The French-Dutch REIT Unibail-Rodamco boosted its recurring earnings per share in 2012 by 6.7 percent to €9.60, outperforming the company’s 4 percent target. It expects earnings to continue growing sharply in the coming years. Recurring net profit rose 7.2 percent to €886m. “These results reflect strong underlying like-for-like performance across all of the Group’s divisions, market share gains by the Group’s tenants with an increase in sales, decreasing average cost of debt and a continued focus on cost efficiency,” writes Unibail in its 2012 results report.
Footfall in Unibail-Rodamco’s shopping centres was up by 1.3 percent in 2012. Tenant sales in its malls were up by 2.5 percent through November 2012, outperforming national sales indices over the same period by 350 bps. Large malls represent 89 percent of the company’s shopping centre gross market value, and its active operating management. Net rental income grew 4.2 percent in 2012.
