Unibail-Rodamco-Westfield Reports Strong Q3 2026 Results
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Unibail-Rodamco-Westfield (URW) reported solid third-quarter 2026 results, highlighting strong growth in tenant sales and footfall, robust leasing activity, and continued reduction in vacancy rates. The company’s operating momentum is expected to support its 2026 outlook.
Tenant sales increased by 5.2%, and footfall rose by 2.2% in the first nine months of 2026. Rental uplifts also showed positive momentum, with a 10.3% increase on top of indexed passing rents, compared to a 6.7% increase in 2025. The EPRA Shopping Centres vacancy rate improved to 3.9%, a 140 basis points improvement from the same period in 2025 and a 20 basis points improvement from the first half of 2026.
URW’s like-for-like turnover increased by 2.4%, including a 3.8% rise in like-for-like Shopping Centres GRI. The company signed a consulting agreement with Thailand’s Asset World Corporation, covering three flagship developments in Thailand, marking a first step towards a potential franchising partnership.
Further capital recycling efforts were successful, as URW agreed to acquire the remaining 50% stake in Metropole Zličín, funded by non-core disposals secured in the third quarter of 2026, beyond the €2.2 billion disposal plan. The group also secured €520 million in successful financings at attractive spreads, protecting earnings from potential interest rate increases and maintaining the average cost of debt in line with its ‘A Platform for Growth’ 2025-28 guidance.
URW’s credit rating was recently upgraded by Moody’s to Baa1 with a stable outlook. The company expects its 2026 Adjusted Recurring Earnings per Share (AREPS) to fall within its guidance of €9.15 to €9.30.
During the quarter, URW expanded its Westfield network through flagship rebrandings in Poland and the UK and successfully refinanced €0.5 billion at attractive spreads. The company is advancing its use of data and AI to enhance its operating model and drive performance for its retail partners and URW itself. URW’s shares are listed on Euronext Paris (Ticker: URW), and the Group is rated BBB+ by Standard & Poor’s and Baa1 by Moody’s.