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UNIBAIL-RODAMCO SE : UNIBAIL-RODAMCO SE : FULL-YEAR 2012 RESULTS



       UNIBAIL-RODAMCO SE : UNIBAIL-RODAMCO SE : FULL-YEAR 2012 RESULTS

Paris, Amsterdam, January 30, 2013

Press Release

FULL-YEAR 2012 RESULTS

Re-Inventing the customer experience
"In Unibail-Rodamco's  5^th year  anniversary since  the merger  in 2007,  the 
Group's 2012  performance  demonstrates  the  relevance  of  its  strategy  of 
accelerating the differentiation  of the Group's  portfolio of prime  shopping 
centres. Unibail-Rodamco focused  on re-inventing the  customer experience  in 
its  shopping  malls  by  introducing  new  international  premium  retailers, 
successfully opening three new  generation shopping centres, redesigning  many 
others and launching innovative marketing initiatives. With its strong base of
82 shopping  centres, three  strategic  partnerships signed  in 2012  and  its 
flexible prime quality development projects, its strong balance sheet, secured
low cost of financing and  talented professionals, Unibail-Rodamco expects  to 
deliver strong earnings growth in the future."
Guillaume Poitrinal, CEO and Chairman of the Management Board

Recurring EPS growing +6.7%
The 2012 recurring EPS of €9.60 represents a growth of +6.7% compared to 2011,
significantly outperforming the 4% outlook  provided for the year 2012.  These 
results reflect strong underlying like-for-like performance across all of  the 
Group's divisions, market share gains by the Group's tenants with an  increase 
in sales,  decreasing average  cost of  debt  and a  continued focus  on  cost 
efficiency.

Strong operating performance
Footfall in Unibail-Rodamco's shopping  centres was up  +1.3% in 2012.  Tenant 
sales  in  the  Group's  malls  were  up  by  +2.5%  through  November   2012, 
outperforming national sales indices by 350 bps over the same period.  Despite 
a challenging  macro-economic environment,  Unibail-Rodamco's performance  was 
notably driven by its focus on large malls, which represent 89% of the Group's
shopping centre  gross  market value,  and  its active  operating  management. 
Like-for-like net rental income (NRI) grew +4.2% in 2012, an outperformance of
200 bps over  indexation. The  Group's rotation  rate increased  to 13.2%  and 
rental uplifts on relettings  and renewals were up  by +21.4%. 139 deals  were 
signed with  international premium  retailers, confirming  the appeal  of  the 
Group's malls for both  customers and tenants alike.  Vacancy remained low  at 
2.1%.
The office division showed good  like-for-like results in a difficult  market, 
with like-for-like NRI increasing by +6.9% in 2012. Convention and  Exhibition 
saw its recurring  net operating  income grow  +10.7% vs  the last  comparable 
period of  2010, with  large shows  performing very  well and  an increase  of 
international congresses.

A number of innovations launched in 2012
2012 was  an  exceptional  year  in  terms of  innovation  with  a  number  of 
initiatives launched  by  the  UR  Lab in  order  to  re-invent  the  customer 
experience in Unibail-Rodamco's malls and strengthen their leadership position
in terms of customer services and differentiation:

  o The 4 Star label: the Group's new quality referential based on a list of
    571 criteria. 9 shopping centres were 4 Star labelled in 2012;
  o The iconic shop fronts project to make Unibail-Rodamco's malls "the Home
    of the Flagships^TM" by upgrading the overall height and quality of the
    Group's tenants' shop fronts, thus promoting variety, innovation and
    design excellence in the Group's malls;
  o The Dining Experience, a new initiative aimed at doubling the space
    dedicated to dining in Unibail-Rodamco's shopping centres by offering a
    collection of the best local restaurateurs and international food concepts
    and creating a new outstanding "Dining Plaza";
  o Digital applications to strengthen the customer relationship: all of the
    Group's shopping centres now have an iPhone and/or Android app and the
    number of apps downloaded reached 1.3 Mn. The number of facebook fans of
    the Group's shopping malls grew to 2.6 Mn.

