Unibail-Rodamco-Westfield SE · EURONEXT:URW

Unibail-Rodamco-Westfield — Unibail-Rodamco — H1 2013 Earnings Presentation

76 slides from Unibail-Rodamco-Westfield's earnings presentation, Jul 24, 2013

  1. Slide 1: 2013 Half-Year Results: Delivering outperformance

    2013 HALF-YEAR RESULTS Delivering outperformance

  2. Slide 2: Disclaimer

    DISCLAIMER Unibail-Rodamco S.E., a Société Européenne à Directoire et Conseil de Surveillance incorporated under French law, is a listed closed end property investment company. Unibail-Rodamco is registered with the French Authority Financial Markets (AMF) and has a license under the Dutch Financial

  3. Slide 3: Table of Contents

    TABLE OF CONTENTS  2013 Half-Year Financial Results and Valuation  Strong Operating Performance  Rock Solid Balance Sheet  Net Asset Value  Fast Forward on Differentiation  €6.9 Bn Prime Quality Development Pipeline  Outlook

  4. Slide 4: 2013 Half-Year Financial Results and Valuation

    2013 HALF-YEAR FINANCIAL RESULTS AND VALUATION Splau, Barcelona 2013 HALF-YEAR RESULTS

  5. Slide 5: 2013 Half-Year Results and Valuation

    2013 HALF-YEAR RESULTS AND VALUATION % Like-for-like in € Mn H1-2013 H1-2012(1) % Growth Growth(2) Shopping centres 532 510 +4.2% +4.7% Offices 80 85 -5.7% -1.6% Convention & Exhibition 46 53 -13.5% -13.5% Net Rental Income 657 648 +1.4% +2.1% Recurring Net Result (Group share) 499 453 +10.0% Net Re

  6. Slide 6: Recurring EPS came to €5.21 in H1-2013

    Recurring Earnings per Share(3) (recurring EPS) came to €5.21 in H1-2013, representing an increase of +5.5% compared to H1-2012. These results are in line with the full-year outlook of at least +5% growth in recurring EPS and reflect:  Good like-for-like(2) rental growth of shopping centres of +4.

  7. Slide 7: Strong Operating Performance

    STRONG OPERATING PERFORMANCE Donau Zentrum, Vienna 2013 HALF-YEAR RESULTS

  8. Slide 8: Strong Rental Income Growth in Shopping Centres

    STRONG RENTAL INCOME GROWTH IN SHOPPING CENTRES Net Rental Income % Like-for-like in € Mn H1-2013 H1-2012(1) % Growth growth(2) France 271 263 +2.9% +7.1% Spain 71 67 +5.1% -0.2% Central Europe 54 49 +10.8% +6.1% Austria 53 51 +3.9% +4.7% Nordic 46 44 +5.9% +1.6% The Netherlands 36 36 +1.3% -0.6% To

  9. Slide 9: Shopping centre net rental income breakdown

    Total consolidated Net Rental Income (NRI) of the shopping centre portfolio amounted to €531.7 Mn in H1-2013. The total net growth in NRI amounted to +€21.4 Mn (+4.2%) compared to H1-2012(1) and breaks down as follows:  -€13.4 Mn from a change in perimeter (Parly 2 consolidated under equity metho

  10. Slide 10: Growth over indexation

    260 BPS GROWTH OVER INDEXATION Like-for-like increase in NRI(1) of shopping centres +4.7% +4.6% +4.2% +3.9% 1.1% 2.6% 2.0% 3.6% +1.4% 2.8% 0.8% 2.2% 2.1% 1.0% 0.6% 2009 2010 2011 2012 H1-2013 Like-for-like growth over indexation Indexation 5

  11. Slide 11: Like-for-like NRI growth net of indexation

    The like-for-like net rental income growth(1), net of indexation, amounted to +2.6% in H1-2013, outperforming the average annual growth of +1.9% (over and above indexation realised between 2009 and 2012). (1) Net Rental Income (NRI) like-for-like growth excluding acquisitions, divestments, transfer

