(BFM Stock Exchange) – The operator of shopping centers delivered a profit by action higher than expectations for 2024 while disappointing on its prospect of profits for the current year. Above all, the company has decided to keep its “admiral” shopping centers in the United States.

Unibail-Rodamco-Westfield (URW) was under pressure to reconsider his plans. As a reminder, the operator of shopping centers had experienced a palace revolution in the fall of 2020. The management of the company then wanted to make a capital increase to deleted while a group of investors led in particular by Xavier Niel opposed it and preferred the group to give up assets in Europe and the United States.

The second camp was out victorious and Urw had started a heavy program of assets. The property had repeatedly warned that these operations would mean that the company would “massively expose its exposure” to the United States.

But several analysts have called the company in recent months to review its strategy in the region. “We do not think that asset sales are used to significantly improve the group’s debt ratios and believe that they would rather lead to a reduction in the group’s profits,” said Barclays in November.

“Insofar as the exit from the United States is too detrimental to profits, it is legitimate to ask the group to reconsider the exit from the United States because this portfolio has been the most efficient in the past three years,” abounded Jefferies , last month.

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Investor day in May

Urw seems to have heard them. In any case, the company announced this Thursday, February 13, on the occasion of the publication of its annual results, having “made the strategic decision” to keep its “flagship assets” in the United States, that is to say Keep the largest, most prestigious shopping centers.

“In the past four years, with 6.4 billion euros in asset sales in Europe and the United States, we have restructured our portfolio, significantly reduced our debt, while improving the performance of our operations, and thus deeply Amended our risk profile, “said Jean-Marie Tritant, chairman of the group’s executive board, in a statement.

“This transformation being carried out, we have made the strategic decision to keep our very efficient portfolio of destination assets in the United States which will help strengthen the growth and creation of future value of our group,” he added .

This decision to stop the transfers of important assets “was expected by part of the investors and is rather a positive signal for Urw”, notes Oddo BHF.

The company will hold a day dedicated to investors next May to present its future growth plans.

Increase in distribution to shareholders

Urw delivered these announcements while its results for the whole of 2024 have reported “good quality operational data”, appreciates Invest Securities.

The rents increased by 6.7% excluding perimeter effects to 2.31 billion euros, while the recurrent net profit adjusted by action (RNRAPA), the most important profitability indicator of the company, has Established at 9.85 euros, up 2.4% over a year. This key indicator exceeded expectations, housed at 9.81 euros according to Oddo BHF which rents “the strong operational performance” of the company.

Building on these results, the group has announced an increase in its cash distribution to its shareholders, at 3.5 euros per share, against 2.5 euros per share under 2023.

However, on the Paris Stock Exchange, URW action drops by 4.4% around 5:05 p.m., accusing the strongest withdrawal of the CAC 40.

Comparison with Klépierre

An analyst attributes this withdrawal to two factors. First, the group disappointed on its RNRAPA forecast for 2025. Urw said Table on a figure between 9.30 euros and 9.50 euros while the consensus was 9.62 euros, argues this analyst.

Secondly “Urw’s results are certainly good, but they can however suffer from comparison with those of Klépierre who are excellent,” he adds.

Klépierre, the other large operator of shopping centers of the Paris Stock Exchange, also published its annual results on Wednesday evening. The group published a profit per share of 2.60 euros up 5% over one year and greater than expectations. Klépierre’s results bear witness to a “robust operational performance”, appreciates Deutsche Bank. Klépierre won 1.3% on the Paris Stock Exchange, the good results 2024 being mixed by 2025 forecasts deemed “prudent as usual” by Deutsche Bank.