Unibail-Rodamco-Westfield SE

Latest Results (18.12.2024):

Net Financial Debt

As of September 30, 2024, Unibail-Rodamco-Westfield SE reported a decrease in net financial debt to €21.5 billion, down from €21.8 billion as of June 30, 2024. This reduction was supported by robust operating results, successful disposals, and a positive foreign exchange impact. Proforma for the disposals secured to date, the net debt would be €21.0 billion.

Green Bond Issuance

In September 2024, Unibail-Rodamco-Westfield SE successfully raised €1.3 billion through a dual-tranche green bond issuance. This included €650 million with a 5-year maturity at a 3.500% fixed coupon and €650 million with a 10-year maturity at a 3.875% fixed coupon. This financing, along with completed disposals, strengthened the Group’s liquidity position by approximately €0.7 billion, reaching €13.5 billion.

Credit Ratings

Unibail-Rodamco-Westfield SE's credit ratings were reaffirmed in late 2024. On September 23, 2024, S&P reaffirmed the Group's “BBB+” long-term rating with a “stable” outlook. Additionally, on October 15, 2024, Moody’s confirmed the Group's “Baa2” long-term rating, also with a “stable” outlook.

Sustainability Achievements

In October 2024, Unibail-Rodamco-Westfield SE was ranked as the 2nd listed commercial real estate company in the Europe/Retail/Listed category by GRESB, with a score of 92/100, an improvement from the previous year's score of 90/100. The Group also received a 5-star rating from GRESB and an EPRA sBPR Gold Award for the 13th consecutive year.

2024 Earnings Outlook

Based on the performance in the first nine months of 2024, Unibail-Rodamco-Westfield SE expects its 2024 Adjusted Recurring Earnings Per Share (AREPS) to be at the upper end of its guidance range of €9.65 to €9.80. This guidance does not account for major disposals in the US, and assumes no significant deterioration in the macro-economic and geopolitical environment.