Unibail-Rodamco-Westfield released its full-year 2025 results showing a mix of portfolio strength and one-off activity that shaped reported earnings. The group recorded AREPS (adjusted recurring earnings per share) of €9.58 for FY25, a 3% decline attributed to the impact of €1.6 billion in disposals completed during the year. That AREPS result was in line with market expectations, matching closely with UBS's €9.52 estimate and the broader €9.47 consensus.
On the balance sheet, EPRA net tangible assets (NTA) per share rose 1.6% year-over-year to €112.8. The increase reflected positive revaluations across all markets of +1.7%, with Europe contributing +1.8% and the United States +1.2%.
Operational metrics pointed to improving mall performance. Tenant sales rose by 3.9% year-over-year, supported by a 1.9% increase in footfall. Regionally, tenant sales expanded by 3.4% in Europe and by 5.2% in the company's US Flagship assets.
Occupancy improved materially: EPRA vacancy declined to 4.6% across the portfolio, with vacancy at 3.3% in Europe and 6.3% in the US - the overall level is the lowest reported since 2017. The proportion of long-term agreements (over 36 months) rose to represent 82% of minimum guaranteed rents (MGRs), and the average contractual uplift across the portfolio was 6.7%.
On distributions, the company proposed a dividend of €4.50 per share for the year, an increase of roughly 30% compared with the prior year. Looking ahead, management guided AREPS for 2026 to a range of €9.15 to €9.30, adjusting from its previous guidance of "at least €9.15." For 2026 the company plans a distribution of €5.50 per share, representing about a 60% payout ratio, with the targeted payout rising to a 60-70% range in 2027.
Separately, the company confirmed it has achieved its target of €2.2 billion of completed or secured disposals that had been set for mid-2026. That disposal activity, including the €1.6 billion completed in 2025, was cited as a factor in the year-on-year movement in AREPS.
The results present a combination of portfolio-level revaluation and improving operating trends alongside capital recycling that affected recurring earnings for the period.