Unibail-Rodamco-Westfield Q3-2023 Trading Update
27 10월 2023 - 1:00AM
Unibail-Rodamco-Westfield Q3-2023 Trading Update
Paris, Amsterdam, October 26, 2023
Press release
UNIBAIL-RODAMCO-WESTFIELD Q3-2023 TRADING
UPDATE
2023 AREPS EXPECTED TO BE AT LEAST
€9.50 ON THE BACK OF A STRONG OPERATING
PERFORMANCE
- Like-for-like turnover up
+11.7% in 9M-2023 vs. 9M-2022. Including the impact of 2022 and
2023 disposals and lower property development and project
management revenues following 2022 deliveries, total performance
was up +1.9%
- Like-for-like Gross Rental
Income up +11.5% in 9M-2023 vs. 9M-2022 driven by strong operating
performance and indexation
- 9M-2023 tenant sales up
+7.9% vs. 9M-2022 and footfall up
+6.3%, continuing the positive trend seen in
H1-2023
- Rent collection at 96% for
Q3-2023 above Q1-2023 and in line with Q2-2023 levels; 9M-2023
collection rate at 97%
- Strong 9M-2023 leasing
activity confirms continued retailer demand for URW locations, with
1,685 deals signed in 9M-2023, up +5.5%
year-on-year, a Minimum Guaranteed Rent (“MGR”) signed of €308.5
Mn, up +5.1% and a MGR uplift of +8.4% (+5.2% in
9M-2022)
- EPRA vacancy at 6.1%,
stable compared to H1-2023 level
- c. 90% of €4.0 Bn European
disposals programme completed, with the sale of Polygone Riviera in
France, closed on October 18, 2023
- Ongoing streamlining of US
portfolio with sales of Westfield Mission Valley Shopping Centres
and Westfield Valencia Town Center
- €13.2 Bn of cash and
available credit lines on hand with refinancing needs secured for
more than 36 months
- 2023 Adjusted Recurring
Earnings per Share (AREPS) expected to be at least
€9.50
Commenting on the results, Jean-Marie
Tritant, Chief Executive Officer stated:
“Our results for the first nine months of 2023
demonstrate the continued strong operational performance of our
Shopping Centres, with higher tenant sales and footfall and a +8.4%
uplift in Minimum Guaranteed Rent on a record high leasing
activity. This led to a like-for-like Group turnover growth of
+11.7%, which was also supported by the performance of Offices and
our Convention & Exhibition activities.
We made further deleveraging progress with asset
sales in the US and Europe, and continue to benefit from a low and
controlled cost of debt, and over 36 months of liquidity.
In October, we announced the evolution of our
Better Places sustainability roadmap showing how URW supports the
environmental transition of cities and the retail industry and its
path to net-zero. The comprehensive approach fully aligns with our
strategy to strengthen our core business, build new revenue
platforms and maximize the value of our assets; and it positions
URW to unlock new opportunities in the future.
Based on the strong performance of the first
nine months, 2023 AREPS is expected to be at least 9.50 euros.”
For further details, please refer to the
Q3-2023 Trading update press release attached.
- UNIBAIL-RODAMCO-WESTFIELD Q3-2023 TRADING UPDATE
Unibail Rodamco Westfield (BIT:URW)
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Unibail Rodamco Westfield (BIT:URW)
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