What: Westfield gives an overview of the financial performance and tenant sales of the first half of the year.

Why it is important: The report gives an insight to the company’s financial health and the retail industry.

The company reported that the adjusted recurring earnings per share (AREPS) rose 6.6% to EUR 5.28 in H1 which was driven by the strong operational performance in retail and offices.

The like-for-like net rental income was up 8.2% at EUR 1.152 billion with its shopping centres making up the bulk of it at EUR 1.059 million. Tenant sales rose 9.2% YOY in H1.

Bankruptcies increased in H1 to 211 stores, due to government support and rent relief provided during the Covid period coming to an end with more than a quarter of stores affected being in France.

The group signed 1,180 leases with the proportion of long-term deals signed increasing and vacancies for shopping centres decreasing.

Westfield owner says tenant sales still rising in H1