Unibail-Rodamco-Westfield Confirms 2022 Adj EPS Guidance

French real estate company Unibail-Rodamco-Westfield (UNBLF, UNRDY) said Wednesday that it will share with the market its path to 2024 and beyond. European retail NRI will represent the vast majority of URW income. Stabilised European retail NRI and Group EBITDA is expected to reach pre-COVID levels on a run rate basis in 2023 with full effect in 2024. URW will resume the payment of sustainable dividend from fiscal year 2023.

The company confirmed adjusted recurring earnings per share guidance of 8.20 euros to 8.40 euros for 2022.

URW confirmed that it is on track to meet the industry-leading commitments in its better places 2030 ESG strategy and will announce an update in 2023, with the aim of enhancing the Group’s decarbonisation commitments.

The company noted that it will deliver 2 billion euros in projects from committed pipeline by 2024, generating 125 million euros of stabilised NRI, and will add 1 billion euros in densification development opportunities to its controlled pipeline.

URW expects tenant sales to return to pre-COVID levels in 2022, occupancy and variable income in the course of 2023, and retail NRI on a run rate basis in 2023, with full effect in 2024. In 2024, the Group forecasts Retail NRI of 1.56 billion euros and EBITDA of 1.9 billion euros for its streamlined European portfolio.

URW noted that it will continue to sell mature assets that do not meet its return criteria or that do not fit its destination strategy. URW will continue to invest in projects and acquisitions on an opportunistic basis, looking at the expected Internal Rate of Return, the level of risk and any balance sheet constraints.

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