Unibail-Rodamco-Westfield's Q3 2024 financial update

Unibail-Rodamco-Westfield (ASX:URW) has released its Q3 2024 trading update, highlighting a strong operating performance. The company expects to achieve the upper end of its Adjusted Recurring Earnings Per Share (AREPS) guidance for the year, driven by increased tenant sales and footfall, as well as robust leasing activity. The update also reflects substantial progress in the convention and exhibition sector, bolstered by events like the Paris 2024 Games.

Key highlights of Unibail-Rodamco-Westfield's trading update

Unibail-Rodamco-Westfield's Q3 2024 update showcases substantial growth, with tenant sales increasing by 4.3% and footfall by 2.4% in the first nine months of the year. The company achieved a 9.1% growth in like-for-like turnover and a 6.3% rise in Gross Rental Income compared to 2023. Convention and exhibition turnover surged by 48.3%, supported by the Paris 2024 Games. Financing efforts included a new €1.3 billion green bond, reinforcing liquidity and supporting its deleveraging strategy. Successful asset disposals amounting to €0.8 billion have been completed, further reducing net financial debt to €21.5 billion. The company continues to focus on sustainable urban regeneration projects and maintains a positive outlook for 2024, expecting AREPS to reach the upper end of their guidance range.

Insights from Unibail-Rodamco-Westfield's leadership

We are pleased with our performance in the third quarter, which positions us well to achieve the upper end of our earnings guidance for the year. Our focus on enhancing tenant sales, leasing activities, and successful financing strategies continues to yield positive results.