Unibail Rodamco Westfield : Financial information as at March 31 2021

Paris, Amsterdam, April 28, 2021

Press release

Financial information as at March 31, 2021

• Unibail-Rodamco-Westfield's("URW" or "the Group") Q1-2021 turnover remained strongly impacted by ongoing COVID-19 restrictions with 42 days(1) of closures vs. 13 days(1) in Q1-2020; zero days of "normal" unrestricted operations vs. 70 days in Q1-2020
• Progressive lifting of non-essential retail restrictions in the UK, Slovakia, Denmark and The Netherlands during April; however 51% of URW's shopping centres are still effectively closed(2)
• March tenant sales(3) reached 87% of 2019 levels in the US, while Continental European countries where non-essential retail was allowed to trade reached 76-81%; UK footfall jumped to 75% of 2019 levels during first week of reopening despite major restrictions still in place
• Successful delivery of Westfield Mall of the Netherlands: 92% pre-let(4) at opening; 70,000 visits during first weekend despite closure of F&B and Entertainment and appointment only access to non-essential retail
• URW also announced today the sale of a 45% stake in Shopping City Süd (Vienna) and the phased disposal of Aupark (Bratislava); upon closing URW will have completed €1.35 Bn of its planned €4 Bn European asset disposal programme

Commenting on the first quarter of 2021, Jean-Marie Tritant, Chief Executive Officer said:

"The Group's centres were effectively closed for an average of 42 days in the first quarter, with the exception of essential retail. Combined with the ongoing closure of all Convention & Exhibition venues, the Group's performance in the quarter was strongly impacted, and we anticipate 2021 to remain very challenging with tougher and longer restrictions impacting the Group beyond Q1. While we saw encouraging leasing activity as brands continue to choose our locations in preparation for the post COVID-19 market rebound, our overall vacancy rate did increase slightly in Q1 as a result of the lagged impact of the pandemic on retailers. We continue to partner with our tenants to navigate this environment together.

We see positive signs of a return to normality whenever restrictions are eased, thanks to pent-up consumer demand for our high quality shopping destinations. In March, sales in Spain, Austria and Sweden, where non- essential retail was allowed to trade, reached 81%, 79% and 76% of 2019 levels, respectively. Tenant sales in selected US markets where most restrictions had been removed, with the exception of capacity limits, also recovered strongly, with sales in our non-CBD Flagship centres(5) reaching 93% of 2019 levels in March and some centres even exceeding pre-COVID levels. In addition, the strong return of UK footfall, reaching 75% of 2019 levels and 1.2 million visits in the first week after reopening, despite ongoing indoor F&B and Entertainment closures, is an encouraging sign of the appetite we expect to see across all markets.

As outlined at the full year results, the varied pace of vaccination progress and the resulting recovery trajectory of each of our markets means the Group still lacks sufficient visibility to provide a full-year outlook at this time."

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1. Turnover

The proportionate turnover of URW for the first three months of 2021 amounted to €566.7 Mn, down by -40.8% year- on-year, reflecting the impact of the prolonged COVID-19 restrictions and the impact of the 2020 disposals. The Group's results in Q1-2020 were only marginally affected by COVID-19, as major restrictions in URW's key markets only came into effect in late March 2020.

	Turnover
			IFRS			Proportionate(6)
	YTD in € Mn, excluding VAT	3M-2021	3M-2020	Change	3M-2021	3M-2020	Change
	Shopping Centres	360.6	515.6	-30.1%	472.8	679.1	-30.4%
	Offices & Others	17.4	26.2	-33.7%	19.5	28.5	-31.7%
	Convention & Exhibition	11.5	69.2	-83.3%	11.7	69.7	-83.2%
	Rental income	10.1	46.7	-78.4%	10.2	47.2	-78.3%
	Services	1.5	22.5	-93.5%	1.5	22.5	-93.5%
	Property services and other activities revenues	26.5	43.3	-38.9%	26.5	43.3	-38.9%
	Property development and project	36.2	136.0	-73.3%	36.2	136.0	-73.3%
	management revenues
	Total	452.2	790.3	-42.8%	566.7	956.6	-40.8%
	Figures may not add up due to rounding

2. Gross Rental Income

Gross Rental Income ("GRI") includes the rent discounts expected to be given, increased vacancy impact, and lower variable revenues as a result of the ongoing COVID-19 restrictions, while doubtful debtor provisions are part of the property operating expenses.

