Strong First Half Results and Continued Market Outperformance

  • 8.2% like-for-like growth in net rental income for H1 2023
  • Shopping centres contributed €1,059m (£907m) to the total rental income
  • Offices and other net rental income increased by 17.1% on a like-for-like basis
  • EBITDA back at pre-Covid levels with €1.157m (£991m
  • Tenant sales up 9%, including 11.8% in Continental Europe, 6.8% in the UK and 4.6% in the US
  • Footfall increased by 7%, with 8.2% in Continental Europe, 9.2% in the UK and 2.7% in the US
  • €219m (£187m) of minimum guaranteed rent signed, up 11%
  • Rent collection at 96%, same as H1 2022
  • Vacancy for Shopping Centres decreased to 6.3% from 6.5% in FY 2022 and 6.9% in H1 2022
  • UK vacancy down from 9.4% in December 2022 to 8.5% in June 2023
  • CEO Jean-Marie Tritant: ‘solid financial results, strong platform established in 2022’
  • Confident momentum will continue throughout 2023 with AREPS at upper end of guidance

Unibail-Rodamco-Westfield has reported an 8.2% like-for-like growth in net rental income for H1 2023, with shopping centres contributing €1,059m (£907m) to the total rental income and EBITDA returning to pre-Covid levels at €1.157m (£991m. Tenant sales increased by 9%, including 11.8% in Continental Europe, 6.8% in the UK, and 4.6% in the US. Footfall rose by 7%, with 8.2% in Continental Europe, 9.2% in the UK, and 2.7% in the US. The group signed €219m (£187m) of minimum guaranteed rent, up 11%. Vacancy for Shopping Centres decreased to 6.3%, down from 6.5% in FY 2022 and 6.9% in H1 2022. CEO Jean-Marie Tritant expressed confidence in the continued momentum throughout 2023, with AREPS at the upper end of guidance.

Factuality Level: 10
Factuality Justification: The article provides accurate and objective information about Unibail-Rodamco-Westfield’s financial performance in H1 2023, including net rental income, EBITDA, tenant sales, footfall, vacancy rates, and leasing activity. The CEO’s comment adds context to the results without introducing personal perspective or bias.
Noise Level: 4
Noise Justification: The article provides relevant information about Unibail-Rodamco-Westfield’s financial performance in H1 2023, including net rental income, EBITDA, tenant sales, footfall, and vacancy rates. It also includes comments from the CEO on the company’s performance. However, it lacks analysis or exploration of broader trends or consequences for those affected by these results.
Financial Relevance: Yes
Financial Markets Impacted: Unibail-Rodamco-Westfield’s financial performance impacts the commercial real estate market and companies in the retail sector
Financial Rating Justification: The article discusses Unibail-Rodamco-Westfield’s financial results, including net rental income, EBITDA, tenant sales, vacancy rates, and leasing activity, which are relevant to the company’s performance and the commercial real estate market.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours.

Reported publicly: www.retailsector.co.uk