Unibail-Rodamco-Westfield Q1 Profit Up

(RTTNews) - French real estate company Unibail-Rodamco-Westfield (UNBLF, UNRDY), Thursday reported that its proportionate turnover for the first quarter was 942.8 million euros, up 3.7% from 909.3 million euros last year.

Total turnover, excluding VAT, for the first quarter rose to 799.0 million euros, up 758.8 million euros last year.

Shopping Centres Gross Rental Income on a proportionate basis amounted to 616.4 million euros, down from 628.9 million euros in the first quarter of 2023.

Commenting on the results, Jean-Marie Tritant, Chief Executive Officer, stated: "In Q1-2024, we saw continued strong operational performance with a like-for-like improvement in Gross Rental Income across all activities. Tenant sales and footfall in our shopping centres were up on the same period last year, while our Trinity office building in La Défense is now fully let at prime rents. Our Convention & Exhibition business was particularly strong thanks to the early impact of the Paris 2024 Olympic and Paralympic Games, where our Viparis venues will host a number of events and organisational components. Q1 also saw higher Retail Media income thanks to the continued growth of our in-house agency Westfield Rise, which is fully on track to generate the target of €75 Mn in annual net margin in 2024."