Unibail-Rodamco-Westfield Sees Higher Medium-Term Adjusted Recurring Earnings, Net Rental Income

MT Newswires Live
05/15

Unibail-Rodamco-Westfield (ASX:URW) expects higher like-for-like net rental income between fiscal 2025 and fiscal 2028, driven by increased footfall, improved sales intensity, and higher minimum guaranteed rents in both Europe and the US, according to a Wednesday filing with the Australian bourse.

The owner, developer, and operator of real estate assets said it expects net rental income growth of 260 to 330 basis points above indexation over the period.

URW reaffirmed its fiscal 2025 adjusted recurring earnings per share (AREPS) guidance in the range of 9.30 euros to 9.50 euros, adding that it expects AREPS of at least 9.15 euros in fiscal 2026, per the filing.

AREPS is expected to grow 3% to 5% annually in fiscal 2027 and fiscal 2028, reaching between 9.70 euros and 10.10 euros by the end of the period, the company said.

Given an upbeat outlook, the company plans to propose a dividend of 4.50 euros per share for fiscal 2025, up around 30% from fiscal 2024. It targets a 60% payout ratio in fiscal 2026 and 60% to 70% starting fiscal 2027. Total shareholder distributions are expected to reach at least 3.1 billion euros between fiscal years 2025 and 2028.

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