Unibail-Rodamco-Westfield 9-Month Revenues Down 15.6%

French real estate company Unibail-Rodamco-Westfield (UNBLF, UNRDY) Wednesday reported nine-month revenues of 1.610 billion euros, down 15.6% from 1.908 billion euros last year.

Shopping centers slipped 11.9% to 1.248 billion euros, while office and others tanked 28.7% to 50.9 million euros. Convention and exhibition dropped 26.0% to 70.5 million euros, while property services and other activities revenues decreased 13.7% to 96.2 million euros.

Commenting on the results, CEO Jean-Marie Tritant said, "Since the reopening of all of our centers and despite some ongoing restrictions, we have seen a marked recovery in activity in Q3. Overall tenant sales for Continental Europe reached 92% of pre-COVID levels in the quarter and 89% including the UK, while the US is even stronger at 102%. This return of activity has supported a major improvement in rent collection, sustained letting activity, and a decrease in vacancy levels."

Looking forward, Unibail-Rodamco expects to achieve an adjusted recurring earnings of at least 6.75 euros per share for full year 2021.

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