by
the retained recurring results.
URW’s NRV amounted to €155.70 per share as at December 31, 2022, a decrease of -€3.90 per share (-2.4%) compared
to the NRV as at December 31, 2021 (€159.60 per share).
The NRV includes €5.62 per share of goodwill not justified by the fee businesses or tax optimisations and which is
mainly related to the Westfield acquisition. Net of this goodwill, the NRV would be €150.08 per share.
URW’s NDV amounted to €148.40 per share as at December 31, 2022, an increase of +€38.10 per share (+34.5%)
compared to the NDV as at December 31, 2021 (€110.30 per share). URW’s NDV includes the mark to market of debt
and financial instruments but does not include any goodwill.
DIVIDEND
Complying with the deleveraging commitments made in 2021, the Group will not pay a dividend for fiscal year
2022.
Given the statutory results of URW SE in 2022 (+€90 Mn in 2022 and cumulated negative retained earnings of
-€2,341 Mn), the Group has no obligation to pay a dividend in 2023 for the fiscal year 2022 under the SIIC
regime and other REIT regimes it benefits from. Consequently, URW SE’s total carry forward SIIC distribution
obligation, standing at €1,720 Mn as at December 31, 2022, will be delayed until URW SE has sufficient
statutory results to meet this obligation. These statutory results do not prevent URW SE from making
distributions out of its premium.
Vacancy for Shopping Centres at a Group level decreased significantly to 6.5% at FY-2022, down from 8.9%
at H1-2021 and 7.0% at FY-2021. In Continental Europe, vacancy was 3.1%, down from 4.0% in December 2021
and 5.0% in June 2021. In the UK, vacancy also decreased from 12.2% in June 2021 and 10.6% in December
2021 to 9.4% at FY-2022. In the US, the vacancy reduced to 10.4% at FY-2022 from 14.0% in June 2021 and
11.0% at FY-2021, with vacancy decreasing by -110 bps year-on-year to 8.2% in the Flagships.
Disposels
...
URW will continue the asset and property management for several of the assets sold, including Aupark,
Westfield Carré Sénart, Gera Arcaden and Carré Sénart Shopping Parc, allowing the Group to earn
management fees and consequently increase the return on investment for those assets.