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  1. forum rang 9 objectief 12 november 2020 20:04
    quote:

    Terechter schreef op 12 november 2020 19:36:

    Moody s misschien verbolgen dat niet goed naar bepaalde ratingbureaus/banken (deze zijn veel makkelijk te verdienen geld misgelopen) is geluisterd?
    Ik denk het niet, Moody s is onafhankelijk. Het is gewoon slecht beleid dat de emissie niet doorging; de schulden van URW zijn veel te hoog in verhouding tot het aandelenkapitaal. En OG verkopen lukt niet tenzij ze met bodemprijzen akkoord gaan.
  2. [verwijderd] 12 november 2020 20:47
    quote:

    objectief schreef op 12 november 2020 20:04:

    [...]

    Ik denk het niet, Moody s is onafhankelijk. Het is gewoon slecht beleid dat de emissie niet doorging; de schulden van URW zijn veel te hoog in verhouding tot het aandelenkapitaal. En OG verkopen lukt niet tenzij ze met bodemprijzen akkoord gaan.

    Moody's onafhankelijk, hahahahaha.

    Op papier wel ja, in werkelijkheid totaal niet.

    Gewoon rapportjes voor diegene die het meest betaald voor deze organisatie met winstbejag.

    Dat is overduidelijk blootgelegd tijdens het onderzoek naar de ratings van de verpakte hypotheken die allemaal ronmel waren ipv AAA omdat de eigenaar van de rommel genoeg betaalde.

    Dit ook, de shorters zijn aan het terug kopen dus nog even zoveel mogelijk slecht nieuws wordt er gekocht om ook al is die afwaardering terecht op de korte termijn deze in ieder geval nu plaats te laten vinden.
  3. PJMB1 12 november 2020 21:40
    quote:

    objectief schreef op 12 november 2020 20:04:

    [...]

    Ik denk het niet, Moody s is onafhankelijk. Het is gewoon slecht beleid dat de emissie niet doorging; de schulden van URW zijn veel te hoog in verhouding tot het aandelenkapitaal. En OG verkopen lukt niet tenzij ze met bodemprijzen akkoord gaan.

    waarom niet gewoon een obligatie uitschrijven? Met de huidige rentestand zijn er genoeg liefhebbers te vinden als ze een paar procent rente kunnen krijgen.
  4. [verwijderd] 12 november 2020 23:19
    quote:

    Beursplein 5 schreef op 12 november 2020 22:17:

    [...]

    Dan wordt de LTV te hoog. Dit is nu juist exact het probleem.

    Dat is totaal niet het probleem.

    Er is geen liquiditeits probleem.

    Er is ook geen acuut ltv probleem maar in een 100% draai van het bestuur willen die het ineens doen voorkomen dat dit wel is om er een claim emissie doorheen te kunnen drukken.

    En als waarom dan je vraag is en je kan gezien de convenanten en de rente tarieven die andere vedrijven moeten betalen met slechtere ratings geen goede logische reden bedenken dan komt je terecht in de wereld van het grote geld, die uitleg is wel bekend neem ik aan.

    Als de licht hoger dan normale ltv maar nog zeer comfortabel laag genoeg al een probleem.zou zijn dan wordt die veroorzaakt door de afschrijvingen op vastgoed.

    De inkomsten die er nog steeds zijn in ruime mate maar compleet ondersneeuwen en de andere acties zoals verkoop vastgoed wegen daar niet tegenop op dit dieptepunt van de crisis.

    Maar je maakt ook geen beleid obv wat nu gebeurt maar wat er de komende 12 mnd 24 maanden 5 jaar 10 jaar 30 jaar gaat gebeuren.

    Dan zijn alle overige acties van het reset plan voldoende als je die gewoon met 1 jaar verlengt.

    Voorkom je 100% verwatering en dat is het zeker waard.

    Cash is er genoeg, als je bijleent verhoogd dit de ltv niet.
    Het geleende geld is er weer als cash equivalent en die wordt er bij de berekening weer vanaf gehaald dus impact 0.

    Waar geeft umibail dan nog wel obligaties uit vraagt u zich dan af??
    Herfinancieren van de bestaande aflopende leningen.
  5. PJMB1 13 november 2020 02:54
    quote:

    Beursplein 5 schreef op 12 november 2020 22:17:

    [...]

    Dan wordt de LTV te hoog. Dit is nu juist exact het probleem.