  12. Slide 12: Active Leasing Driving Rental Growth

    ACTIVE LEASING DRIVING RENTAL GROWTH In H1-2013: MGR uplifts(2) continuously captured  634 deals(1) signed  Reversion captured: +13.7% MGR uplift(2) +15.6%  +15.6% for large malls(3) +13.7%  5.6% rotation rate(4)  In line with > 10% annual target +4.3%  Vacancy(5): 2.4% (vs 2.1% at year end 20

  13. Slide 13: 634 leases signed in H1-2013

    In line with Unibail-Rodamco’s expectations, 634 leases(1) were signed in H1-2013 (vs 740 in H1-2012(7)) for €68.9 Mn of Minimum Guaranteed Rents with an average uplift(2) of +13.7% on renewals and relettings (+21.4% in 2012), including a +15.6% uplift in large shopping centres(3). Further to the

  14. Slide 14: Significant Reversionary Potential to be Captured

    SIGNIFICANT REVERSIONARY POTENTIAL TO BE CAPTURED Low and sustainable occupancy cost ratio(1) compared to international peers(2) 17.9% 15.1% 13.4% 13.7% 13.1% 11.3% Simon Property GGP Unibail-Rodamco Taubman Westfield Land Sec (incl. Outlets)  Occupancy cost ratio(1) stood at 13.4% as of June 30, 2

  15. Slide 15: Occupancy cost ratio at 13.4%

    The occupancy cost ratio(1) (OCR) on average stood at 13.4% as of June 30, 2013, compared to 13.1% as at December 31, 2012. It was stable in Spain at 12.5% (vs 12.4%), in Central Europe at 13.3% (vs 13.2%) and in the Nordics at 11.5% (vs 11.4%) and increased in France to 13.8% (vs 13.5%). In Austr

  16. Slide 16: Tenant Sales Continue to Outperform

    TENANT SALES CONTINUE TO OUTPERFORM Tenant sales(1) growth in Unibail-Rodamco’s shopping centres vs national indices(2) since 2006 (rebased to 100) -0.2% year-to-date to May 2013(1) -2.5% year-to-date to May 2013(2) 2006 2007 2008 2009 2010 2011 2012 H1-2013 Tenant’s sales growth in Unibail-Rodamco’

  17. Slide 17: Tenant sales outperformed national indices

    Tenant sales(1) in the Group’s shopping centres once again outperformed national sales indices. The outperformance by +230 bps during the first five months of 2013 exceeded the annual average(4) of 180 basis points of outperformance during the past six years. After the adverse weather conditions du

  18. Slide 18: Tenant Sales Outperformance in All Regions

    TENANT SALES OUTPERFORMANCE IN ALL REGIONS Tenant sales(1) vs national sales indices(2) year-to-date to May 2013 Large malls(3) continue outperformance(1) +6.0% +1.1% +0.9% +0.8% 0.0% +0.1% -0.2% -0.4% -1.4% -2.2% -2.5% -4.5% -4.9% -7.4% Group France Spain Central Europe Austria Nordics Unibail-Roda

  19. Slide 19: Outperformance by country

    The Group’s shopping centres in France, Spain, Austria and Central Europe outperformed their respective national sales indices(2) by +220 bps, +290 bps, +50 bps and +740 bps, respectively. As usual, large malls(3) outperformed with a tenant sales growth of +0.9% through May 2013. For example, sales

  20. Slide 20: Differentiated Tenant Sales Performance

    DIFFERENTIATED TENANT SALES PERFORMANCE +4.9% +3.7% Tenant sales(1) growth +2.9% through June 2013 +2.1% +2.2% +1.3% Assets > 6 Mn visits 0.0% Group -0.1% -0.1% -1.7% Bags, footwear Culture, media Fashion Dining Health and beauty and accessories and technology 37.9% 9.4% 9.0% 9.0% 8.8% % of shopping

