[caption id="attachment_85202" align="aligncenter" width="658"] Note: Proportionate method.
Source: Company reports/Coresight Research[/caption] 1Q19 Results URW reported 1Q19 revenues of €939.6 million, up 70.2% year over year, driven by the acquisition of Westfield Corporation. Despite an unfavorable Easter calendar, the company reported a 4.3% increase in tenant sales from its European shopping centers (4.8% for Flagships). US specialty sales per square foot increased by 5.3% (5.5% for Flagships). Traffic increased 2.4% in European shopping centers, driven by an increase of 8.7% in the UK, 4.0% in France and 2.6% in Central Europe. The proportionate gross rental income of the Shopping Center division increased 73.0% to €673.9 million. Gross rental income grew 3.7% to €176.2 million in France, 3.6% to €56.2 million in Central Europe, and 3.2% to €28.2 million in Austria. In 2018, the company sold non-core shopping centers in Spain and the Nordics, driving a decrease of 9.1% and 4.9%, respectively, in gross rental income in those regions. URW has recorded €3.1 billion of disposals since June 2018, exceeding the original €3 billion announcement in December 2017. The company raised its disposal target to €6 billion in February 2019, resulting in an additional €2.9 billion of disposable assets. Outlook The company expects adjusted recurring EPS of €11.80–€12.00 for 2019, up 4–5%.