Executive Summary

• Unibail-Rodamco-Westfield (URW) reported 1Q19 revenues of €939.6 million, up 70.2% year over year, driven by the acquisition of Westfield Corporation. 
• The proportionate gross rental income of the Shopping Center division increased 73.0% to €673.9 million, with France, Central Europe and Austria leading the growth.
• The company reaffirmed 2019 guidance for adjusted recurring earnings per share (AREPS) of €11.80–€12.00.