    Goldman Sachs nog steeds 10% van de aandelen in hun bezit? Waren er waarschijnlijk op uit om alle niet geclaimde aandelen van de emmissie op te kopen en zo voor een habbekrats hun belang in URW sterk uit te breiden. Al eens gekeken naar de intrinsieke waarde per aandeel? URW lijkt een solide haven waar je je gratis geld kan stallen (met redelijk rendement veilig in Europa?). Nu hun plannetje mislukt lijkt, ben ik benieuwd naar hun plan B. Moody’s afwaarderings-dreigement is mogelijk een poging om alsnog een aandelen emmissie te forceren? Want ik geloof niets van onafhankelijkheid van Amerikaanse financiële reuzen. Net zo betrouwbaar als hun nu nog zittende president?! Waarom is ooit dat waardeloze Westfield ingelijfd? Wie hebben dat erdoor gedrukt, waardoor je nu zit met een partij waardeloze Amerikaanse winkelcentra, waarvan veel naast vliegvelden, die je aan de straatstenen niet kwijtraakt zolang er veel minder wordt gevlogen?
  6. Analyse 13 november 2020 08:26
    quote:

    Beursplein 5 schreef op 12 november 2020 22:17:

    [...]

    Dan wordt de LTV te hoog. Dit is nu juist exact het probleem.

    Klinkklare onzin. URW is goed gefund. Ze dienen alleen stapsgewijs een stukje te herfinancieren derhalve de hoogte van de lening wordt daarmee niet anders. Als je dan kijkt hoe eenvoudig Klépierre een obligatie uit de markt heeft gehaald. Zelfs een aantal keren overtekend. Moet voor URW geen enkel probleem zijn. De activisten van Refocus hebben dit goed gezien. Wordt nu nog even wat negatief nieuws de wereld ingegooid maar dit houdt vanzelf op daar er feitelijk gewoon goed nieuws is dat er geen claimemissie komt.
  7. [verwijderd] 13 november 2020 09:12
    Helemaal met Analyse eens.
    Gewoon een stand-by lening tegen lage rente afsluiten of bedrijfsobligaties uitgeven.
    Claimemissie veroorzaakt hoe dan ook verwatering van aandelen en geeft negatief signaal naar buiten en dat doet de koers niet goed.
    Management zou beter inzicht moeten hebben. Ook koerswijziging nodig om on-line verkopen beter hoofd te bieden. Minder verhuren aan winkeliers en meer aan andere service bedrijven zoals restaurants of kantoren of woontorens van maken en deze verhuren.
  8. [verwijderd] 13 november 2020 11:58
    America's malls under pressure: CBL, Pennsylvania REIT, file for bankruptcy

    PUBLISHED MON, NOV 2 2020 7:04 AM EST
    UPDATED MON, NOV 2 2020 8:24 AM EST
    Lauren Thomas

    Two mall owners — CBL and Pennsylvania Real Estate Investment Trust — have filed for Chapter 11 bankruptcy protection.

    Pennsylvania Real Estate Investment Trust is the largest mall owner in Philadelphia.
    Malls have been pressured by the coronavirus pandemic, with their tenants not paying rent, and dozens of retailers and restaurants filing for bankruptcy protection.

    Mall owners CBL & Associates and r Pennsylvania Real Estate Investment Trust have filed for Chapter 11 bankruptcy protection, highlighting the pressures the retail real estate industry is facing because of the coronavirus pandemic.

    Both companies filed on Sunday. The latter, the largest mall owner in Philadelphia, filed its petition to execute a prepackaged financial restructuring plan. It said it plans to unlock $150 million in new borrowing, aiming to recapitalize the business and extend its debt maturities.

    CBL operates 107 properties, totaling 66.7 million square feet across 26 states, including outlet centers.

    The Tennessee-based landlord said in August that it had entered into a restructuring support agreement with a group of bondholders in an attempt to try to strengthen its balance sheet.

    The mall owner has struggled during the pandemic with its tenants not paying rent or pushing payments back. Some of them, like the department store chain J.C. Penney, have also filed for bankruptcy protection this year.

    In its bankruptcy filing, CBL listed its estimated assets and liabilities in the range of $1 billion to $10 billion.

    "After months of discussions and consideration of a number of alternatives, CBL's management and the Board of Directors firmly believe that implementing the comprehensive restructuring ... will provide CBL with the best plan to emerge as a stronger and more stable company," CBL CEO Stephen Lebovitz said in a statement.

