Unibail-Rodamco-Westfield (URW) expects adjusted recurring earnings per share of €9.15 to €9.30 for 2026, maintaining its outlook as tenant sales rose even while proportionate turnover weakened.
Its Oct. 22 trading update showed sales at tenants’ stores were 5.2% higher from a year earlier during January through September, and footfall increased 2.2%. EPRA shopping-center vacancy stood at 3.9% at the period’s end, 1.4 percentage points below the year-earlier level and 0.2 point lower than in June. URW said the sales increase outpaced core inflation averaging 2.3% and national sales indexes rising 3.5%.
Leasing also strengthened: contracts signed during the period represented €293 million in minimum guaranteed rent, and 82% were long term. Across all signed leases, rent was 10.3% above indexed passing rents; the uplift for long-term contracts was 13.5%. The average uplift was above the 6.7% URW reported for 2025. The company said leasing activity helped bring vacancy lower.
For properties held on a like-for-like basis, turnover advanced 2.4%. Gross rental income on those properties increased 4.4% overall, including a 3.8% rise at shopping centers. URW said retail and convention-and-exhibition activity, along with seasonal effects, supported comparable growth.
On the proportionate basis used in the update, total turnover was €2.639 billion, down 1.9%. Reported gross rental income was €2.087 billion, down 0.7%; URW attributed that decline mainly to disposals and adverse foreign-exchange effects.
Chief Executive Officer Vincent ROUGET said the company remained on track to meet its 2026 adjusted recurring earnings per share guidance. URW said it would propose a €5.50-per-share cash distribution for fiscal 2026. The outlook assumes no major additional deterioration in the macroeconomic and geopolitical environment.
The group describes its portfolio as 65 owned shopping centers in the United States and Europe, representing about 88% of its €49.5 billion asset portfolio; 41 operate under the Westfield brand. URW’s calendar lists a data and AI event for Dec. 3, 2026, followed by full-year results before market opening on Feb. 11, 2027.
