Full Year 2023 Unibail-Rodamco-Westfield SE Earnings Call Transcript
Good morning, and welcome to Unibail-Rodamco-Westfield 2023 full year results presentation. In 2023, we delivered strong operational performance across all activities. This performance was driven by dynamic leasing acuity and indexation in continental Europe at 6.5%, which has contributed to an adjusted recurring earnings per share of EUR9.62 above our full-year guidance.
During the year, we made further deleveraging progress in a challenging investment market. Securing 11 transactions was EUR1 billion. Disposal since 2021 have contributed EUR5.1 billion to the IFRS net debt reduction with net debt now below EUR20 billion for the first time since 2018.
In 2023, we also strengthened our balance sheet by successfully executing a first-of-its-kind exchange of our hybrid bond. This maintain our credit rating and our continued access to the bond market access that was confirmed in December when we successfully issued an oversubscribed EUR750 million green bond.
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