UNIBAIL-RODAMCO-WESTFIELD Q3-2022 TRADING UPDATE
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• Turnover up +20.8% in 9M-2022 vs. 9M-2021, reflecting asset quality, the continued post COVID-19 recovery and
successful asset deliveries
• Tenant sales in Q3-2022 exceeded 2019 levels at 103% (+10% vs. Q3-2021 levels) and 104% in September, confirming
the positive trend seen in Q2-2022. Continental Europe above 2019 levels at 102% for Q3-2022 (+11% vs. Q3-2021) and
September outperforming with 104%. UK at 94% of 2019 levels and +17% vs. Q3-2021 levels. US at 108% of 2019 and
+6% vs. Q3-2021 levels
• Rent collection improved to 96% for Q3-2022 (vs. 88% at Q3-2021), while H1-2022 collection rate increased to 97%
in line with pre-COVID levels
• Sustained leasing activity reflecting continued retailer demand for URW’s Flagship destinations, with 554 deals signed
in Q3-2022, up +20%1 vs. Q3-2019. 1,755 deals signed in 9M-2022 up +20%1 vs. 9M-2019. Minimum Guaranteed Rent
uplift of +5.6% in 9M-2022 vs. +2.7% in H1-2022
• Overall vacancy stable in Q3-2022 at 6.9% vs. H1-2022, with a continued improvement in the UK and the US
• Convention & Exhibition GRI up to €128.4 Mn in 9M-2022 (€53.8 Mn in 9M-2021) with strong recovery in activity.
Revenue for signed and pre-booked events in Viparis venues for 2022 at c. 95% of 2018 pre-bookings level
• Ongoing streamlining of US portfolio with sale of regional asset Westfield Santa Anita for $537.5 Mn (at 100%, URW
share 49%)
• €3.2 Bn of €4.0 Bn European disposals programme achieved, with completed disposals of Villeneuve 2, Aupark
(27% stake), Carré Sénart Shopping Parc, Almere Centrum and Gera Arcaden. Given current market conditions,
completion of European disposals programme expected in 2023
• €13 Bn of cash and available credit lines on hand securing financing needs for more than 36 months
• Sustainability leadership recognised by long-term presence in the top quartile of all ESG ratings, including Q3-2022
renewal of AAA ESG rating by MSCI
• 2022 AREPS guidance increased from at least €8.90 to at least €9.10 (!!!)
Commenting on the results, Jean-Marie Tritant, Chief Executive Officer stated:
“Turnover was up +21% year-on-year, demonstrating the quality of our portfolio, our operational efficiency and the successful
delivery of new assets at high pre-letting levels.
Tenant sales in Q3 were at 103% of pre-COVID levels continuing the trend seen in previous quarters, with Continental Europe at
102% and the US at 108%.
Leasing dynamics were solid, both in terms of volumes and conditions, with a +5.6% uplift in MGR for the first nine months of 2022,
demonstrating continued retailer appetite for our Flagship destinations. The steady improvement in US and UK vacancy levels,
as well as the increase in rent collection to 2019 levels, both confirm the solid recovery trend seen in H1-2022.
1 Restated for disposals.
2 Our Convention & Exhibition business has rebounded from the extended closures of the pandemic and is on track to reach
pre-COVID levels. Our Offices activity performed well, driven by improved leasing and new deliveries.
We also continued to implement our strategy to grow our Commercial Partnerships revenues with the launch of Westfield Rise,
an in-house media, brand experience and data partnerships agency.
We made further progress on our deleveraging programme with the disposal of Westfield Santa Anita in the US and the closing
of five transactions in Europe. While market conditions may affect overall timing, we are committed to completing
our deleveraging plan and are supported by a strong liquidity position and the robust operational performance of our assets.
Based on the performance of the first nine months of 2022 including a strong Q3 that confirms the positive trend seen in H1,
the Group is upgrading its 2022 AREPS guidance from at least €8.90 to at least €9.10 per share.”