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UNIBAIL-RODAMCO-WESTFIELD, THE PREMIER GLOBAL DEVELOPER AND OPERATOR OF FLAGSHIP DESTINATIONS, REPORTS SOLID RESULTS FOR H1-2019
Adjusted Recurring Earnings per Stapled Share (“AREPS”) of €6.45
• Very strong tenant sales growth in Flagship destinations: +5.7% in Continental Europe, +7.1% in the UK, and +4.9% in the US.
• Group Net Rental Income (NRI) like-for-like (Lfl)(1) increased by +3.3%. Lfl growth in Shopping Centres in Continental Europe was +2.1%, in the UK -3.1%, and in the US growth in comparable Net Operating Income (NOI)(2) was +2.2%, of which +5.5% in Flagships
• Continental European rental uplift of +12.2%, of which +13.8% in Flagships
• Average cost of debt: 1.6%, and average debt maturity extended to a record 8.0 years(3)
• EPRA NAV: €216.10 / stapled share (-2.6%)
• Development pipeline scaled back to €10.3 Bn
• Disposals: €1.2 Bn agreed or closed, bringing total completed disposals since June 7, 2018, to
€3.2 Bn
• LTV: 37.5% pro-forma for the Majunga disposal(4)
• Upgrading 2019 AREPS guidance by €0.30 to €12.10 – €12.30
“Unibail-Rodamco-Westfield (URW) delivered solid results, despite the challenging retail environment. With a unique transatlantic platform, connecting the best brands with over 1.2 billion customer visits each year in the wealthiest catchment areas, the URW portfolio is at the forefront of the changes in a rapidly evolving retail environment. We are making significant progress in executing on our strategic objectives of Concentration, Differentiation, and Innovation, with very strong tenant sales growth in Europe and the US, the disposal of €3.2 Bn of assets above book value over the past 12 months, and multiple openings of restaurants, leisure concepts and Digital Native Vertical Brands across our portfolio.
Our transatlantic reach made possible by the creation of URW is showing the first exciting results: the Group signed a first-of-its-kind agreement with The VOID, a leading immersive virtual reality experience operator, to roll out their concept in over 25 of URW’s Flagship destinations in both the US and Europe. More cross-border deals are expected to follow.
Our €10 Bn pipeline is well positioned for a mixed-use future, now with 50% of the GLA in retail and the rest in dining & leisure, offices, residential, and hotels. With our unique skills this will continue to contribute to value creation.
Confident in URW’s performance, the outlook for the remainder of the year, and favourable financing conditions, we are increasing our 2019 AREPS guidance by +€0.30 to a range of between €12.10 and €12.30.”
Christophe Cuvillier, Group Chief Executive Officer