Unibail-Rodamco-Westfield (ASX:URW) Announces Strong FY-2024 Earnings
Financial Performance
Unibail-Rodamco-Westfield reported a like-for-like EBITDA increase of 7.0% and an adjusted recurring EPS of €9.85, surpassing guidance. Westfield Rise achieved the net margin target of €75 million for 2024.
Operational Achievements
Tenant sales grew by 4.5% and footfall increased by 2.6% compared to 2023. The Group signed €465 million in Minimum Guaranteed Rent, reducing shopping centre vacancy to 4.8%, the lowest since 2017. Net Rental Income from shopping centres rose by 5.8% on a like-for-like basis.
Disposals and Acquisitions
The Group completed €1.6 billion in disposal transactions at book value, improving financial ratios. Additionally, €0.6 billion was invested in Joint Venture partner stake acquisitions under attractive terms.
Strategic Decisions
Unibail-Rodamco-Westfield strategically decided to retain its high-performing US Flagship assets, aiming to drive further growth and value creation through enhanced portfolio quality and streamlined management.
Future Outlook
The Group proposes a 40% increase in cash distribution to €3.50 per share, up from €2.50 last year. For 2025, AREPS are forecasted to range between €9.30 and €9.50, reflecting an underlying growth of at least 5%.
Executive Comments
Chief Executive Officer Jean-Marie Tritant stated, “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. We look forward to sharing our future growth plans at our Investor Day on May 14, 2025.”
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.