Asset values increase reflects superior rental growth
The Gross Market Value of the Group's portfolio as of December 31, 2012  stood 
at €29.3  Bn,  up +4.8%  like-for-like  compared  to December  31,  2011.  The 
shopping centre portfolio grew +6.0% like-for-like  to €23.0 Bn with a  strong 
contribution from rents (+4.9%) as a result of rental uplifts generated by the
Group. Despite significant negative impact  of the mark-to-market of debt  and 
financial instruments,  the  Going  Concern  Net Asset  Value  per  share  was 
€151.10, an increase  of +5.6%  compared to December  31, 2011,  and the  EPRA 
triple Net  Asset Value  per share  was  €138.40, an  increase of  +5.9%  from 
€130.70 per share as at December 31, 2011.

Record low cost of debt
Taking advantage of the Group's robust balance sheet (Loan-To-Value of 37% and
Interest Coverage Ratio of 3.5x) and "A" rating with a stable outlook from S&P
and Fitch,  the Group  raised €4.6  Bn of  medium to  long-term debt  at  very 
attractive rates, of which €2.4 Bn on the bond market at an average margin  of 
99 bps over  mid-swap. As  a result,  Unibail-Rodamco's average  cost of  debt 
decreased to 3.4% in 2012, from 3.6% in 2011.

€7.0 Bn flexible development pipeline
The Group's development projects amounted to €7.0 Bn at year end 2012, out  of 
which €2.9 Bn was committed. Retail accounts for 70% of committed projects. 11
projects were delivered in 2012, including the successful openings of shopping
centres Confluence and  So Ouest in  France and  El Faro in  Spain. The  Group 
enters a period of momentum  for new deliveries with  the openings in 2013  of 
the extensions and renovations of Centrum Cerny Most in Prague, Alma in Rennes
and Toison  d'Or in  Dijon and  the  brownfield mall  Aéroville in  the  Paris 
region. In addition, the Group captured landmark development projects in  2012 
such as Polygone Riviera, a 71,474 m² GLA new generation open air mall on  the 
French Riviera in Cagnes-sur-Mer, next to Nice.
Unibail-Rodamco  retains  full  flexibility  on  the  controlled  and  secured 
exclusivity segments of the pipeline.

Outlook
For 2013, the  Group remains  positive in  its expectations  on rental  income 
growth. In  addition to  the  impact of  new  deliveries from  extensions  and 
brownfield  projects,  this  growth  should  be  driven  by  on-going   strong 
fundamentals, such  as outperforming  tenant sales,  low vacancy,  sustainable 
occupancy cost  ratios and  good rental  uplifts.  The cost  of debt  is  also 
expected to be contained  at low levels. In  light of the strong  fundamentals 
outlined above, the Group sets  a recurring EPS growth  target of at least  5% 
for 2013.
For the longer term, the Group expects to reach recurring EPS of €14 by  2017. 
This objective, based  on the  Group's current  5-year plan,  assumes (i)  the 
successful execution  of  the  Group's development  projects,  (ii)  no  major 
evolution of  the  Group's current  capital  structure, (iii)  no  significant 
change in the  macro-economic conditions in  Europe, (iv) no  adverse tax  law 
changes, (v) the  Group's pay-out ratio  maintained at its  current level  and 
(vi) the payment by the Group of the annual dividends in cash with respect  to 
fiscal years 2013 through 2016.

Dividend
The Group will propose to the Annual General Meeting (AGM) of shareholders  to 
declare a dividend for 2012 of €8.40 per share, representing an increase of 5%
compared to 2011 and  a pay-out ratio  of 88% comparable to  the one in  2011. 
Subject to the approval from the AGM, the Group's shareholders will be paid on
June 3, 2013 the following amounts per Unibail-Rodamco share:

  o €5.27 in cash paid from Unibail-Rodamco's tax exempt (SIIC) real estate
    activities;
  o €3.13 per share distributed from Unibail-Rodamco's non-tax exempt
    activities for which shareholders will have the option to elect payment in
    either (i) new shares created at a discount of 7%, or (ii) cash. The
    withholding tax historically paid by non-French mutual funds (OPCVM) no
    longer applies to this part of the dividend.

