Unibail-Rodamco-Westfield (URW) Q3 2024 TU earnings summary

Executive summary

• AREPS for 2024 expected at the upper end of guidance, driven by strong operating performance and robust leasing activity.

• Tenant sales rose 4.3% and footfall increased 2.4% year-over-year for the first nine months of 2024.

• Convention & Exhibition turnover surged 48.3% due to the Paris 2024 Games and favorable event seasonality.

• €0.8 Bn in asset disposals completed or secured in 2024, with €0.6 Bn under active discussion.

Financial highlights

• Proportionate turnover for 9M-2024 was €2,839.7 Mn, up 2.0% year-over-year; like-for-like turnover up 9.1%.

• Group GRI reached €2,178.0 Mn, up 0.6% overall and 6.3% like-for-like.

• Shopping Centres GRI declined 1.8% due to disposals, but rose 4.0% like-for-like.

• Offices & Others GRI increased 24.2%; Convention & Exhibition GRI up 23.3%.

• Net financial debt decreased to €21.5 Bn as of September 30, 2024.

Outlook and guidance

• 2024 AREPS expected at the upper end of €9.65–€9.80 guidance, assuming stable macroeconomic and geopolitical conditions.

• Guidance excludes major US disposals; shareholder distribution guidance unchanged.