The proportionate GRI of the Shopping Centre division amounted to €472.8 Mn for Q1-2021, a decrease of -30.4%. The GRI in the Nordics, Spain and the US, reached -14.5%,-20.4% and -20.9%, respectively, as shopping centres in those regions were mostly able to trade through the first quarter, albeit with capacity and/or F&B and Entertainment restrictions remaining in place. Spain was positively impacted by the delivery of the Fashion Pavilion and Dining Experience in La Maquinista. The US was also impacted by a negative FX impact, which was partly offset by the opening of the Westfield Valley Fair extension in March 2020.

GRI in France was impacted by restrictions as the French government announced the closure of shopping centres above 20,000 sqm from the end of January and above 10,000 sqm from the beginning of March, followed by a lockdown in the Paris region from the end of March. In addition, the GRI in France was impacted by the disposal of the five French shopping centres in May 2020 as part of the Group's strategic disposal programme, which was partly offset by the delivery of the Lyon La Part Dieu extension.

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The decrease in Austria and Poland, which where both closed for 1.5 months, is driven by government regulation suspending rental payments during the pandemic. In Germany, Denmark, Czech Republic, Slovakia and the UK shopping centres were closed for the full quarter. While The Netherlands was also closed for the full quarter, the impact was partly offset by the opening of Westfield Mall of the Netherlands.

The GRI of the Offices & Others division was €19.5 Mn, down by -31.7% compared to Q1-2020, as expected following the strategic disposal of Novotel Lyon Confluence in 2020 as well as SHiFT and Les Villages 3, 4 and 6 in 2021.

The GRI of the Convention & Exhibition division decreased by -78.3% to €10.2 Mn, due to the restrictions for convention and exhibition venues throughout the first quarter and the lockdown in the Paris region from March 19.

Gross Rental Income
		IFRS			Proportionate(6)
YTD in € Mn, excluding VAT	3M-2021	3M-2020	Change	3M-2021	3M-2020	Change
Shopping Centres	360.6	515.6	-30.1%	472.8	679.1	-30.4%
France	111.3	174.6	-36.3%	112.8	176.7	-36.1%
United States	101.7	122.3	-16.9%	193.9	245.2	-20.9%
Central Europe	34.4	52.2	-34.2%	36.1	54.2	-33.4%
Spain	33.9	42.5	-20.3%	33.9	42.6	-20.4%
Nordics	27.9	32.7	-14.5%	27.9	32.7	-14.5%
Austria	13.5	22.9	-41.1%	13.5	22.9	-41.1%
United Kingdom	9.5	25.8	-63.1%	20.2	49.6	-59.2%
Germany	14.5	25.4	-43.0%	20.4	38.1	-46.4%
The Netherlands	13.9	17.2	-19.1%	13.9	17.2	-19.1%
Offices & Others	17.4	26.2	-33.7%	19.5	28.5	-31.7%
France	9.3	18.2	-48.7%	9.3	18.2	-48.7%
Other countries	8.1	8.0	+0.4%	10.2	10.3	-1.8%
Convention & Exhibition	10.1	46.7	-78.4%	10.2	47.2	-78.3%
Total	388.0	588.6	-34.1%	502.5	754.9	-33.4%

Figures may not add up due to rounding.

