Unibail-Rodamco-Westfield (URW), a global leader in the development and operation of flagship shopping destinations, has unveiled its financial results for the fiscal year 2023.

The results underscored a strong performance, with notable increases in tenant sales and footfall across URW’s properties. The strategic locales of these shopping destinations, nestled in major cities with high consumer demand, have been significant contributors to this growth.

Financial Performance Highlights

Tenant sales recorded a 6.4% rise, surpassing core inflation rates, while footfall saw a 4.9% improvement compared to the previous year. Furthermore, Gross Rental Income (GRI) saw a solid 3.7% increase, propelled by the leasing momentum, which includes new leases and renewals at higher rents. The Adjusted Recurring Earnings (ARE) per share grew by 7.5%, mirroring the robust operational performance and efficient cost management.

Resilience and Growth

URW’s net rental income proved resilient, underpinned by a high occupancy rate of 95.9%, demonstrating the appeal of its portfolio. The financial position of the company remains solid, with a significant reduction in its Loan-to-Value (LTV) ratio to 37.4%. This reflects not only a strong balance sheet but also a decrease in financial risk.

Outlook and Sustainability

The CEO of URW expressed confidence in the company’s strategy and its capacity to deliver sustainable growth. The report also highlighted the company’s commitment to environmental sustainability, emphasising their pledge to reduce carbon emissions and enhance the sustainability of their assets. URW’s financial achievements for FY-2023 validate the company’s strategic focus on prime locations, operational excellence, and sustainability initiatives.

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