Unibail-Rodamco-Westfield: Rents Up 4.4% at Constant Perimeter, 2026 Target Confirmed
Over the first nine months of 2026, Unibail-Rodamco-Westfield recorded a 4.4% increase in gross rental revenue at constant perimeter, while the published amount declined by 0.7% to €2,087 million. The group confirmed on October 22, 2026 its range of €9.15 to €9.30 for its adjusted recurring net earnings per share (AREPS) for the fiscal year.
The gap between these two figures is mainly explained by disposals and unfavorable currency effects, according to the real estate company. It realized €2.2 billion in disposals over 2025 and the first half of 2026, in line with the target set during its 2025 investor day. At the same time, the operational indicators of its shopping centers (tenant sales, footfall, vacancy) are improving.
This publication comes as the stock had fallen 15% in three months as of October 19, 2026.
Tenant Sales Up 5.2%, Vacancy Reduced to 3.9%
Sales by tenants in the group's centers increased by 5.2% over nine months, against an average underlying inflation of 2.3% and national sales indices up 3.5% over the period. Footfall rose by 2.2%. Northern Europe showed the strongest growth (+8.1%), followed by major American centers (+6.7%), Central Europe (+4.3%) and Southern Europe (+3.1%).
The EPRA vacancy rate of shopping centers stood at 3.9%, down 140 basis points year-over-year and 20 basis points compared to the first half of 2026. It reached 2.9% in Europe and 4.7% for major American centers.
On the leasing front, the group signed €293 million in guaranteed minimum rents, of which 82% on long-term leases. New rents averaged 10.3% above indexed rents in place (13.5% for long-term leases), compared to 6.7% in 2025. Variable income increased by 9.2% to €254 million, driven by on-site advertising and parking.
Published Revenues Down 0.7% Due to Disposals and Currency Effects
Gross rental revenues from shopping centers increased by 3.8% at constant perimeter, or 320 basis points above indexation. On a published basis, they amounted to €1,873 million, compared to €1,884 million a year earlier (-0.6%). The congress-exhibitions segment posted growth of 11.9% to €165 million, supported in particular by favorable seasonal effects, while offices and other assets declined to €49 million from €71 million.
Total group share revenue reached €2,639 million, compared to €2,689 million (-1.9%), but increased by 2.4% at constant perimeter. The group notes that the unfavorable currency effect is offset at its level by its debt denominated in dollars and sterling as well as by its hedges.
Since the start of the second half, the real estate company has completed or secured €0.4 billion in additional disposals (including Plaza Bonita, De Vijfhoek and offices in San Francisco) and an equal amount of acquisitions. These relate to its partners' interests in Westfield Southcenter (45%) and Metropole Zličín (50%), for which an acquisition agreement has been reached. In Thailand, the group signed an advisory contract with Asset World Corporation on three projects in Bangkok and Pattaya, which should allow it to explore a possible franchise partnership.
AREPS Expected Between €9.15 and €9.30, €5.50 Per Share Distribution Confirmed
The group expects 2026 AREPS of between €9.15 and €9.30, assuming no further major deterioration in the macroeconomic and geopolitical environment. According to the consensus of analysts surveyed on October 20, 2026, the expected earnings per share for the fiscal year is €9.27, within this range. On this basis, the stock trades at approximately 9.7 times current year earnings.
On the financial side, the real estate company raised €0.5 billion (term loans and private bond placements) with an average credit spread of approximately 100 basis points and an average maturity of approximately 6.5 years. These transactions support, according to the group, its objective of average cost of debt of 2.8% to 3.2% by 2028. Available cash reached €2.8 billion as of September 30, 2026 (€3.0 billion on a pro forma basis).
Moody's raised the group's rating on August 24, 2026 from Baa2 to Baa1, with a stable outlook, and S&P confirmed its BBB+ rating on October 9. Annual results will be published on February 11, 2027. The group confirmed that it will propose a distribution of €5.50 per share for 2026, up approximately 22% from the €4.50 paid for 2025.