    CBL runs a number of so-called B- and C-rated malls, compared with the biggest U.S. mall operator, Simon Property Group, which owns many A-rated properties that bring in more sales per square foot.

    Simon's strategy during the pandemic has pivoted to buying retailers out of bankruptcy, in part to keep those retailers' stores in Simon malls open. It acquired the denim maker Lucky Brand and the men's suit maker Brooks Brothers out of bankruptcy, with the help of apparel-licensing firm Authentic Brands Group. And late late month, it finalized the terms of its acquisition of Penney, with the help of mall owner Brookfield.

    PREIT operates 22.5 million square feet of retail space, including 19 malls, according to its website. Last year, it opened Fashion District Philadelphia, a massive shopping mecca it built from the ground-up in downtown Philadelphia. It had spent recent years disposing of underperforming malls and investing in adding movie theaters, game rooms and grocery stores to its malls, lessening its dependence on traditional retail. But that strategy has been pressured this year, with consumers largely staying home because of the pandemic.

    Mall owners will face another test this holiday season, which is typically their tenants' busiest time of year. But it will look a lot different during the pandemic, with Covid-19 cases rising rapidly in the U.S.

    Shopping centers and malls rank as the most-avoided public places among consumers, according to a survey of 419 people by Coresight Research. The week of Oct. 27, 55.4% of those polled said they were avoiding malls.
  9. [verwijderd] 13 november 2020 12:08
    Retail landlord Hammerson is set to raise more than £800 million as it sells its 50% stake in European shopping centre owner VIA Outlets and asks shareholders to chip in.

    The company said that the moves will help it pay down a massive debt bill, reducing it to around £2.2 billion.

    It means a major retreat from parts of the European market, where VIA is a big player.

    The business owns 11 premium outlets in nine European countries, with 1,130 stores in total, giving it the third largest portfolio by area on the continent.

    Hammerson said it had hashed out a deal to sell VIA to its partner APG, a Dutch pension fund for £274 million.

    Bosses also plan to ask investors to help them out by buying another £552 million of new shares in the company.

    It will plough the cash into paying down debt, and investing in a transformation of the business.

    Chief executive David Atkins pronounced the end of the way shops are rented in the UK, saying it was in dire need of change.

    “The pandemic has exacerbated structural shifts in retail, exerting further pressure on both property owners and brands, and provided further evidence that the UK’s historic leasing model has served its time,” he said.

    “It is outdated, inflexible and needs to change.”

    It was a sentiment echoed by managing director Mark Bourgeois.

    “Shopping is fundamentally changing,” he told the PA news agency, as he set out the company’s plans of how to change with it.

    The plan mixes new ideas with old ones taken from the continent.

    At the moment, much of the UK high street is governed by a framework that was put in place in 1954 where tenants sign long leases, with rents reviewed every five years.

    Then at the end of the leases, prices would be renegotiated based on the cost per square foot of another shop close by, even if that was comparing a clothes shop with a stationer.

    Now Hammerson hopes to move away from that model, Mr Bourgeois said. Rents will be more tailored to the tenant, and take into account how the store is performing.

    The company’s hand has somewhat been forced by events. Facing possible bankruptcy many retailers turn to company voluntary agreements (CVAs) to strongarm their landlords into accepting lower rents.

    Now Mr Bourgeois is promising more “flexible leases” and to set rent at a more affordable level.

    “What you’re seeing in the UK is a big disconnect between the amount that occupiers are paying to landlords and what they can truly afford to pay on a sustainable basis,” he said.

    “We’re looking for a new lease that recognises that,” he added.

    Now, when leases are to be renewed, Hammerson wants to look at its tenants’ margins and footfall to charge a rent the company can afford.

    The plan is also to include online sales in rent negotiations. Opening a store in a district often increases the online orders for the same brand, as people try on clothes in store, or window shop, but buy online later.

    And finally, rather than being negotiated every five years, rents will go up based on an index, meaning this is more predictable than in the past.

    Hammerson, which owns the Bullring in Birmingham, said that it had managed to collect 34% of the rent that is due for the third quarter of the year.

    It saw a strong recovery in both France and Ireland, where footfall at its flagships and retail parks was only down 18% last month compared to July 2019.

    But its UK portfolio relies more heavily on sites in the centre of cities which rely heavily on officer workers and public transport links.

