Dividend And Shareholder ReturnsThe board has proposed a DPS of Eu0.10, about double the expectation, thanks to the recent securing of a credit facility enabling the reimbursement of outstanding bonds in their entirety.
Financial PerformanceThe stock is trading at a 73% discount to 2025E NAV vs. an average of 37% for retail real estate stocks, which supports the stock’s re-rating path.
Refinancing And Debt ManagementThe Eu615mn refinancing signed recently is highly positive, as it enables the rescheduling of maturities, a reduction of the cost of debt, and the cancelation of the constraints on payment of a voluntary dividend.