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Unibail-Rodamco Falls on Slower Earnings Prospects: Paris Mover

Feb. 2 (Bloomberg) -- Unibail-Rodamco SE, Europe’s largest publicly traded property company, fell the most in almost a month in Paris after projecting slower growth in recurring earnings per share than some analysts had expected.

The shares dropped as much as 2.7 percent. Earnings excluding changes in the value of properties and interest-rate derivatives will rise 4 percent this year from 9.03 euros ($11.86) a share last year, the Paris-based company said after the market closed yesterday. This was slower than the 5 percent to 7 percent annual growth the company predicted for 2012 through 2014, Jefferies International said in a note to investors today.

Inflation, rising taxes and mounting unemployment across Europe are causing shoppers to cut spending, making retailers less willing to lease space. That’s acting as a brake on higher rents charged by landlords like Unibail-Rodamco for its large dominant malls.

The forecast was “disappointing,” Cheuvreux analysts said today in a morning note to investors in which they cut their rating to “underperform” from the broker’s “selected list.” Paris-based Cheuvreux had expected the company’s earnings to increase 6 percent this year.

Unibail-Rodamco fell 3.90 euros, or 2.6 percent, to 146.90 euros at 11:50 a.m. in Paris, reducing the company’s market value to 13.5 billion euros. That’s the biggest decline since Jan. 6.

To contact the reporter on this story: Simon Packard in London at

To contact the editor responsible for this story: Andrew Blackman at

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