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Westfield mall operator resumes dividends with vacancies, rent collection back at pre-COVID levels


The operator of 72 shopping centers in 12 countries says vacancy levels, earnings and rent collection are back at pre-COVID levels as it resumed payouts to investors.


says its earnings before interest, tax, depreciation and amortization rose 6.7% on a comparable basis to €2.19 billion, after net rental income grew 6.1% on a comparable basis.

It’s guiding for adjusting recurring earnings per share between €9.65 and €9.80 in 2024 after earning €9.62 in 2023, which was ahead of the €9.57 in a Visible Alpha-compiled consensus.

Unibail said it plans to restart dividends, its first since the pandemic, with a €2.50 per share payment.

Unibail shares rose 6% to a new 52-week high.

Tenant sales are now above 2019 levels, after growth of 9.2%, including 19.2% growth in the U.S.

The fastest growth in the U.S. was what it calls experiential sectors, with 26.7% growth for entertainment, 13.5% for food and beverage, 13.4% growth for fitness and 8.9% for health and beauty. Fashion sales inched up 0.2% and luxury fell by 6.5%.

Rent collection was 98% in the U.S. and the U.K. and 97% in Continental Europe.

Unibail says it is in active discussions for buyers of €1 billion in assets in Europe and the U.S. as it tries to reduce its €20 billion in net debt.

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