Latest News

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

0

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.

Unibail-Rodamco-Westfield
URW,
+6.22%

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.

This boomer has worried about retirement since 1981. Here’s what she’s learned.

Previous article

Jobless claims fall to 218,000 and show layoffs still very low

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News