Paris, October 24, 2024
Press release
UNIBAIL-RODAMCO-WESTFIELD Q3-2024 TRADING UPDATE
2024 AREPS expected at upper end of guidance
thanks to strong operating performance
- Strong operating performance in 9M-2024
- Tenant sales up +4.3% and footfall up +2.4%
- Like-for-like turnover1 and GRI2 up +9.1% and +6.3% respectively in 9M-2024 vs. 9M-2023
- Convention & Exhibition turnover up +48.3% driven by 2024 Paris Games and seasonality
- Robust retail leasing activity with €313.0 Mn MGR signed in 9M-2024 - uplift of +8.0% on top of indexed passing rents
- Westfield Rise revenues3 up +33.5% - on track to deliver €75 Mn net margin target in 2024
- Development and deleveraging progress
- Successful delivery of Lightwell office building in La Défense
- €0.8 Bn of disposal transactions completed or secured in 2024 to date (vs. €0.3 Bn at H1-2024), with €0.6 Bn of assets currently under active discussions
- Successful financing activity and ample liquidity
- €1.3 Bn new dual-tranche green bond issued in September at average coupon of 3.688%
- €13.5 Bn of available liquidity4 with refinancing needs secured for more than 36 months
- Positive outlook for full-year with AREPS expected at upper end of 2024 guidance
"Thanks to continued strong operating performance, with a positive turnover trend across all activities, URW now expects to meet the higher end of its earnings guidance for 2024. This performance is supported by a dynamic leasing activity as retailers' sales continue to be strong in URW's shopping centres. It also reflects the growth of our European retail media activity, on track to achieve €75 million of net margin this year.
Q3 was a particularly strong period for our Convention & Exhibition business, boosted by the positive impact of the Paris 2024 Olympic and Paralympic Games, as well as positive seasonality with a significant number of biennial and triennial shows taking place this year.
We have now completed or secured €0.8 Bn in disposal transactions in 2024 as part of our ongoing deleveraging, and continue to make progress on our development pipeline, including the delivery of Lightwell, a low-carbon office regeneration project in Paris, La Défense, and the focus on the delivery of our Westfield Hamburg-Überseequartier project in late Q1-2025.”
For more information, please contact:
Investor Relations
Meriem Delfi
+33 7 63 45 59 77
Gonzague Montigny
+33 6 10 95 85 84
Media Relations
UK/Global:
Cornelia Schnepf - FinElk
+44 7387 108 998
France:
Etienne Dubanchet - PLEAD
+33 6 62 70 09 43
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States.
The Group operates 71 shopping centres in 12 countries, including 39 which carry the iconic Westfield brand. These centres attract over 900 million visits annually and provide a unique platform for retailers and brands to connect with consumers. URW also has a portfolio of high-quality offices, 10 convention and exhibition venues in Paris, and a €2.9 Bn development pipeline of mainly mixed-use assets. Its €50 Bn portfolio is 86% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services (as at June 30, 2024).
URW is a committed partner to major cities on urban regeneration projects, through both mixed-use development and the retrofitting of buildings to industry-leading sustainability standards. These commitments are enhanced by the Group's Better Places plan, which strives to make a positive environmental, social and economic impact on the cities and communities where URW operates.
URW's stapled shares are listed on Euronext Paris (Ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from a BBB+ rating from Standard & Poor's and from a Baa2 rating from Moody's.
For more information, please visit www.urw.com
1 Excluding acquisitions, divestments, transfers to and from pipeline, property development and project management revenues, utilities income in the UK, FX impact, US Regionals and CBD asset.
2 Excluding acquisitions, divestments, transfers to and from pipeline, utilities income in the UK, FX impact, US Regionals and CBD asset.
3 Net margin at 100%.
4 Cash on hand and available credit lines on a proportionate basis.
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