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Major events

1. Closing and reopening of the Group's shopping centres in 2021
   As at March 31, 57% of URW's shopping centres were restricted from trading except for "essential" stores(2). In total the Group suffered from 42 days(1) on average of closure vs. 13 days(1) in Q1-2020, and had zero days of normal operations vs. 70 days in Q1-2020.
   Most countries in which the Group is active continue to have restrictions in place which impact the Group's operations. As at April 28, 51% of URW's shopping centres are restricted from trading except for "essential" stores(2). Non-essential retailers can currently trade only in the Group's centres in the UK, the US, Sweden, Spain, Slovakia, The Netherlands and Denmark, while restrictions on capacity and/or F&B and Entertainment continue to apply in all of these countries. Some countries have however announced a proposed reopening date, such as May 3 for Austria. A full list of current restrictions can be found in Appendix 1.
2. Footfall & Sales(3)
   During the quarter, footfall in Europe was down -58% vs. 2019 and -41% in the US. Tenant sales saw a similar trend and were down -51% vs. 2019, with the US (-23%) outperforming Europe (-62%). However, considering the closures of many centres and other on-going restrictions, the aggregate tenant sales and footfall data is not deemed meaningful.
   In the US, centres were open throughout Q1, while other restrictions such as the stay-at-home order in California and the closure of F&B were gradually removed in January, February and March. As a result, the sales performance improved progressively throughout the quarter and reached 69%, 74% and 87% of the 2019 levels for January, February and March, respectively. In March, the Group's non-CBD Flagship centres(5) reached 93% of 2019 levels and 11 shopping centres overall even had tenant sales, pro rata for open stores and number of days in operation, above 2019 levels, demonstrating the pent-up consumer demand.
   In March, sales for Spain, Austria and Sweden, where non-essential retail was also allowed to open, came to 81%, 79% and 76%, respectively, of the 2019 levels.
   In the first week after reopening on April 12, footfall in the UK came to an encouraging 75% of 2019 level, reaching 1.2 million visits in a week, with Westfield London at 85% despite that restaurants and cinemas are still closed and Westfield Stratford, a major public transportation hub, at 69%, as the usage of public transportation remains subdued. This is higher than the June 2020 reopening, when footfall was tracking between 40-50% of the 2019 level. With indoor F&B and Entertainment operators expected to reopen in the UK on May 17, footfall is expected to further improve over the coming months.

These figures show encouraging signs of expected consumption rebound once the restrictions related to COVID-19 are lifted and demonstrate the appeal of URW's shopping centres.

3. Rent collection, rent relief and support schemes

Rent collection levels continue to be impacted by COVID-19 restrictions applied in the majority of countries where the Group operates.

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As at April 23, 66% of the first quarter rent invoiced had been collected. Adjusted for the rent relief granted or expected to be granted and booked, the collection rate came to 89% of the total amount due(7).

The European collection rate stood at 63% for the quarter, having trended down month-on-month, as new restrictions were implemented in France, Poland and Austria in February. In Austria and Poland, laws determine that rents and service charges are not due during closure periods.

In the US, the collection rate reached 73% and was still impacted by the stay-at home order in California, which was lifted on January 25, and restrictions on F&B and Entertainment operators, which were partially lifted in California, New Jersey and Montgomery (MD) county in March, with some counties still having capacity restrictions in place for indoor F&B and Entertainment.

Region	January(8)	February(8)	March(8)	Q1(8)
Continental Europe	77%	60%	53%	63%
UK	62%	62%	62%	62%
Total Europe	75%	60%	54%	63%
US	76%	74%	70%	73%
Total URW	75%	65%	59%	66%

The rent relief granted or expected to be granted and booked in Q1-2021 amounts to a cash impact of €146.9 Mn for URW on a proportionate basis (€312.6 Mn in 2020), and may be adjusted for the full year based on effective duration of lockdowns, as well as on the basis of government support.

The total trade receivables from activity(9) net of rent relief and provisions as at March 31, 2021, increased by +€74.7 Mn vs. December 31, 2020. This increase reflects the impact of shopping centre closures or restrictions on rent collection in Q1-2021 in most of the regions where the Group operates.

In several countries the governments have implemented retailer support schemes, on top of the furlough / partial activity schemes which retailers can use, notably in Czech Republic, Denmark, Sweden, The Netherlands and Slovakia. Currently, there is no direct support for landlords, although landlords can also make use of furlough / partial activity schemes. The main retailer support schemes currently in place can be found in Appendix 2.

France also intends to implement a more extensive support scheme to compensate retailers for a substantial part of their fixed costs, which is currently under review by the European Commission. Subject to final legislation, when in place, this scheme should improve URW's ability to collect rent. Conversely in Poland, the government is considering legislation which would force landlords to give a certain discount for a limited period after the reopening.

4. Leasing and vacancy

Leasing activity continues to be impacted by the COVID-19 pandemic. Nevertheless, a number of deals with leading retailers were completed in Q1, such as:

• Primark in Garbera;
• Nike in Galeria Mokotow, Westfield Arkadia and Westfield Mall of Scandinavia;
• Huawei in CentrO;
• Lego in Westfield Arkadia;

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