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2021-10-27

Unibail-Rodamco-Westfield: Financial information as at September 30, 2021

Paris, Amsterdam, October 27, 2021

Press release

Financial information as at September 30, 2021

  • Reopening in Continental Europe drives continued recovery, demonstrated by tenant sales at Cont. European centres +6% vs. 2020 or 92% of 2019 levels and footfall at 80% of 2019 levels in Q3
  • US recovery accelerating, with tenant sales at 102% of 2019 levels in Q3, and non-CBD Flagship centres higher at 108%
  • Sustained leasing activity with 518 deals in Q3, bringing the total YTD to 1,736 deals, +23% vs. 2020 and back to 2019 levels; new rents on Continental European deals YTD close to passing rents
  • Rent collection improved to 88% for Q3, up from 78% for Q1 and 80% for Q2  
  • Overall vacancy levels improved in Q3 to 7.9% (vs. 8.3% at FY-20 and 8.9% at H1-2021)
  • Strong vacancy improvement in the US from 14.0% to 11.8% with vacancy also down in Continental Europe at 4.9% (vs. 5.0% at H1-2021) and in the UK at 11.8% (vs. 12.2%)
  • Continued streamlining of US portfolio, including disposal of Palisade for a premium to GMV
  • FY-2021 Adjusted Recurring Earnings per Share expected to be at least €6.75, slightly above 2020, adjusted for disposals

Commenting on the 9M-2021, Jean-Marie Tritant, Chief Executive Officer said:

 Since the reopening of all of our centres and despite some ongoing restrictions, we have seen a marked recovery in activity in Q3. Overall tenant sales for Continental Europe reached 92% of pre-COVID levels in the quarter and 89% including the UK, while the US is even stronger at 102%. This return of activity has supported a major improvement in rent collection, sustained letting activity, and a decrease in vacancy levels.

URW also further progressed the Group’s streamlining of its US portfolio, including the disposal of the Palisade residential asset. In Europe, we have now reached €1.8 Bn of the €4.0 Bn disposal programme target.

Considering the positive momentum in Q3, the gradual lifting of restrictions, and the ongoing progress of vaccination programmes in our regions, the Group expects Q4 to reflect a continued return towards more normal levels of pre-COVID activity, allowing our tenants to capture the key holiday trading period.

With visibility for the remainder of the year now improved, URW expects full year Adjusted Recurring Earnings of at least €6.75 per share, slightly above 2020, adjusted for disposals.

We will present a longer-term vision to the market at an Investor Day planned on March 30, 2022, focused on delivering sustainable growth from our core portfolio of high quality assets in the best locations and the unique audience attracted by our centres, comprising over one billion visits each year.”

1.   Turnover

The proportionate turnover of URW for the first nine months of 2021 amounted to €1,981 Mn, down by -16.5% year-on-year, predominantly reflecting the impact of the COVID-19 crisis, particularly the restrictions applied in the first half, and the impact of disposals.

Turnover
  IFRS Proportionate1
YTD in € Mn, excluding VAT 9M-2021 9M-2020 Change 9M-2021 9M-2020 Change
Shopping Centres 1,248.6 1,417.2 -11.9% 1,611.9 1,874.0 -14.0%
Offices & Others 50.9 71.3 -28.7% 57.9 77.8 -25.6%
Convention & Exhibition 70.5 95.3 -26.0% 71.0 95.8 -26.0%
Rental income 53.3 69.5 -23.3% 53.8 70.0 -23.2%
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