Half Year 2023 Unibail-Rodamco-Westfield SE Earnings Call Transcript
Good morning, and welcome to Unibail-Rodamco-Westfield's 2023 Half Year Results Presentation.
In H1, our operational performance led to strong financial results, supported by higher tenant sales and the effect of indexation. Segments, such as food and beverage, fitness and entertainment, performed particularly well, demonstrating that consumer demand for these discretionary activities most impacted by the pandemic has rebounded.
Leasing activity was robust with a record number of deals on a like-for-like basis. This delivered a double-digit MGR uplift as we continued our strategy to focus on longer-term leases.
We also completed a successful exchange offer on our 2023 hybrid bond, which was a first-of-its kind transaction. 92% of the orders participated and our senior spreads also tightened following the transaction, demonstrating the continued confidence of the debt market in URW.
On the deleveraging front, we secured 7 transactions contributing to a
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