Paris, Amsterdam, July 24, 2013

Press Release


Delivering outperformance with recurring EPS up by +5.5% to €5.21
"Unibail-Rodamco's H1-2013 recurring net result was  up by +10.0% to €499  Mn, 
driven by strong like-for-like performance in the Group's shopping centres,  a 
significant decrease in average cost of debt and focus on cost control.  These 
results confirm the  Group's continued capacity  to grow and  outperform in  a 
difficult macro-economic environment and the resilience of its business model,
focused on  large  and high  footfall  shopping and  leisure  destinations  in 
Europe's wealthiest cities."  Christophe Cuvillier,  CEO and  Chairman of  the 
Management Board

Strong operating performance
Despite  the  on-going  macro-economic  challenges  and  the  adverse  weather 
conditions  during  the  spring  season,  tenant  sales  in  Unibail-Rodamco's 
shopping centres picked up significantly in  May and June and are flat  (0.0%) 
for  the  first  semester.  Through   May  2013,  the  Group's  tenant   sales 
outperformed  national  sales   indices^(1)  by  +230   bps.  This   continued 
outperformance reflects  the  appeal of  large  and prime  shopping  malls  of 
Unibail-Rodamco. Net  Rental  Income  (NRI) of  shopping  centres  grew  +4.7% 
like-for-like, an outperformance of +260 bps over indexation. The Group signed
634 leases in H1-2013 and achieved rental uplifts on renewals and  re-lettings 
of +15.6% in Unibail-Rodamco's large shopping malls (+13.7% for the Group as a
whole). Vacancy remains frictional and limited at 2.4%.
The Paris region  office market is  currently undergoing important  challenges 
with a continuing decline in rental values, and take-up is down -19%  compared 
to H1-2012.  Against  this backdrop,  the  Group's offices  like-for-like  net 
rental income was down modestly by -1.6%, of which -0.8% in France.
Convention and Exhibition's resilience  in H1-2013 was  driven by large  shows 
(Agriculture show, Foire de  Paris, Air show) and  was offset by a  meaningful 
slowdown in corporate events.
Note (1) based on latest national sales indices available

Fast forward differentiation
Unibail-Rodamco  continued  the  differentiation  of  its  shopping  malls  by 
introducing new initiatives and rolling  out its innovation strategy in  order 
to offer customers the unique experience not found in other retail settings or
on the internet:

  oInternational premium retailers: the Group signed in H1-2013 78 leases
    with international premium retailers (vs 139 in full-year 2012), including
    Superdry, Samsung, Michael Kors, Costa Coffee, Lego and Primark;
  o4 Star label: following a comprehensive audit conducted by SGS, 3
    additional malls were awarded this exclusive quality label in H1-2013
    (Centrum Cerny Most, Splau, La Maquinista), bringing the total number of
    labelled malls to 12;
  oDining Experience: after a successful launch in La Maquinista (Barcelona)
    in July 2012 and Confluence (Lyon) in May 2013, the initiative which aims
    to double the space dedicated to dining in the Group's malls and improve
    the quality and offer of restaurants will be deployed in Galeria Mokotow
    (Warsaw) and Aéroville (Paris region) in H2-2013;
  oIconic shop fronts: 6 malls will be equipped with double height shop
    fronts at the end of 2013, to have the Group's malls become "the Home of
    the Flagships(TM)";
  oDigital marketing: the Group innovated its digital marketing once again
    with the launch in June 2013 of a totally redesigned version 3 of its
    smartphone app, offering enhanced features and services. Apps of the
    Group's malls have already been downloaded 1.9 Mn times and the Group's
    malls now count 3.3 Mn facebook fans.

Declining average cost of debt
During the first 6 months of 2013, Unibail-Rodamco raised €2.3 Bn of medium to
long-term financing in  the bond and  bank markets and  increased the  average 
debt maturity to  5.4 years  as of June  2013 at  very attractive  conditions, 
taking advantage of the Group's strong balance sheet. The average cost of debt
for the Group in the  first half decreased to 2.9%,  compared to 3.4% for  the 
full-year 2012.
Financial ratios stand at healthy levels:  Loan-To-Value ratio of 38% (vs  37% 
at year-end 2012)  and Interest  Coverage Ratio  at 4.1x  (compared to  3.5x). 
Availability under undrawn credit facilities stood at €4.1 Bn.

Asset values increase driven by rental growth
The gross market  value of the  Unibail-Rodamco's assets as  of June 30,  2013 
stood at  €30.5 Bn,  up +0.9%  like-for-like compared  to December  31,  2012, 
mainly driven by rental growth. The value of the Group's shopping centres grew
+1.2% like-for-like, with large shopping centres up +1.5%.
EPRA Going Concern Net  Asset Value per  share was €154.30,  up by +2.1%  from 
€151.10 as of December  2012, taking into account  the negative impact of  the 
€8.40 per share  distribution in  June this  year. This  reflects +€11.60  per 
share in value created  during the period. The  Group's EPRA triple net  asset 
value per share was similarly up by +2.1% to €141.30 in H1-2013.
The net initial  yield of the  shopping centre portfolio  was stable at  5.3%, 
while the net initial yield for occupied offices increased by 20 basis  points 
to 7.1%.

