Core Insights - The company has upgraded its 2025 Adjusted Recurring Earnings per Share (AREPS) guidance to at least €9.50, reflecting strong operating performance and successful disposals [5][3] - The acquisition of a 25% stake in St James Quarter in Edinburgh aligns with the company's strategy to expand its flagship assets in key urban markets [4][6] - Tenant sales increased by 3.4% and footfall rose by 1.8% in the first nine months of 2025, indicating robust demand across the portfolio [5][2] Financial Performance - The company reported a 6.7% uplift in Minimum Guaranteed Rent (MGR) on top of indexed passing rents, showcasing effective leasing strategies [5] - Like-for-like Shopping Centres Gross Rental Income (GRI) increased by 2.4%, consistent with the first half of 2025 [5] - The company has completed or secured €1.6 billion in disposals year-to-date, with €1.4 billion already completed and an additional €0.7 billion in active discussions [3][5] Strategic Initiatives - The acquisition of St James Quarter is part of the 'A Platform for Growth' 2025-28 business plan, aimed at enhancing the Westfield brand's presence [4] - The company is actively managing its capital structure, evidenced by a successful €685 million hybrid issuance and a buyback exercise on its hybrid instruments [5] - The company operates 66 shopping centres across 11 countries, attracting over 900 million visits annually, which provides a strong platform for retailers [7]