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2021 Financial Performance

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Our 2021 Full-Year Results

The Group’s pragmatic and proactive leasing strategy delivered robust results in 2021, including an increase in rent for longer-term leases and a material increase in sales-based rents. With its clear commitment to deleveraging, URW is well-positioned to benefit further as market conditions continue to improve.

Detailed 2021 Full-Year presentation

2021 FYR Press Release


2021 FYR Presentation


2021 FYR Webcast

Watch webcast

Clear recovery in H2-2021


Tenant sales as % of 2019
(vs. 62% in H1)


Sales based rent
(vs. €34.2 Mn in H1)


Rent collection
(vs. 73% in H1)


bps occupancy improvement
(vs. -60 bps in H1)


MGR uplift for leases >36 months
(vs. +1.3% in H1)


(vs. -€1.5 Mn in H1)

Financial performance

6.91(21) 7.28(20)



2021 AREPS vs. 2020, restated for disposals

1,724(21) 1,790(20)

Net rental income (€ Mn)

159.6(21) 166.8(20)

EPRA Net Reinstatement value (€ per share)


IFRS net debt reduction (€22.6 Bn at FY-2021 vs. €24.2 Bn at FY-2020)


IFRS LTV improvement (43.3% at FY-2021 vs. 44.7% at FY-2020)

FY-2021 FY-2020 Change Like-for-like change 1
Net Rental Income (in € Mn) 1,724 1,790 -3.7% -1.6%2
Shopping Centres (in € Mn) 1,632 1,699 -3.9% -1.2%3
Offices & Others (in € Mn) 60 85 -29.7% -6.6%
Convention & Exhibition (in € Mn) 32 6 n.m. n.m.
Recurring net result (in € Mn) 1,005 1,057 -4.9%
Recurring EPS (in €) 7.26 7.63 -4.9%
Adjusted Recurring EPS (in €) 6.91 7.28 -5.2%
Dec. 31, 2020
Proportionate portfolio valuation (in € Mn) 54,473 56,314 -3.3% -4.1%
EPRA Net Reinstatement Value (in € per stapled share) 159.6 166.80 -4.3%

1 Like-for-like NRI: Net Rental Income excluding acquisitions, divestments, transfers to and from pipeline (extensions, brownfields or redevelopment of an asset when operations are stopped to enable works), all other changes resulting in any change to square metres and currency exchange rate differences in the periods analysed.

2Including airports.

3Excluding airports.

European Public Real Estate Association Performance measures

6.91(21) 7.28(20)

Adjusted recurring EPS (in euros)

159.6(21) 166.8(20)

EPRA NRV (in € per stapled share)

123.2(21) 128.1(20)

EPRA NTA (in € per stapled share)

110.3(21) 110.5(20)

EPRA NDV (in € per stapled share)

4.3%(21) 4.4%(20)

EPRA NIY (Shopping centres)

7.0%(21) 8.3%(20)

EPRA Vacancy rate (Shopping centres)

21.4%(21) 24.5%(20)

EPRA Cost ratio (excluding direct vacancy costs)

25.1%(21) 27.5%(20)

EPRA Cost ratio (including direct vacancy costs)

Shareholder's report

Shareholding structure

Unibail-Rodamco-Westfield Stapled Shares are listed on the Amsterdam Stock Exchange and the Paris Stock Exchange, as well as in the form of Chess Depositary Interests (CDI) on the Australian Securities Exchange. URW is included in the CAC 40, AEX 25 and ASX 200 indices. On December 31, 2021, the Group had a market capitalisation of €8.5 billion. URW has a large and diverse international shareholder base, which is mainly composed of institutional investors based in the United States, the United Kingdom, The Netherlands, France and Australia. As at December 31, 2021, one of URW’s shareholders (Xavier Niel through NJJ Market and Rock Investment) has declared a holding of more than 10% of the issued share capital.


As part of the Group’s comprehensive deleveraging plan, the Group suspends the payment of a dividend for its fiscal years 2020, 2021 and 2022. Once the Group has completed its deleveraging programme, it will resume the payment of a dividend at a sustainable payout ratio, which will grow in line with the performance of its reshaped portfolio. Given the statutory results of URW SE in 2021, the Group has no obligation to pay a dividend in 2022 for the fiscal year 2021 under the SIIC regime and other REIT regimes it benefits from. It anticipates not to have such an obligation for the fiscal year 2022 as well. Consequently, URW SE’s SIIC distribution obligation, standing at €1,020.8 Mn as at December 31, 2021 (relating to fiscal years 2020 and 2021), will be delayed until URW SE has sufficient statutory results to meet this obligation.

Shareholder's contact

Investor relations

Tel.: +33 (0)1 53 43 73 13

Financial services for shares and dividends

Stapled Share
BNP Paribas Securities Services
Grands Moulins de Pantin – Investor Services
Relations Unibail-Rodamco-Westfield
9, rue du Débarcadère
93 761 Pantin Cedex
Tel: +33 (0)1 57 43 02 30
Fax: +33 (0)1 55 77 34 17
Contact form: Planetshare


Computershare Investor Services Pty Limited
Yarra Falls, 452 Johnston Street, Abbotsford VIC 3067
GPO Box 2975, Melbourne VIC 3001, Australia
Tel (within Australia): 1300 070 730
Tel (international): +61 3 9415 4382

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