Unibail-Rodamco Posts €1.5B Net Loss

PARIS-French-Dutch REIT Unibail-Rodamco, the largest listed property company in Europe, posted a 7% rise in recurring earnings per share in 2009 but a wider net loss of €1.47 billion, against €1.12 billion in 2008. It marked the portfolio down another 2.7% from June to €22.3 billion, having made €2.3 billion in valuation movements and disposals over the year.

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.”