Ann: URW FY 2018 Results, page-15

I've been trying to get my head around this story.
Unibail management decided to fund the transaction externally with theidea that they could then hold or increase the EPS for shareholders.  Itdidn't work out and now we have higher gearing and a lower EPS.
So the plan is to get the gearing back into shape by selling off some assetsthat provide income which means that the current year's income will be hit by areduction which is effectively the cost of getting the balance sheet back inorder.  This is a major reason why they don't expect this new year's EPSto be any better than the year just reported (I suspect it will be marginallyless).
On top of this the US assets (now about 25% of the total income producingassets) experienced a 1.6% drop in income in the year just completed comparedto the previous year.Unibail has a history across the last 10 - 11 years of solid, steady growth of around5% and that's good news but maybe the US retail story is different to Europeand maybe it's something they're not used to.  If the 1.6% drop represents thestart of a downward trend out of the US it could be a problem.  Maybe the Lowy's knew what they were doing after all.  Who'd have thunked it. 
I'm still a holder and will stay with it but I'm a lot more nervous about thisthan I was this time last week.