Unibail-Rodamco-Westfield (AMS: URW) 1H19 Results: Solid Performance Despite Challenging Retail Environment

Executive Summary

• Unibail-Rodamco-Westfield reported 1H19 net rental income (NRI) of €1.25 billion, up 35.9% year over year. Adjusted recurring earnings per stapled share (AREPS) were €6.45, down 1.9%. EPRA net asset value (NAV) per stapled share was €216.10, down 2.6%.
• Tenant sales in Europe increased 5.3%. Specialty sales productivity per square foot (psf) increased 11.3% in US. Traffic in the UK increased 6.4% in 1H19.
• For 2019, the company guided for AREPS of €12.10-12.30.