Press release
UNIBAIL-RODAMCO-WESTFIELD Q1-2024 TRADING UPDATE
2024 AREPS GUIDANCE CONFIRMED
ON THE BACK OF CONTINUED STRONG OPERATING PERFORMANCE
- Turnover up +3.7% in Q1-2024 vs. Q1-2023 and up +10.5% on a like-for-like basis1
- C&E turnover up +53.6% showing the impact of seasonality and Paris Olympics and Paralympics
- Like-for-like Gross Rental Income2 up +7.1% driven by strong operating performance and indexation
- Q1-2024 tenant sales up +5.5% vs. Q1-2023 and footfall up +3.9%, continuing the positive 2023 trend
- Strong leasing activity in Q1-2024 with 521 deals signed, Minimum Guaranteed Rent (“MGR”) signed of €99.1 Mn and a MGR uplift3 of +10.1% (+9.0%4 in Q1-2023)
- Trinity office in La Défense fully let with an average rent of €562/sqm/year
- 56% of
Westfield Rise's 2024 budget already secured5, on track to deliver €75 Mn target6 in 2024 - €13.0 Bn of available liquidity7 with refinancing needs secured for more than 36 months
- 2024 Adjusted Recurring Earnings per Share (AREPS) guidance of €9.65 to €9.80 confirmed
Commenting on the results,
“In Q1-2024, we saw continued strong operational performance with a like-for-like improvement in Gross Rental Income across all activities. Tenant sales and footfall in our shopping centres were up on the same period last year, while our Trinity office building in La Défense is now fully let at prime rents. Our
Pursuing our deleveraging efforts, we are in active discussions on more than €1.2 Bn of assets. Regarding development, 2024 will see a diverse range of new projects delivered at high pre-letting levels, including the Fisketorvet Dining Experience in
For further information, please contact:
Investor Relations
+33 7 63 45 59 77
investor.relations@urw.com
+33 6 10 95 85 84
investor.relations@urw.com
Media Relations
+44 7387 108 998
Cornelia.Schnepf@finelk.eu
+33 6 27 84 91 30
Sonia.Fellmann@plead.fr
About
The Group operates 72 shopping centres in 12 countries, including 38 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
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
For more information, please visit www.urw.com
1 Excluding acquisitions, divestments, transfers to and from pipeline, property development and project management revenues, FX impact, US Regionals and CBD asset.
2 Excluding acquisitions, divestments, transfers to and from pipeline, FX impact, US Regionals and CBD asset.
3 On top of indexed passing rents.
4 Restated from disposals.
5 As at
6 Net margin at 100%.
7 Cash on hand and available credit lines.
Attachment
- UNIBAIL-RODAMCO-WESTFIELD Q1-2024 TRADING UPDATE
© OMX, source