URW profit back to pre-Covid levels

Unibail-Rodamco-Westfield’s profit has returned to 2019 levels, following strong leasing and €1bn of asset disposals. The shopping mall owner said EBITDA for 2023 was €2.2bn (£1.9bn), underpinned by the group adding €450m of rent, an increase of 7% on 2022. Passing rent rose by 6.8% and by 10.6% on long-term deals. Continuing the strong performance of its first half, rental income for offices was up 22.1% and shopping centres up 8%. Chief executive Jean-Marie Tritant said: “In 2023, we delivered strong operational performance across all activities, supported by dynamic leasing activity and the positive effect of indexation. Our like-for-like group earnings are now back at 2019 levels, ahead of the 2024 target we set ourselves at our 2022 Investor Day.” The group sold 11 assets in Europe and the US during the period totalling €1bn, using the proceeds to reduce debt by €950m to €19.8bn. Asset sales have helped reduce debt by €5.1bn since 2021. URW is proposing a cash payment €2.50 per share this year, if the motion is approved at its AGM in April. Tritant said this would “significantly increase” in future years “as we make further progress on our strategic and financial objectives”. Image by Dinendra Haria/Shutterstock