Heard the 2019 Agm.Points I liked:1) 2019 EPS 12.37 ---> implies...

Heard the 2019 Agm.

Points I liked:

1) 2019 EPS 12.37 ---> implies a current PE of 3.6 on just current earnings ?!? (no consideration for $8b of development profile)
2) New tenant sales growth beat market in Europe, UK & US
3) URW has 19 of the top 30 European malls by footfall
4) 80% of malls portfolio is less then 10 years old
4) Development pipeline reduced to $8.3b.....of which only $5b more cash needs to be further invested over the next few years ($3.3b already spent till date)
5) URW will still retain 45% ownership and ongoing management fees from the 5 centres it is selling in France
6) Disposals till date ($4.8b) have been sold at an average 6% premium on book value
7) Average maturity of debt is 12 years
8) the debt the group expects to raise the next two years is fully hedged to lock in low rates
9) Further disposals of $2.5b will be done this year and next to further deleverage