UNIBAIL-RODAMCO SE

FULL-YEAR RESULTS 2013

Paris, Amsterdam, February 4, 2014

Press Release

FULL-YEAR RESULTS 2013

Innovation Driving Growth

"2013 was an excellent year for Unibail-Rodamco, both operationally and financially. Recurring earnings per share grew by +6.5% in a year characterized by on-going innovation, a strong leasing performance and a record low cost of debt. Last, but not least, €1.1 Bn  of projects adding a total of more than 200,000 m² of GLA were successfully delivered. Unibail-Rodamco's focus on high footfall, superior quality shopping and leisure destinations throughout Europe's wealthiest cities underpins its successful business model as the Group widens the innovation gap." Christophe Cuvillier, CEO and Chairman of the Management Board.

Recurring EPS at €10.22, up +6.5%, and significantly outperforming guidance for 2013 of at least 5%.
The Group's recurring net result was €986 Mn, up +11.2% from €886 Mn in 2012 driven by strong like-for-like growth in shopping centres, the successful deliveries in 2012 and 2013 and a record-low cost of debt of 2.9%.

Solid operating performance
Unibail-Rodamco performed very well despite the negative macro-economic backdrop.
In the Retail segment, footfall through December 31, 2013 was resilient at +0.2% while tenant sales were up +1.1%⁽¹⁾ through November, outperforming national sales indices by 250 bps⁽¹⁾ and demonstrating the superior quality and appeal of Unibail-Rodamco's portfolio. The like-for-like Net Rental Income (NRI) growth was +4.7% compared to 2012, 260 bps above indexation. The Group signed 1,378 leases on standing assets, with a Minimum Guaranteed Rent uplift of +15.3%, +19.8% for its large shopping centres (6Mn visits and above). Unibail-Rodamco signed 165 leases with international premium retailers up from 139 in 2012. The Group rotated 12.6% of its tenants and its Occupancy Cost Ratio stands at a moderate 13.7%. Vacancy stood at 2.5%, of which 0.5% in strategic vacancy to prepare for major restructuring projects.
In the French offices segment, the Group signed 22 leases for a total take-up of 80,123 m² up from 31,375 m²in 2012, a notable difference with the decrease in office take-up in the Greater Paris Region of -25% vs. 2012. The office like-for-like NRI for the Group decreased by -4.6% mainly due to departures in France, for which indemnities were received in 2012.
Convention & Exhibition NRI was down -4.5% in 2013 after an exceptionally strong 2012 but was up +2.3% from the last comparable year of 2011, with its large shows continuing to perform well and a record number of new shows (33). On December 9, 2013, Viparis and the City of Paris entered into a new long-term lease agreement (50 years commencing January 1, 2015) for Porte de Versailles.