- Strong quarter in like-for-like tenant sales (+7.6%) and footfall (+8.2%). Like-for-like tenant sales increased +3.8% in 2021 compared to 2020, which was partially pre-pandemic. Compared to 2019, like-for-like tenant sales and footfall were +0.5% and -14.4%, respectively.
- Rent collection was 96% for the full year, continuing to exhibit one of the best collection rates in the industry
- The operating properties recorded a fourth consecutive quarter of uplift in valuations. In total fair value gain in 2021 was
- Like-for-like net rental income grew 2.9 % in Q4/2021. For full year 2021, the decrease in the like-for-like net rental income remained relatively modest at -1.5 %, particularly impressive given 2020 was a partially pre-pandemic year.
- Active capital recycling continued during the last quarter with Columbus disposal above book value and opportunistic repurchase of approximately
- Full-year results for direct operating profit and EPRA Earnings per share in-line with
- Subsequent to year-end
OCTOBER--
- Net rental income was
- EPRA Earnings decreased to
- Adjusted EPRA earnings were
- IFRS-based earnings per share was
- Positive fair value development during the quarter of
- Retail occupancy increased by 50 basis points to 94.2%.
JANUARY--
Note: Year-over-year comparisons to 2020 are adversely impacted due to the fact that 2020 was partially pre-pandemic.
- Full year results for Direct Operating Profit and EPRA EPS in-line with company guidance.
- Net rental income was
- EPRA Earnings were
- Adjusted EPRA earnings were
- IFRS earnings per share improved to
-
-The Board of Directors proposes to the Annual General Meeting that the Board be authorised to decide on the profit sharing for the financial year 2021. Based on the proposed authorization the maximum amount of profit sharing, to be paid as equity repayment, would be
Key figures | |||||
Q4/2021 | Q4/2020 | % | FX Adjusted % 1) | ||
Net rental income | MEUR | 49.3 | 49.9 | -1.2 % | -3.2 % |
Direct Operating profit 2) | MEUR | 42.2 | 43.1 | -2.3 % | -4.4 % |
IFRS Earnings per share (basic) 3) | EUR | 0.23 | -0.07 | - | - |
Fair value of investment properties | MEUR | 4189.2 | 4152.2 | 0.9 % | - |
Loan to Value (LTV) 2) 4) | % | 40.7 | 46.9 | -13.2 % | - |
EPRA based key figures 2) | |||||
EPRA Earnings | MEUR | 27.5 | 32.0 | -14.2 % | -16.2 % |
Adjusted EPRA Earnings 3) | MEUR | 19.8 | 28.0 | -29.2 % | -31.1 % |
EPRA Earnings per share (basic) | EUR | 0.158 | 0.180 | -12.3 % | -14.4 % |
Adjusted EPRA Earnings per share (basic) 3) | EUR | 0.114 | 0.157 | -27.6 % | -29.6 % |
EPRA NRV per share | EUR | 11.54 | 11.48 | 0.5 % | - |
Q1-Q4/2021 | Q1-Q4/2020 | % | FX Adjusted % 1) | ||
Net rental income | MEUR | 202.3 | 205.4 | -1.5 % | -4.0 % |
Direct Operating profit 2) | MEUR | 176.1 | 180.4 | -2.4 % | -5.0 % |
IFRS Earnings per share (basic) 3) | EUR | 0.55 | -0.25 | - | - |
Fair value of investment properties | MEUR | 4189.2 | 4152.2 | 0.9 % | - |
Loan to Value (LTV) 2) 4) | % | 40.7 | 46.9 | -13.2 % | - |
EPRA based key figures 2) | |||||
EPRA Earnings | MEUR | 124.4 | 136.6 | -8.9 % | -11.7 % |
Adjusted EPRA Earnings 3) | MEUR | 100.0 | 120.3 | -16.9 % | -19.7 % |
EPRA Earnings per share (basic) | EUR | 0.703 | 0.767 | -8.4 % | -11.2 % |
Adjusted EPRA Earnings per share (basic) 3) | EUR | 0.565 | 0.676 | -16.4 % | -19.3 % |
EPRA NRV per share | EUR | 11.54 | 11.48 | 0.5 % | - |
1) Change from previous year (comparable exchange rates). Change-% is calculated from exact figures. |
2) |
3) The adjusted key figure includes hybrid bond coupons and amortized fees. |
4) Highly liquid cash investments has been taken into account in net debt. |
CEO,
"
This strategy was positively reflected in our key operational metrics, and I am pleased we were able to meet the full year guidance we set last quarter, despite the resurgence of the Omicron variant in our markets. Rent collection remained high, as has been the case throughout the pandemic, at 96% for 2021. Tenant sales exceeded 2020 levels which directly results from our tenant mix and large share of necessity categories, such as groceries, pharmacies, municipal and healthcare services. We were also pleased to see these figures surpass pre-pandemic levels. Similarly, the quarter produced significant like-for-like growth in both footfall (+8.2%) and tenant sales (+7.6%) during the last quarter of 2021. The like-for-like net rental income in Q4 increased 2.9 % compared to Q4/2020. Notably, the decline in the like-for-like net rental income for full year 2021 remained modest (-1.5%) and is encouraging considering 2021 reflected a full-year of COVID while the first quarter of 2020 was, effectively, pre-pandemic operations. Notably, 2021 like-for-like NRI is clearly approaching 2019 levels.
Our operating properties recorded a fourth consecutive quarter of uplift and the total fair value change of investment properties in 2021 amounted to
On the transaction front, we continued our opportunistic active capital recycling and sold four non-core assets during the year for
Looking ahead to 2022, we have a very stable business model with some of the best necessity-based centres in the Nordics and 92% of our leases linked to indexation. This should provide a tailwind as we head into an improving economic and inflationary environment with the COVID-19 pandemic, hopefully, subsiding. We also have an investment-grade balance sheet that provides us with a strong financial position and flexibility with no significant near-term maturities until 2024.
Operating from this position of strength provides us various levers we can pull to execute our strategy and continued portfolio transformation to core, necessity- based centres with organic opportunities for growth and diversification through mixed-use development, particularly focused on adding residential that enhances the demand at our existing assets. We are excited for the opening of Lippulaiva in
OUTLOOK
Direct operating profit | MEUR | 164-180 |
EPRA Earnings per share (basic) | EUR | 0.62-0.72 |
Adjusted EPRA Earnings per share (basic) | EUR | 0.48-0.58 |
The outlook assumes that there are no major changes in macroeconomic factors and that there will not be another wave of COVID-19 with restrictions resulting in significant store closures. These estimates are based on the existing property portfolio and recently announced disposals as well as on the prevailing level of inflation, the EUR-SEK and EUR-NOK exchange rates, and current interest rates.
EVENTS AFTER THE REPORTING PERIOD
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For more investor information, please visit the company's website at www.citycon.com.
Board of Directors
For further information, please contact:
Chief Financial Officer
Tel. +46 73 326 8455
bret.mcleod@citycon.com
Sakari Järvelä
VP, Corporate Finance and Investor Relations
Tel. +358 50 387 8180
sakari.jarvela@citycon.com
www.citycon.com
https://news.cision.com/citycon-oyj/r/citycon-2021--strong-operating-figures-combined-with-positive-fair-value-development,c3508604
https://mb.cision.com/Main/13399/3508604/1536591.pdf
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