Fully diluted net asset value ended 2009 15% lower at €128.20. "The group ends 2009 with solid earnings growth in line with expectations, despite a very adverse economic environment," said CEO Guillaume Poitrinal. U-R will maintain its distribution of 87% of recurring net earnings, will propose a €8.00 per share dividend to be paid in full on 10 May 2010, and sees a better 2010.

"While 2010 starts with tangible signs of recovery, it will be a year of transition, with low or even negative indexation, the impact from divestments achieved in 2009, and limited deliveries of new assets in 2010," the group said in a statement. Guidance for recurring EPS growth in 2010 is 0% to 2%. "Beyond 2010, the group expects to see renewed momentum for growth based on the growing appeal of its large centres and delivery of projects from the €5.6 billion development pipeline."

In 2009, net rental income growth was positive. The number of visits to the group's centers was stable, despite a 1.9% drop in retailers' sales. There were few tenant defaults with a slight 1.9% increase in vacancy, about the same as in 2008. Its shopping centers showed 6.1% net rental income growth, and 3.9% like for like - due to indexation, low vacancies and minimum guaranteed rents uplifts of 21% on re-lettings and extensions. In its office portfolio, net rental income contracted by 4.2% as a result of divestments, though it was up 9.1% like for like due to successful leasing activity and favorable indexation.