UNIBAIL-RODAMCO-WESTFIELD REPORTS FY-2024 EARNINGS
Paris, February 13, 2025
Press release
UNIBAIL-RODAMCO-WESTFIELD REPORTS FY-2024 EARNINGS
Strong operational performance supported by increased tenant sales and footfall,
dynamic leasing activity for retail and offices, and record C&E results
Westfield Rise achieved 2024 net margin target of €75 Mn
Like-for-like EBITDA up +7.0% and
Adjusted Recurring EPS above guidance at €9.85
€1.6 Bn of disposal transactions1 achieved at book value
improving the Group’s financial ratios
€0.6 Bn of JV partner stake acquisitions at attractive terms
Strategic decision to retain US Flagship assets
+40% increase of proposed2 distribution to €3.50/share
2025 AREPS forecasted to be in the range of €9.30 to €9.50
reflecting underlying growth of at least 5% and 2024 & 2025 disposals
2024 in review:
- Tenant sales up +4.5% and footfall up +2.6% vs. 2023
- €465 Mn of Minimum Guaranteed Rent (MGR) signed, with +6.5% uplift on top of indexed passing rents, including +11.1% on long-term deals
- Shopping Centre vacancy at 4.8%, 60 bps improvement vs. 2023, reaching its lowest level since 2017
- Shopping Centre Net Rental Income (NRI) at €2,073 Mn, up +5.8%3 on a like-for-like basis
- Offices & Others NRI of €102 Mn, up +14.4% on a like-for-like basis
- Convention & Exhibition Net Operating Income of €219 Mn, up +66.0% thanks to seasonality and the positive impact of the Paris Olympics and Paralympics
- EBITDA of €2,352 Mn, up +7.0% vs. 2023 on a like-for-like basis
- €1.6 Bn of disposal transactions1 completed or secured at book value
- Net Debt to EBITDA at 8.7x vs. 9.3x in 2023
- More than 36 months of liquidity, with €13.9 Bn4 available including €5.3 Bn of cash on hand
- Recurring net result5 of +€1,472 Mn and IFRS net result6 of +€146 Mn
- Successful delivery of 4 projects, including CNIT Eole and Lightwell, both in Paris La Défense
- €0.6 Bn7 of assets acquired at attractive terms, including the remaining 50% stake in both Westfield Montgomery and CH Ursynów shopping centres, as well as an additional 38.9% stake in the URW Germany JV8
Commenting on the results, Jean-Marie Tritant, Chief Executive Officer, said:
“In 2024, we delivered strong operating performance across all activities. Our Flagship shopping centres demonstrated their strength, with higher tenant sales and footfall in all regions, while our proactive leasing strategy delivered the highest occupancy level since 2017.
Our Convention & Exhibition business delivered record results supported by the Paris Olympic and Paralympic Games, and Westfield Rise achieved the €75 Mn net margin target we set when this business was launched in 2022.
We achieved €1.6 Bn of disposals at book value, leading to a 100 basis point improvement in our loan to value ratio, which is now at its lowest level since 2019.
Our strong operating performance and disposal activity, combined with the stabilisation of retail asset values, allows us to propose a 40% increase in cash distribution to €3.50 per share – up from €2.50 per share last year.
Over the past four years, we have reshaped our portfolio through €6.4 Bn of disposals in Europe and the US, made significant deleveraging progress, enhanced our operations and transformed the Group’s risk profile.
Having achieved this transformation, we have made the strategic decision to retain our high performing Flagship assets in the US, which will deliver further growth and value creation.
We will continue to deleverage through retained earnings, disciplined capital allocation and non-core disposals.
We look forward to sharing our future growth plans at our Investor Day on May 14, 2025.”
For further information, please contact:
Investor Relations
Meriem Delfi
77
Juliette Aulagnon
43
Imane Rafiky
88
Media Relations
UK/Global:
Robin Haddrill – Finelk
3
France:
Etienne Dubanchet – PLEAD
43
United States:
Robyn Cottelli – URW
+1 (929) 254-8309
About Unibail-Rodamco-Westfield
Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States.
The Group operates 67 shopping centres in 11 countries, including 39 which carry the iconic Westfield brand. These centres attract over 900 million visits annually and provide a unique platform for retailers and brands to connect with consumers. URW also has a portfolio of high-quality offices, 10 convention and exhibition venues in Paris, and a €3.5 Bn development pipeline of mainly mixed-use assets. Its
€50 Bn portfolio is 87% in retail, 6% in offices, 5% in convention and exhibition venues, and 2% in services (as at December 31, 2024).
URW is a committed partner to major cities on urban regeneration projects, through both mixed-use development and the retrofitting of buildings to industry-leading sustainability standards. These commitments are enhanced by the Group’s Better Places plan, which strives to make a positive environmental, social and economic impact on the cities and communities where URW operates.
URW’s stapled shares are listed on Euronext Paris (Ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from a BBB+ rating from Standard & Poor’s and from a Baa2 rating from Moody’s.
For more information, please visit
1 Contribution to the proportionate net debt reduction for completed or secured disposals.
2 Subject to approval by Annual General Meeting of Unibail-Rodamco-Westfield SE on April 29, 2025, to be paid on May 12, 2025.
3 Shopping Centres Lfl NRI excluding airports, US Regionals and CBD asset.
4 On an IFRS basis.
5 Excluding hybrids coupon.
6 IFRS result including recurring and non-recurring (including gains or losses on disposals, mark-to-market of assets and financial derivatives, etc.).
7 Based on valuations as at December 31, 2024.
8 URW Germany JV (“URW Germany”) owns Minto (Mönchengladbach), Höfe am Brühl (Leipzig), Palais Vest (Recklinghausen), a 50% stake in Paunsdorf Center (Leipzig), a 20% stake in Gropius Passagen (Berlin), the fee business activity for third-party assets in Germany, as well as a cash amount including the net proceeds from the recent sale of Pasing Arcaden (Munich).
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