Q2 2022 Unibail-Rodamco-Westfield SE Earnings Call Transcript
Good morning, and welcome to Unibail-Rodamco-Westfield's half year results presentation.
I'm pleased to update you on the positive business momentum we have seen during the first half of the year. While the macroeconomic environment has become more challenging, we have performed well. This performance has translated into a higher adjusted recurring earnings per share, our core metric of underlying performance, leading us to increase our guidance for the year.
As anticipated, sales across our retail assets have recovered and are at an exceeding levels for the same period in 2019. This has resulted in an increase in sales based rent with leasing demand driven by quality of our assets and our affluent customer base. We have also seen increased demand across our office portfolio as major tenants shift to our higher-quality buildings with strong sustainability credentials.
Our Convention & Exhibition division enjoyed a significant recovery with net operating income
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