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URW

Unibail-Rodamco Westfield Releases Financial Information For the Quarter

Max Molinari

Max is an Equity Analyst with ASR Wealth Advisers. He has studied a Bachelor of Business and a Bachelor of Laws at the University of Technology, Sydney. Max currently holds RG146 qualifications.

Unibail-Rodamco Westfield (ASX: URW) has released some financial information to the market today. URW announced that proportionate turnover of the business for the first quarter of FY20 is up 1.8 per cent from the prior corresponding period. This is largely attributable to the property development and project management revenue – partly offset by disposals completed in 2019 and the mandated cancellation of major events in March (however this is a small business segment) due to Covid-19.

UNW

Unibail-Rodamco Westfield (ASX: URW) released quarterly results to the market this morning. The results did not reflect the impact of COVID-19 as URW collects rents per quarter in advance across most of Europe and the US. (Source: CommercialRealEstate.com.au).


The coronavirus pandemic has not had a material financial impact on this quarter’s results because URW collects rents per quarter in advance across most of Europe and the US. Therefore, the impacts will be felt in the next quarter.  Gross rental income in the US, Germany and Spain increased by 6.7 per cent, 3.1 per cent and 2.5 per cent, respectively. While Austria and Poland were impacted by government regulation suspending rental payments from the commencement of shutdowns. 

URW continues to pay a strong dividend yield. We do expect near-term turbulence due to closures of shopping centres – which forms approximately 90% of its gross rental income. The business remains in our income report, as it is a dividend stock for the long-term.


Disclaimer:


This article has been prepared by the Australian Stock Report Pty Ltd (AFSL: 301 682. ABN: 94 106 863 978)
(“ASR”). ASR is part of Amalgamated Australian Investment Group Limited (AAIG) (ABN: 81 140 208 288 Level 13, 130 Pitt Street, Sydney NSW 2000).
This article is provided for informational purpose only and does not purport to contain all matters relevant to any particular investment or financial instrument. Any market commentary in this communication is not intended to constitute “research” as defined by applicable regulations. Whilst information published on or accessed via this website is believed to be reliable, as far as permitted by law, we make no representations as to its ongoing availability, accuracy or completeness. Any quotes or prices used herein are current at the time of preparation. This document and its contents are proprietary information and products of our firm and may not be reproduced or otherwise disseminated in whole or in part without our written consent unless required to by judicial or administrative proceeding. The ultimate decision to proceed with any transaction rests solely with you. We are not acting as your advisor in relation to any information contained herein. Any projections are estimates only and may not be realised in the future.
ASR has no position in any of the stocks mentioned.


 

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