Dear Shareholders, the results posted in the first nine months of 2019 show that we are firmly on the path outlined in our three-year Business Plan which will take us through 2021. We followed our commercial and asset management policies effectively and continued to invest in innovating our shopping centers and satisfying visitors’ new expectations
The €3 million increase in FFO against the same period 2018 is explained for €2 million by higher core business EBITDA and for almost €1 million by improved financial management.
The goal is to transmit an image of the shopping center as a place where people’s dreams can come true. Last 14 October IGD launched a communication campaign to reposition the image of seven of its key shopping centers in Italy: ESP in Ravenna, Tiburtino in Rome, Centro Sarca in Milan, Katanè in Catania, Centro d’Abruzzo in Chieti, Le Porte di Napoli in Naples and Le Maioliche in Faenza.
Energy consumption down as a result of effective property management policies.
Sustainable mobility: an innovative step forward at the shopping center in Chioggia.
Notorious Cinemas – The Experience: a new pearl is added to Centro Sarca’s retail offering.
The restyling work has been completed and Centro Casilino in Rome new provides a completely transformed shopping and leisure time experience.
The success of “Il Grande Concorso”, launched in 25 shopping centers, marks a pivot in IGD’s way of doing marketing.
In the latest trading sessions IGD’s stock returned to trading at around 6 euros. Notwithstanding the noticeable recovery posted compared to the year low, hit on 20 August, the price of IGD’s stock continues to trade at an ample discount against its NNNAV per share of €10.78, calculated based on the real estate valuations recorded at the end of June.