Volgens mij zijn er in 2020 geen contracten omgezet van vast bedrag naar vast bedrag + hogere SBR, zie onderstaande info uit het jaarverslag.
Mocht ik me vergissen of iets over het hoofd hebben gezien, dan sta ik uiteraard open voor aanvulling/ correctie van mede-subforumleden!
Once negotiations commenced, they were undertaken on a case-by-case basis. They recognise the issues the Group’s tenants
faced due to administrative closures or trading restrictions and the need to provide relief, are generally limited to the period
of closure and are based on the principle of a fair sharing of the burden. In many cases they entail concessions by tenants in
exchange for such relief, like the extension of the firm period of the lease, a waiver of co-tenancy provisions (in the US) or
an increase of the SBR percentage. They are typically not about permanently changing lease structures or changing the basis
for rent calculations (e.g. replacing Minimum Guaranteed Rent (“MGR”) with SBR only leases).
As at December 31, 2020, the Group estimates it is close to 90% through the rent relief negotiation process in Europe12 for
the first COVID-19 wave. Approximately 4,900 deals have been approved or signed (with granted relief), of which 26%
include associated lease extensions or break-option waivers, securing five months of future additional rents. The overall rent
relief includes that required in certain instances by law, for example in Poland or Austria, or in France (where three months
of rent relief was granted to very small companies).
The rent relief impact in Europe for the second and third waves has been estimated based on principles applied on the first
wave and on the potential implementation of state subsidy programmes.
In the US, the Group completed rent relief negotiations with tenants representing approximately 87% of the leasing revenue
by December 31, 202014
. 912 COVID-19 related agreements/amendments were signed for an average duration extension of
11 months15 in conjunction with the rent relief granted to tenants, of which 313 were for at least one year. In total for the US,
the cash impact of rent relief16 for 2020 corresponds to 2.1 months.
As at December 31, 2020, rent relief signed or expected to be signed regarding 2020 closures (including the second wave
until December 31, 2020) amounted to an estimated cash impact of €313 Mn17, €246 Mn of which has been charged to the
income statement during this period.
Over 2020, the rent relief granted at the asset level amounts to €401 Mn, which translates into €313 Mn for
URW on a proportionate basis, of which €246 Mn has been charged to the 2020 income statement. These
negotiations are typically not about permanently changing lease structures or changing the basis for rent
calculations (e.g., replacing Minimum Guaranteed Rent with Sales Based Rent only leases), but rather focus
on providing appropriate rent relief to achieve a fair burden sharing.