€6.9 Bn prime quality development projects
In H1-2013, the Group inaugurated the  Czech Republic's first 4 Star  shopping 
centre Centrum Cerny Most (Prague), following a 43,444 m² GLA extension.  With 
81,189 m² GLA and 164 shops,  the mall's tenant mix includes 15  international 
premium retailers and Decathlon's  first store in  Prague.With an increase  of 
+55% in footfall since opening, Centrum Cerny Most is an outstanding success.
On October  17,  2013,  Unibail-Rodamco  will  deliver  its  latest  browfield 
shopping  mall  Aéroville  (Paris  region),  showcasing  the  Group's   latest 
innovations in terms of  design, architecture and  services. In addition,  the 
South extension of Täby Centrum (Stockholm), the extensions and renovations of
Alma (Rennes) and  Toison d'Or  (Dijon) and  the renovated  Shopping City  Süd 
(Vienna) are to be delivered later this year. Projects to be delivered in  the 
second half are already 88% pre-let, providing income visibility.
The Group's development pipeline amounted to €6.9 Bn as of June 2013, of which
€2.9 Bn are committed. 79%  of committed projects are retail.  Unibail-Rodamco 
retains significant execution flexibility on 53% of its projects.

Viparis designated selected bidder for Porte de Versailles concession
On July 9,  2013, Viparis  was designated  by the  Paris City  Council as  the 
selected bidder to operate the Porte de Versailles convention-exhibition site,
following the launch of a call for tender in 2012 with a view to modernise the
site and  increase its  appeal. The  objective  for Viparis  will be  to  make 
significant investments  in  exchange  for  a  new  50-year  lease  agreement, 
expected to be signed in Q4-2013 and to become effective in 2015.

For 2013, the Group confirms its recurring  EPS growth target of at least  5%, 
as a result of strong operating fundamentals (outperforming tenant sales,  low 
vacancy, sustainable occupancy cost  ratios and good  rental uplifts) and  new 
deliveries from extensions and brownfield  projects. In addition, the cost  of 
debt is also expected to be contained at low levels.

Upon  the  proposal  of  Christophe   Cuvillier,  the  Supervisory  Board   of 
Unibail-Rodamco  has  appointed^(2)  Ms  Armelle  Carminati-Rabasse  as  Chief 
Resources Officer  and  Member  of  the Management  Board,  with  effect  from 
September 1, 2013. Armelle Carminati-Rabasse  joins from Accenture, where  she 
was Group  General Manager,  Human  Capital and  Diversity. She  will  replace 
Catherine Pourre, who will cease her activities with Unibail-Rodamco SE as  of 
the same date.
The Supervisory Board and  the Management Board  of Unibail-Rodamco take  this 
opportunity  to  highlight   and  pay  tribute   to  Catherine's   exceptional 
achievements and commitment  to her  role. She  has been  instrumental in  the 
merger between  Unibail SA  and Rodamco  Europe NV  in 2007,  and has  greatly 
contributed to the success of the Group over the last 11 years.

"I thank Catherine  for her hard  work and  dedication to the  Group over  the 
years  helping  to  build  the  leading  high  performance  organization  that 
Unibail-Rodamco is today. I am delighted to welcome Armelle Carminati-Rabasse,
whose skills and experience in both the retail industry and human capital will
be key in fuelling the great ambitions of the Group and its future successes".
Christophe Cuvillier
Note (2) subject to the Dutch Financial Market Authority's (AFM) approval

                                      H1-2013 H1-2012^(3) Growth Like-for-like
Net Rental Income (in € Mn)               657         648  +1.4%         +2.1%
  oShopping centres                      532         510  +4.2%         +4.7%
  oOffices                                80          85  -5.7%         -1.6%
  oConventions & Exhibitions              46          53 -13.5%        -13.5%
Recurring net result (in € Mn)            499         453 +10.0%
Recurring EPS (in € per share)           5.21        4.94  +5.5%
                                     June 30,    Dec. 31,
                                         2013    2012^(3)
Total portfolio valuation (in € Mn)    30,527      29,116                +0.9%
Going Concern Net Asset Value (in €    154.30      151.10  +2.1%
per share)
EPRA triple Net Asset Value (in €      141.30      138.40  +2.1%
per share)

Figures may  not add  up due  to rounding.  Note: (3)  Restated to  take  into 
account the impact of the early adoption of IFRS 10 and 11

The appendix to the press release and the half-year 2013 results  presentation 
are available on the Group's website www.unibail-rodamco.com
Review procedures completed, statutory auditors' report issued today

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 €30.5 billion as of June 30, 2013. 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 - Press release 1H13 results


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