Confirms FY guidance (Il Sole 24 Ore Radiocor) - Paris, 25 Jul - The Franco-Dutch commercial center operator Unibail-Rodamco-Westfield (URW) said that in the first half of 2024 adjusted recurring earnings per share (AREPS) fell 2.7% to 5.14 euros.

Net rental income was up 3.3% to 1.190 billion euros, with like-for-like growth of 5.6%.

EBITDA amounted to 1.195 billion euros, up 5.8% on a like-for-like basis compared to last year.

Recurring net profit was up 0.9% to 764 million euros.

EPRA net reinstatement value was down 2.9% at 142.50 euros.

The net debt to EBITDA ratio was 9.3 times, stable compared to the end of 2023.

URW said that it has more than 36 months of liquidity secured with 12.7 billion euros, including 4.6 billion of cash on hand.

"Despite challenging investment market conditions, we have secured around 300 million euros in disposals, and are currently in active discussions on 1 billion euros of assets.

We reconfirm our 2024 AREPS and distribution guidance,' said the CEO, Jean-Marie Tritant.

The guidances for full-year AREPS is 9.65-9.80 euros and distribution were confirmed.

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(RADIOCOR) 25-07-24 17:11:29 (0616) 5 NNNN