Unibail-Rodamco-Westfield (AMS: URW) FY18 Results: Earnings Beat Guidance, Capital-Consolidation Phase Ahead in the Near Term

Executive Summary

• Unibail-Rodamco-Westfield (URW) reported 2H18 gross rental income of €1.22 billion, up 33.7% year over year. Adjusted recurring earnings per stapled share (AREPS) were €6.34, up 7.6%. FY18 AREPS were €12.92, exceeding guidance of €12.75-12.90.
• NRI like-for-like growth was 4.0% in continental Europe for the year and 3.4% in the U.K. U.S. comparable net operating income (NOI) declined 1.6%, but just 0.3% for flagships.
• For 2019, the company guided for AREPS of €11.80-12.00, growth of 4-5%.