Change of market of reference
As of February 28, 2013, Unibail-Rodamco's market of reference will be NYSE
Euronext Amsterdam instead of Paris in order to emphasise its truly
pan-European status, its unique nature as a Societas Europaea and maintain its
inclusion in both the CAC40 and AEX25 indices. This change of market of
reference does not impact: (i) Unibail-Rodamco's organisation (including its
Paris legal headquarters), French presence or activities, (ii) the Group's
dual listing on NYSE Euronext Paris and NYSE Euronext Amsterdam, (iii) the
liquidity of the shares, (iv) the tax situation of the Group's
shareholders^(1), and (v) the ISIN (FR0000124711) and mnemonic (UL) codes of
the Group, which will remain unchanged.
As a result of this election of NYSE Euronext as its market of reference,
Unibail-Rodamco's shares will not be eligible to the French "Service à
Réglements Différés" (SRD), a deferred settlement service for individual
shareholders residing in France only, as of February 23, 2013. SRD trades will
be possible until February 22, 2013.
Note (1): tax elements are not intended to constitute tax advice and
shareholders should consult their own tax advisors

                                         FY-2012  FY-2011 Growth Like-for-like
                                                                        growth
Net Rental Income (in € Mn)                1,318    1,262  +4.4%         +4.8%
  o Shopping centres                       1,044      984  +6.1%         +4.2%
  o Offices                                  173      185  -6.5%         +6.9%
  o Conventions & Exhibitions                101       93  +7.7%         +7.7%
Recurring net result (in € Mn)               886      826  +7.2%
Recurring EPS (in € per share)              9.60     9.00  +6.7%
                                        Dec. 31, Dec. 31,
                                            2012     2011
Total portfolio valuation (in € Mn)       29,292   25,924      -         +4.8%
Going Concern Net Asset Value (in € per   151.10   143.10  +5.6%
share)
EPRA triple Net Asset Value (in € per     138.40   130.70  +5.9%
share)

Figures may not add up due to rounding

The appendix to the press release and the full-year 2012 results  presentation 
are available on the Group's website www.unibail-rodamco.com
The audit procedures by statutory auditors are currently in progress.

For further information, please contact:

Investor Relations
Paul Douay
+33 1 76 77 57 40

Media Relations
Camille Delomez
+33 1 76 77 57 94

About Unibail-Rodamco
Created in  1968, Unibail-Rodamco  SE is  Europe's largest  listed  commercial 
property company,  with a  presence in  12 EU  countries, and  a portfolio  of 
assets valued  at €29.3  billion as  of December  31, 2012.  As an  integrated 
operator, investor and  developer, the Group  aims to cover  the whole of  the 
real estate value creation chain. With the support of its 1,500 professionals,
Unibail-Rodamco applies  those skills  to highly  specialised market  segments 
such as large shopping centres of major European cities, and large offices and
convention & exhibition centres in the Paris region.
The Group distinguishes itself through its focus on the highest architectural,
city  planning  and  environmental  standards.  Its  long  term  approach  and 
sustainable vision focuses on the development or redevelopment of  outstanding 
places to shop, work and relax. Its commitment to environmental, economic  and 
social sustainability has been recognised by inclusion in the DJSI (World  and 
Europe), FTSE4Good and STOXX Global ESG Leaders indexes.
The Group is  a member  of the CAC  40, AEX  25 and EuroSTOXX  50 indices.  It 
benefits from an A rating from Standard & Poor's and Fitch Ratings.

For more information, please visit our website: www.unibail-rodamco.com
Unibail-Rodamco - Full-year 2012 results

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This announcement is distributed by Thomson Reuters on behalf of Thomson
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The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: UNIBAIL-RODAMCO SE via Thomson Reuters ONE
HUG#1674309
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