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Investing.com -- Unibail-Rodamco-Westfield shares fell 1.5% after the company released its third-quarter trading update on Thursday.
The property group reported a 3.5% year-over-year decline in gross rental income following asset disposals. Unlike in its first-half report, the company did not provide like-for-like figures due to negative impact in its Convention & Exhibition division following last year’s Olympic Games.
Portfolio vacancy stood at 5.3%, showing a slight increase compared to the first half but remaining flat year-to-date. Retail sales grew by 3.4%, up from 2.4% in the same period last year, with particularly strong performance in the US market at 5.5%. Footfall increased by 1.8%, down from 4.3% last year.
On the disposal front, URW maintained its first-half position, noting that €1.6 billion is now secured and €1.4 billion completed, with an additional €700 million under discussion.
The company also announced acquiring a 25% stake in the St. James Quarter asset in Edinburgh at a yield exceeding 7%, with the purchase price expected to be below £75 million.
URW revised its guidance for adjusted recurring earnings per share to at least €9.50 while confirming a dividend per share of €4.50 to be paid next year. The company attributed the improved outlook to better refinancing conditions, including hybrids, and the timing of disposals.
In a significant leadership change, URW named Vincent-Rouget, currently Chief Strategy & Investment Officer and acting COO Europe, as its new CEO. The announcement noted that outgoing CEO Jean-Marie Tritant "accepts this decision," suggesting the transition may have occurred earlier than anticipated.
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