UNIBAIL-RODAMCO-WESTFIELD REPORTS FY-2021 EARNINGS
Adjusted Recurring EPS of €6.91 - above guidance on better rent collection and higher sales based rents
Ongoing recovery in H2 with tenant sales approaching pre-COVID levels
Proactive leasing strategy throughout pandemic protects long-term rental values and delivers high sales
based rents (+30% vs. 2019)
Significant reduction in vacancy across all markets demonstrating sustained retailer demand for URW
Flagship destinations
Further progress on comprehensive deleveraging plan – €2.2 Bn pro-forma IFRS net debt reduction thanks
to European disposals and US regional portfolio streamlining
2022 AREPS forecasted to be in the range of €8.20 to €8.401
2021 in review:
• 2,399 letting deals signed, +60% vs. 2020 and +2% vs. 2019, with Minimum Guaranteed Rent (MGR)
uplift of +1.8% on longer term deals (>36 months) and an increased proportion of these deals in H2
with 55% vs. 44% in H1
• Rent collection at 88% (vs. 80% reported at FY-2020 and 73% reported in H1-2021), with Continental
Europe at 86%, UK at 90% and US at 91%
• Tenant sales continued to outperform footfall, reaching in the second half 93% of H2-2019 levels, with
Continental Europe at 92%, the UK at 83% and the US at 100%
• 190 bps improvement in vacancy in H2: 7.0% at Group level (H1-2021: 8.9%); 4.0% in Continental
Europe (H1-2021: 5.0%); 10.6% in the UK (H1-2021: 12.2%); and 11.0% in the US (H1-2021: 14.0%)
• Successful delivery of Westfield Mall of the Netherlands (The Netherlands), the Fashion Pavilion at
Westfield La Maquinista (Spain) and the Pullman Montparnasse hotel in Paris (France)
• Launch of the Triangle (France) development project in partnership with AXA IM Alts
• €2.5 Bn of €4.0 Bn European disposal target by 2022 now signed or completed at a premium to last
unaffected appraisal values, including the disposal of Solna Centrum (Sweden) and a 45% stake in
Westfield Carré Sénart (France)
• Refinancing needs for the next 36-months secured with €12.1 Bn of cash and available facilities
• 2021 pro-forma IFRS Net Financial Debt reduced by €2.2 Bn to €22.1 Bn
• 140 bps reduction in IFRS LTV to 43.3%, or 42.5% pro-forma for the proceeds of signed disposals
• 2022 AREPS guidance in the range of €8.20 to €8.401
1 Assuming no reintroduction of major COVID-19 related restrictions.
Commenting on the results, Jean-Marie Tritant, Chief Executive Officer said:
“Our operational performance over the past 12 months, achieved in the extremely difficult context of
COVID-19, gives us great confidence for 2022. We saw a strong recovery in tenant sales, which are now nearing
pre-COVID levels. Asset values have stabilised, and occupancy levels have significantly improved. Our
pragmatic and proactive leasing strategy has delivered robust results, including an increase in rent for longer-term leases and a material increase of sales based rents in 2021, and positions URW to benefit further as
market conditions continue to improve.
We also made substantial progress towards our deleveraging goals. In Europe, we have now achieved 62% of
our €4 Bn disposal target. The US portfolio streamlining also contributed to the €1.6 Bn IFRS net debt reduction
and 140 bps net reduction in our loan-to-value ratio. We have made progress in our plans to radically reduce
US financial exposure, as announced, in the course of 2022 and 2023.
We continue to enjoy favourable access to credit markets and have more than 36 months of liquidity. We have
maintained strict capital allocation and cost control while continuing to develop new assets, bringing in joint
venture partners to optimise our capital allocation while creating further income opportunities. This includes
our Triangle office development in Paris with AXA IM Alts, for which construction has started.
I would like to acknowledge the commitment, tenacity and contribution of our teams over the past 12 months.
Thanks to their efforts, URW is well positioned to drive strong growth in 2022 and beyond as operating
conditions continue to improve.
Based on our positive sales performance, sustained leasing activity and vacancy reduction, we forecast our
2022 AREPS to be in the range of €8.20 to €8.40, assuming no reintroduction of major COVID-19 related
restrictions."