Universal registration document

© COPYRIGHT — THE URW 2019 REPORT

THE URW 2019 REPORT

01 — Rewind

Business model

Unibail-Rodamco-Westfield is the premier global developer and operator of flagship destinations. We own, develop and operate shopping centres and airport retail operations in the most dynamic cities of Europe and the United States. We generate value through operational excellence and our ideal position as a unique platform for local and international retailers and brand ventures. We build, operate and maintain state-of-the-art office buildings and convention & exhibition centres in the Paris region.

Our vision

The premier global developer and operator of flagship destinations

In a rapidly changing environment

Structural changes in retail

Transition towards a greener economy

Will be delivered by 3 strategic objectives

We innovate

seizing external opportunities brought by technology to explore new business models, create value, generate growth, and stay ahead of the curve

We concentrate

on the best assets in the world’s most dynamic cities

We differentiate

the retail experience through outstanding services, bold digital marketing, unique designs, premium retails, and inspiring events

That mobilise our resources

Intellectual property

  • • Westfield’s international brand equity
  • • Group signature destination concepts
  • • A dedicated innovation lab
  • • URW Link, the Group’s open innovation platform
  • • An internal Concept Studio

Capital

  • • €65.3 Bn total GMV(6)
  • • €26.4 Bn net debt(7)
  • • 1.6% average cost of debt
  • • 8.2 years average debt maturity
  • • 38.6% LTV(8) & “A” category credit rating(9)
  • • €31.9 Bn shareholders’ equity

Employees

  • • 3,626 skilled employees
  • • 51% female, 49% male

Assets

  • • 90 Shopping Centres with 8.9 Mn sqm GLA (1)
  • • 16 Offices & Others assets(2) with 0.3 Mn sqm GLA(3)
  • • 10 Convention & Exhibition venues(4) with 0.6 Mn sqm GLA(5)

(1) Excluding assets under redevelopment, total complex.

(2) Only standalone offices >10,000 sqm and offices affixed to a Shopping Centre >15,000 sqm, includes La Vaguada offices.

(3) Total complex GLA, excluding assets under redevelopment, only standalone offices >10,000 sqm and offices affixed to a Shopping Centre >15,000 sqm, includes La Vaguada offices.

(4) Excluding Palais des Sports.

(5) Excluding assets under redevelopment, total complex.

(6) On a proportionate basis.

(7) On a proportionate basis.

(8) Excluding €2,039 Mn of goodwill as per the Group’s European leverage covenants.

(9) “A3” Moody's / “A-” S&P.

Via our value chain

Investment & divestment

  • • Invest on the highest quality assets in vibrant dynamic destinations
  • • Divest non-core or mature assets

Property management

  • Ensure premium quality services for our visitors

Building & renovation

  • • €8.3 Bn development pipeline(10)
  • • Ambitious mixed‑use projects, fully integrated in the communities
  • • Constantly challenging the status quo to deliver the best customer experience

Leasing

  • Ensure we offer the best tenant mix and brands to our visitors

(10) The Group further reviewed its pipeline and announced on April 29, 2020, that it will remove €1.6 Bn of controlled projects, including Westfield Milano.

To produce outstanding outputs in 2019

Environment & Mobility

  • • 100% of European portfolio supplied with Green Electricity(13)
  • • 70% of the Group’s standing assets equipped with electric vehicle charging spaces
  • • 90% of owned and managed shopping centers are certified BREEAM In-Use in Continental Europe, of which 42% rated “Outstanding” for “Building Management (Part 2)”
  • • 67% of European assets connected to Metro or Tram lines(14)

Communities

  • • “URW for Jobs” conducted in 40 shopping centres in Continental Europe and in the UK. 758 jobs and training placements provided / 1,428 job-seekers trained
  • • 2,000+ employees took part in URW Community Day in May 2019, supporting 80 civic initiatives in partnership with non-profit and public partners
  • • Over 18,000 volunteering hours contributed by employees
  • • 100% of our shopping centres work with local or national charities, hosting at least one social or environmental event each year

Shareholders & creditors

  • • €12.37 AREPS(12)
  • • €5.4 Dividend Per Share
  • • €213.30 EPRA NAV per share

Employees

  • • 475 employees were promoted
  • • 67 employees benefitted from an international mobility
  • • 5.7% of employees made a lateral career move within the Group

Visitors

  • Circa 1.2 Bn visits in 2019

Assets

  • • 19 of the Group’s assets among the top 30 European assets by footfall(11)
  • • 708 events held in our Convention & Exhibition venues, of which 241 shows, 96 congresses and 371 corporate events

Retailers

  • • + 3.7% tenant sales growth in the Group’s shopping centres
  • • 2,621 leases signed in 2019

Socio-economic footprint

  • 62,266 jobs hosted by our Continental European shopping centres

(11) In countries where Unibail-Rodamco-Westfield operates, in Mn visitors, 2018. Source: Sites Commerciaux June 2019. Evry 2 has been added with the footfall disclosed on the landlords website, and Shopping City Süd footfall restated to include the entire complex.

(12) Adjusted Recurring Earnings Per Share.

(13) Except for a temporary interruption in green electricity supply during 2019 for Pasing Arcaden and Gera Arcaden.

(14) Based on assets referenced in CACI Retail Markets 2019 ranking – Property portfolio as at 31/12/2018.

Our Vision

in a rapidly changing environment

Will be delivered by 3 strategic objectives

That mobilise our resources

Via our value chain

To produce outstanding outputs in 2019