    As both these have been disrupted, with many people working from home and shoppers keen to avoid busses and trains, the UK has been more subdued, down 51% in July compared to the same period last year.

    Adjusted profit dropped by 84% in the first half of the year to £17.7m on net rental income of £87.3 million, down by 44%.

  10. [verwijderd] 13 november 2020 12:52
    quote:

    Beursplein 5 schreef op 13 november 2020 12:08:

    Retail landlord Hammerson is set to raise more than £800 million as it sells its 50% stake in European shopping centre owner VIA Outlets and asks shareholders to chip in.

    The company said that the moves will help it pay down a massive debt bill, reducing it to around £2.2 billion.

    It means a major retreat from parts of the European market, where VIA is a big player.

    The business owns 11 premium outlets in nine European countries, with 1,130 stores in total, giving it the third largest portfolio by area on the continent.

    Hammerson said it had hashed out a deal to sell VIA to its partner APG, a Dutch pension fund for £274 million.

    Bosses also plan to ask investors to help them out by buying another £552 million of new shares in the company.

    It will plough the cash into paying down debt, and investing in a transformation of the business.

    Chief executive David Atkins pronounced the end of the way shops are rented in the UK, saying it was in dire need of change.

    “The pandemic has exacerbated structural shifts in retail, exerting further pressure on both property owners and brands, and provided further evidence that the UK’s historic leasing model has served its time,” he said.

    “It is outdated, inflexible and needs to change.”

    It was a sentiment echoed by managing director Mark Bourgeois.

    “Shopping is fundamentally changing,” he told the PA news agency, as he set out the company’s plans of how to change with it.

    The plan mixes new ideas with old ones taken from the continent.

    At the moment, much of the UK high street is governed by a framework that was put in place in 1954 where tenants sign long leases, with rents reviewed every five years.

    Then at the end of the leases, prices would be renegotiated based on the cost per square foot of another shop close by, even if that was comparing a clothes shop with a stationer.

    Now Hammerson hopes to move away from that model, Mr Bourgeois said. Rents will be more tailored to the tenant, and take into account how the store is performing.

    The company’s hand has somewhat been forced by events. Facing possible bankruptcy many retailers turn to company voluntary agreements (CVAs) to strongarm their landlords into accepting lower rents.

    Now Mr Bourgeois is promising more “flexible leases” and to set rent at a more affordable level.

    “What you’re seeing in the UK is a big disconnect between the amount that occupiers are paying to landlords and what they can truly afford to pay on a sustainable basis,” he said.

    “We’re looking for a new lease that recognises that,” he added.

    Now, when leases are to be renewed, Hammerson wants to look at its tenants’ margins and footfall to charge a rent the company can afford.

    The plan is also to include online sales in rent negotiations. Opening a store in a district often increases the online orders for the same brand, as people try on clothes in store, or window shop, but buy online later.

    And finally, rather than being negotiated every five years, rents will go up based on an index, meaning this is more predictable than in the past.

    Hammerson, which owns the Bullring in Birmingham, said that it had managed to collect 34% of the rent that is due for the third quarter of the year.

    It saw a strong recovery in both France and Ireland, where footfall at its flagships and retail parks was only down 18% last month compared to July 2019.

    But its UK portfolio relies more heavily on sites in the centre of cities which rely heavily on officer workers and public transport links.

    As both these have been disrupted, with many people working from home and shoppers keen to avoid busses and trains, the UK has been more subdued, down 51% in July compared to the same period last year.

    Adjusted profit dropped by 84% in the first half of the year to £17.7m on net rental income of £87.3 million, down by 44%.

    Als de berichten te oud worden laat je bewust maar de datum weg???

    ouwe meuk en allemaal voorbeelden van de zwakke broeders die terecht omvallen met veel slechtere assets en veel meer schuld naar verhouding.

    Ga even een stukje wandelen ofzo, of iets beters doen met je leven, dat zal wel niet zo moeilijk zijn om te vinden als wat je hierboven aan het doen bent je dagtaak is, en waarvoor, die paar rot putjes of nog erger, de wens om dan een paar cent lager te kunnen kopen?.

    Zielig.
  11. PJMB1 13 november 2020 14:28
    quote:

    R0ME0 schreef op 13 november 2020 12:52:

    [...]

    Als de berichten te oud worden laat je bewust maar de datum weg???

    ouwe meuk en allemaal voorbeelden van de zwakke broeders die terecht omvallen met veel slechtere assets en veel meer schuld naar verhouding.

