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 transactions 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 proposed 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. previous year.
UNIBAIL-RODAMCO-WESTFIELD has shown impressive performance in their FY-2024 earnings report. With strong operational results driven by increased tenant sales and footfall, dynamic leasing activity, and record C&E results, the company has exceeded expectations. Their strategic decisions to retain certain assets and increase proposed distributions are all contributing to their continued success. It will be interesting to see how they continue this momentum in 2025 and beyond.
How does this affect me?
As a consumer or investor, the positive earnings report from UNIBAIL-RODAMCO-WESTFIELD could potentially translate to better experiences at their properties and increased returns on investments. If you are a shareholder, you may see dividends rise with the increased proposed distribution. As a shopper at their shopping centers, you may benefit from the improved tenant sales and footfall, leading to a better overall experience.
How does this affect the world?
The strong performance of UNIBAIL-RODAMCO-WESTFIELD has positive implications for the retail and real estate industries globally. It demonstrates that even in challenging times, companies can adapt and thrive. Their success may inspire other companies to focus on operational excellence and strategic decision-making to achieve similar results, ultimately benefiting the world economy.
Conclusion
UNIBAIL-RODAMCO-WESTFIELD’s FY-2024 earnings report showcases their strong operational performance and strategic decision-making. With positive results in tenant sales, footfall, and financial metrics, the company is poised for continued success in 2025 and beyond. This not only benefits shareholders and consumers but also has broader implications for the retail and real estate industries on a global scale.
