2019 was the first year of the three- year Business Plan 2019-2021. Aware of the challenging path we have undertaken in a weak global environment and an increasingly complex scenario for retail, in this first year we completed a significant number of investment projects and finalized a series of debt optimization transactions which have put us in a position to benefit as quickly as possible from the growth in FFO that these initiatives should trigger.
Despite the weak market conditions in Italy, in 2019 IGD posted positive results as shown by the increase in Funds from Operations which rose €3.6 million to €83.3 million
The second half of the year was witness to the launch of “Social Borgo. Verso un Centro Commerciale partecipato”, a project that well represents how IGD intends to give its shopping centers a new role, broader in scope than just a place for shopping, which also reflects the specific needs of each community.
What we are presenting today is our tenth Sustainability Report. This is a very important milestone for us, it means that we have been working for 10 years to make IGD increasingly sustainable under all aspects: economic, social and environmental.
Two of IGD’s most important shopping centers recently changed their look and were completely renewed in order to respond to visitors’ preferences and attract them with a new offer
IGD’s stock price rose 15.2% in 2019 and provided a Total Shareholder Return of 25.5%. Even at recent levels, however, the stock is still trading at an ample discount compared to its NNNAV per share of €10.92 and the consensus target price of €7.83 which indicates that the stock is still significantly undervalued.