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Amsterdam, March 19, 2019


Press release



WFD Unibail-Rodamco N.V. ("WFD UR NV" or the "Company") today reported its unaudited financial results for the partial fiscal year ended December 31, 2018. The Company`s annual report, including the management board report and the audited financial statements, will be published on March 27, 2019, on: http://www.wfd-unibail-rodamco-nv.com/en/investors.

The Company`s accounts reflect the financial results for the period from February 14, 2018 (establishment), until December 31, 2018. However, the references to operational results, such as tenant sales, rents and leases signed for the US assets owned by Westfield Corporation until June 7, 2018, and by WFD UR NV afterwards, relate to the entire 12-month period ended December 31, 2018, and comparisons relate to the same period in 2017, unless otherwise indicated.


The net operating result of the Company was €99.7 Mn and the net result for the period €187.9 Mn. This translates to a net result per share for the period of €1.20.


In the US, speciality sales productivity per square foot (psf)(1) through December 31, 2018, increased by +10.9% (+12.0% for Flagships(2)). Luxury sales were particularly strong, up by +15.2% psf. Average letting spreads were +7.5% (+11.5% in Flagships) and average rent for stores under 10k sq. ft was $87 psf(3), up +3.9%. As at December 31, 2018, occupancy stood at 95.6% (96.2% in Flagships), stable compared to December 2017 but up by +130 bps from June 30, 2018. NOI increased by +3.1%, mainly due to the deliveries of Westfield Century City and Westfield UTC. Comparable NOI(4) declined -1.6% or -0.3% for Flagships, improving from -3.0% and -2.6%, respectively, for the 6-month period ended on June 30, 2018.


The WFD UR NV portfolio is at the forefront of the changes of a rapidly evolving retail environment. Exposure to fashion is being reduced and replaced by exciting new formats of growing retail segments:

  • Entertainment: the Company signed or opened Virtual Reality spaces, such as Dreamscape at Westfield Century City and The Void at Westfield San Francisco Centre, new cinemas, including the Showplace Icon Theatre at Westfield Valley Fair;
  • Dining: building on the successes of Eataly and Javier`s, the Company opened the famous Din Tai Fung restaurant at Westfield Century City;
  • Digital Native Vertical Brands (DNVBs): in 2018, the Company signed 25 leases with DNVBs, bringing the total number in its portfolio to 65. A DNVB-dedicated precinct will be set up at Westfield Valley Fair, with ready-to-operate units and specific services.


The Expected Cost(5) of the Company`s development pipeline amounted to €1.4 Bn. The following projects are in the committed part of the pipeline:

  • The 47,402 sqm GLA extension of Westfield Valley Fair;
  • Westfield World Trade Center Tower 3 and North Temporary Access (NTA), with an additional 7,180 sqm GLA;
  • Residential units at Westfield UTC, with 26,845 sqm GLA (300 apartments);
  • The Westfield Topanga Renovation where construction works started in August 2018.


In the second-half of 2018, the Operating Management function was implemented in the US and the initial 5-year business plan process for the US was completed.


WFD UR NV and its consolidated entities, together with Unibail-Rodamco S.E. ("UR SE") and its consolidated entities, form Unibail-Rodamco-Westfield ("URW" or the "Group"). UR SE consolidates WFD UR NV and its controlled undertakings, and its accounts represent a comprehensive overview of the Group. The Group`s full year 2018 results were published on February 13, 2019, and are available at www.urw.com


For the financial year 2018, the Group proposed a cash dividend of €10.80 per stapled share to be paid by UR SE subject to approval by its Annual General Meeting (AGM) to be held on May 17, 2019.
Further details on the Group dividend can be found in the press release issued by UR SE on this topic.


The next financial events on the Company`s calendar will be:

March 27, 2019: Release of WFD Unibail-Rodamco N.V.`s 2018 Annual Report
June 11, 2019: AGM WFD Unibail-Rodamco N.V.
September 27, 2019: Publication of the WFD Unibail-Rodamco N.V. 2019 Half-Year results


For further information, please contact:

Investor Relations
Samuel Warwood
Maarten Otte
+33 (0)1 76 77 58 02

Media Relations 
Tiphaine Bannelier-Sudérie
+33 1 76 77 57 94


  1. Calculated on the basis of sales psf for specialty tenants, being stores with <10k sq. ft (929 sqm). For centres in operation and excluding new brownfield deliveries, acquired assets and assets under heavy refurbishment (in line with the UR methodology).
  2. Assets of a certain size and / or with footfall in excess of 10 million per year, substantial growth potential for the Group based on their appeal to both retailers and visitors, iconic architecture or design and a strong footprint in their area.
  3. €815 / sqm.
  4. Comparable NOI is based on Net Operating Income before management fees, termination/settlement income and straightline adjustments, and excluding one-offs. For comparability, recent project deliveries or centres undergoing significant development works are excluded.
  5. The Company`s Expected Cost equals 100% Expected Cost multiplied by the Company`s percentage of ownership of the project, plus specific own costs, if any.


20190319 WFD URNV FY-2018

This announcement is distributed by West Corporation on behalf of West Corporation clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: WFD Unibail-Rodamco N.V. via GlobeNewswire