Unibail-Rodamco Full-Year Profit Rises as Retail Rents Advance

Unibail-Rodamco SE (UL), Europe’s largest publicly traded property owner, said 2013 recurring profit rose by about 11 percent as the French company generated more rental income by building or expanding shopping centers.

Earnings excluding changes in asset values and disposals, or recurring profit, increased to 986 million euros ($1.3 billion) from 886 million euros a year earlier, the Paris-based company said in a statement today. Recurring profit per share climbed 6.5 percent to 10.22 euros.

A new mall at Paris’s Charles de Gaulle airport and extensions in cities including Prague and Vienna fueled an 8.9 percent increase in rental income from retail properties, Unibail said. The company completed 1.1 billion euros of projects last year, the statement showed.

“We will focus on large shopping centers and continue divestment of small centers,” Chief Financial Officer Jaap Tonckens said on a call with reporters.

Unibail-Rodamco, which trades in Amsterdam, has advanced 5.4 percent in the last 12 months, giving the company a market value of 17.5 billion euros. The group’s property portfolio was valued at 30.5 billion euros as of June 30.

The company plans to increase its dividend for 2013 by 6 percent to 8.90 euros a share, according to the statement.

To contact the reporter on this story: Andrew Blackman in Berlin at ablackman@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net

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