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Unibail-Rodamco-Westfield URWFP (Baa2/BBB+/BBB+ stable): 1Q24 Results

REAL ESTATE

URW had solid results with rental income coming in strong. There were no significant disposals in the period, but the company has flagged that negotiations are ongoing.


• Gross rental income rose 7.1% like-for-like to EUR 799m ahead of 755m consensus.

• Footfall up 3.9% with Spain and US leading the way. Tenant sales up 5.5% which is a real increase of 1.9% (3.6% inflation)

• Proportion of long-term leases (>3yr) increases to 78% from 74% 1Q23• Vacancy 5.7% has fallen by 1.5% vs 1Q23

• Rent collection of 96% rising to 98% when delays are included.

• URW has EUR 1.2bn in potential divestments currently under discussion as the market shows signs of rebounding from a 2023 lull. The company is committed to further deleveraging through disposals in Europe. The equity is up 78% from Oct 23 lows.

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