Unibail-Rodamco-Westfield leaves Covid years behind with full recovery
What: Unibail-Rodamco-Westfield’s 2022 results confirmed the end of any Covid effect on its business.
Why it is important: Tenant sales were running at 103% of pre-pandemic levels with the US at 108% and Europe at 100%. These were significant milestones and underlined that the company and retail have bounced back post-pandemic.
Net rental income for the commercial real estate company was EUR 2.26 billion, up 29.1%, with shopping centers being the biggest part of the business, bringing in a net rental income of EUR 2 billion, up 24%.
Shopping center vacancies also reduced to 6.5% compared to 8.9% in 2021, however pre-pandemic vacancies were 5.4%. Additionally, tenant sales were up, rent collection returned to pre-pandemic levels, and the company reported a EUR 1.9 billion debt reduction.
Unibail-Rodamco-Westfield leaves Covid years behind with full recovery
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