2018 Half-Year Results
Today, we released our 2018 half-year results.
Our CEO, Christophe Cuvillier, comments "We are proud to present today the first results of the new Group. June 7, 2018, marked the creation of Unibail-RodamcoWestfield, the premier global developer and operator of Flagship shopping destinations. Now, the hard work is underway to successfully integrate the new Group. In addition to the momentous amount of work done to close the acquisition of Westfield in record time, we delivered excellent recurring earnings per share growth of +7.3% in H1-2018. I would like to warmly thank the Unibail-Rodamco-Westfield teams for this extraordinary achievement. Growth was driven by a strong like-for-like retail NRI(1) increase of +4.3%, an outstanding performance by our offices division, the deliveries in 2017, as well as the contribution from our US and UK assets during June. Since June 30, the Group has agreed to sell or executed the disposal of a total of €1.3 Bn of mostly Continental European assets and is working on further disposals. Our credit metrics remain healthy, with a cost of debt of 1.5%, an ICR of 7.1x, and an LTV post disposals of less than 37%. Our focus remains on continuous improvement in our portfolio through disciplined asset management, our rotation strategy, and the build-out of the development pipeline. The skills of the Unibail-Rodamco-Westfield team and our best in breed assets are well positioned to deliver value for our shareholders."
For more information, please refer to our press release.