Unibail-Rodamco, Europe's largest listed property group, expects to grow its earnings per share to between €12.75 and €12.90 euros this year after delivering higher-than-expected results in 2017.
Unibail-Rodamco's recurring earnings per share rose 7.20% last year to €12.05, on top of its €11.80 - €12.00 guidance announced in February 2017.
The company, which is in the process of taking over Sydney-listed peer Westfield for $24 bn (€21 bn), said its portfolio reached a value of €43.1 bn in 2017, up 6.3% on the previous year.
Net Rental Income (NRI) was particularly strong in the office segment, rising 13.5% year-on-year. NRI like-for-like income rose 4.3% in the shopping centre segment, or 360 bps above indexation. The group also reported an all-time-low cost of debt of 1.4%, with a 7.2 year maturity.
'Thanks to the exceptional performance of the teams, 2017 was an outstanding year for Unibail-Rodamco, with very strong operating results, the successful delivery of five major retail developments and the agreement to acquire Westfield Corporation,' said Christophe Cuvillier, CEO and Chairman of the Management Board. 'Unibail-Rodamco is very well positioned to deliver on its proven growth strategy in 2018.'
