Unibail-Rodamco-Westfield Q1-2024 Trading Update

Unibail-Rodamco-Westfield (ASX: $URW) has reported a +3.7% increase in turnover for Q1-2024 compared to Q1-2023, with a like-for-like Gross Rental Income (GRI) up +7.1%. The company's 2024 Adjusted Recurring Earnings per Share (AREPS) guidance of €9.65 to €9.80 has been confirmed, reflecting continued strong operating performance.

Executive Commentary

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 Convention & Exhibition business was particularly strong thanks to the early impact of the Paris 2024 Olympic and Paralympic Games, where our Viparis venues will host a number of events and organisational components. Q1 also saw higher Retail Media income thanks to the continued growth of our in-house agency Westfield Rise, which is fully on track to generate the target of €75 Mn in annual net margin in 2024.

Summary

Unibail-Rodamco-Westfield's Q1-2024 trading update reflects a positive performance with turnover and like-for-like GRI growth, strong leasing activity, and development projects on track. The company's 2024 AREPS guidance of €9.65 to €9.80 has been confirmed, and it remains committed to deleveraging efforts through active discussions on more than €1.2 Bn of assets. With a diverse range of new projects to be delivered in 2024 and a strong liquidity position of €13.0 Bn, Unibail-Rodamco-Westfield is well-positioned to drive future growth and maximize the value of its assets.