Unibail-Rodamco-Westfield: market snubs results

(CercleFinance.com) - Unibail-Rodamco-Westfield shares are down over 5% on Thursday in Paris stock exchange following the group's publication of operating data for Q3.


This publication nevertheless shows a clear increase in the rental collection rate, at 88% compared to 78% in Q1 and 80% in Q2.

The overall vacancy rate also declined to 7.9% (i.e. an an improvement) compared to 8.9% at the end of June, and 8.3% at the end of 2020, in particular thanks to better occupancy of its shopping centres in the US.

The retail property giant also said it was targeting recurrent net income of at least 6.75 dollars per share this year, slightly above the level in FY 2020.

In a statement, the company said it expects its business indicators to continue to normalise, moving increasingly towards their pre-Covid levels as the key Christmas period approaches.

Although analysts mentioned "relatively encouraging signals", the Unibail-Rodamco-Westfield share was taking a hit on Thursday morning: down almost 6% in late morning trading in Paris.

It is however, pretty flat (-0.6%) YTD.


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