    Ga even een stukje wandelen ofzo, of iets beters doen met je leven, dat zal wel niet zo moeilijk zijn om te vinden als wat je hierboven aan het doen bent je dagtaak is, en waarvoor, die paar rot putjes of nog erger, de wens om dan een paar cent lager te kunnen kopen?.

    Zielig.
    Ja ik word die ellenlange, niet terzake doende kletsverhalen, die in zijn geheel gepost worden ook flink zat!
    @Beursplein 5: graag alleen een link naar die oninteressante zooi die heel andere situaties beschrijven dan wat momenteel bij URW speelt. Hoe zwaar short zit je in URW?
  12. PJMB1 13 november 2020 14:39
    quote:

    Beursplein 5 schreef op 13 november 2020 11:58:

    America's malls under pressure: CBL, Pennsylvania REIT, file for bankruptcy

    PUBLISHED MON, NOV 2 2020 7:04 AM EST
    UPDATED MON, NOV 2 2020 8:24 AM EST
    Lauren Thomas

    Two mall owners — CBL and Pennsylvania Real Estate Investment Trust — have filed for Chapter 11 bankruptcy protection.

    Pennsylvania Real Estate Investment Trust is the largest mall owner in Philadelphia.
    Malls have been pressured by the coronavirus pandemic, with their tenants not paying rent, and dozens of retailers and restaurants filing for bankruptcy protection.

    Mall owners CBL & Associates and r Pennsylvania Real Estate Investment Trust have filed for Chapter 11 bankruptcy protection, highlighting the pressures the retail real estate industry is facing because of the coronavirus pandemic.

    Both companies filed on Sunday. The latter, the largest mall owner in Philadelphia, filed its petition to execute a prepackaged financial restructuring plan. It said it plans to unlock $150 million in new borrowing, aiming to recapitalize the business and extend its debt maturities.

    CBL operates 107 properties, totaling 66.7 million square feet across 26 states, including outlet centers.

    The Tennessee-based landlord said in August that it had entered into a restructuring support agreement with a group of bondholders in an attempt to try to strengthen its balance sheet.

    The mall owner has struggled during the pandemic with its tenants not paying rent or pushing payments back. Some of them, like the department store chain J.C. Penney, have also filed for bankruptcy protection this year.

    In its bankruptcy filing, CBL listed its estimated assets and liabilities in the range of $1 billion to $10 billion.

    "After months of discussions and consideration of a number of alternatives, CBL's management and the Board of Directors firmly believe that implementing the comprehensive restructuring ... will provide CBL with the best plan to emerge as a stronger and more stable company," CBL CEO Stephen Lebovitz said in a statement.

    CBL runs a number of so-called B- and C-rated malls, compared with the biggest U.S. mall operator, Simon Property Group, which owns many A-rated properties that bring in more sales per square foot.

    Simon's strategy during the pandemic has pivoted to buying retailers out of bankruptcy, in part to keep those retailers' stores in Simon malls open. It acquired the denim maker Lucky Brand and the men's suit maker Brooks Brothers out of bankruptcy, with the help of apparel-licensing firm Authentic Brands Group. And late late month, it finalized the terms of its acquisition of Penney, with the help of mall owner Brookfield.

    PREIT operates 22.5 million square feet of retail space, including 19 malls, according to its website. Last year, it opened Fashion District Philadelphia, a massive shopping mecca it built from the ground-up in downtown Philadelphia. It had spent recent years disposing of underperforming malls and investing in adding movie theaters, game rooms and grocery stores to its malls, lessening its dependence on traditional retail. But that strategy has been pressured this year, with consumers largely staying home because of the pandemic.

    Mall owners will face another test this holiday season, which is typically their tenants' busiest time of year. But it will look a lot different during the pandemic, with Covid-19 cases rising rapidly in the U.S.

    Shopping centers and malls rank as the most-avoided public places among consumers, according to a survey of 419 people by Coresight Research. The week of Oct. 27, 55.4% of those polled said they were avoiding malls.

    WoW ?? een survey of 419 people!! En dat op een bevolking van 331 miljoen! Zeer representatief waarschijnlijk! Ik denk dat er betrouwbaardere data is over bezoekersaantallen van de malls die eigendom zijn van URW (dit is namelijk het bedrijf waarover het gaat in bovenstaand bericht)
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