  21. Slide 21: Performance of largest sectors by MGR

    Performance of the Group’s largest sectors in terms of MGR(2) contribution shows the strength of Unibail-Rodamco’s business model as small shopping centres suffered the impact of lower footfall and sales evolution that lagged far behind those recorded in the largest shopping centres. (1) Tenant sal

  22. Slide 22: Spain: Large Malls Drive Resilience in H1-2013

    SPAIN: 6 LARGE MALLS DRIVE RESILIENCE IN H1-2013 Large malls(1): 70% of Spanish portfolio(2) Large malls outperforming Tenant sales(3): +1.1%  -4.5% in region MGR uplifts(4): +24.3%  +8.6% in region OCR(5): 12.1%  12.5% in region  Ample reversionary potential Vacancy(6): 1.9%  2.6% in region (v

  23. Slide 23: Spanish portfolio resilient

    Despite a continued challenging macro-economic environment, Unibail-Rodamco’s Spanish shopping centre portfolio proved resilient in H1-2013, driven by the region’s large malls(1) located in Madrid, Barcelona and Valencia and accounting for 70% of the Spanish portfolio(2). Tenant sales(3) in the Grou

  24. Slide 24: Offices: Solid Performance in Tough Market

    OFFICES: SOLID PERFORMANCE IN TOUGH MARKET Net Rental Income % Like-for-like in € Mn H1-2013 H1-2012 % Growth growth(1) France 67 71 -6.1% -0.8% Other 13 13 -4.4% -6.9% Total 80 85 -5.7% -1.6%  Paris region take-up(2) -19% in H1-2013, pressuring rents  Active leasing in first half with 31,265 m² G

  25. Slide 25: Office net rental income

    Unibail-Rodamco’s consolidated Net Rental Income (NRI) from the offices portfolio came to €79.7 Mn in H1-2013. The decrease of -€4.9 Mn from H1-2012 to H1-2013 is explained as follows:  -€3.5 Mn due to disposals in France (Tour Oxygène) and in Nordics (Halmstad) in 2012;  -€0.3 Mn due to pipelin

  26. Slide 26: Convention & Exhibition: H1-2013 Supported by Large Shows

    CONVENTION & EXHIBITION: H1-2013 SUPPORTED BY LARGE SHOWS % Growth in € Mn H1-2013 H1-2012 H1-2011 2013/2011 Venues and Hotels Net Rental Income 46 53 46 +0.2% On site property services + share of the profit of associates 19 23 19 -3.2% Venues recurring Net Operating Income 65 76 65 -0.8% Depreciati

  27. Slide 27: Convention and Exhibition seasonal results

    The Convention and Exhibition business has a seasonal results pattern, with annual, biennial and triennial shows, and an uneven distribution of shows during the year. The H1-2013 activity level was largely driven by large shows:  Annual shows: the successful “Agriculture Show” (SIA), attracting 6

  28. Slide 28: Viparis Selected Bidder for Porte de Versailles Concession

    VIPARIS “SELECTED BIDDER” FOR PORTE DE VERSAILLES CONCESSION  Viparis designated “selected bidder” by Paris City Council  New 50-year contract to be signed in H2-2013  Taking effect from January 1, 2015  Termination of current contract expiring in 2026 expected in H2-2013  Objectives of new con

  29. Slide 29: Viparis designated selected bidder

    On July 9, 2013, Viparis was designated by the Paris City Council as the “selected bidder”(1) to operate a 50-year lease in the Paris Expo Porte de Versailles site, following the launch of a call for tender in 2012 with a view to modernise the site and to increase its appeal. The signature of this

  30. Slide 30: Rock Solid Balance Sheet

    ROCK SOLID BALANCE SHEET Donau Zentrum, Vienna 2013 HALF-YEAR RESULTS

  31. Slide 31: Strong Financial Ratios

    STRONG FINANCIAL RATIOS Contained LTV(1) (in %) Strong ICR(2) (in x) 80% 6 60%(3) 4.6 60% 4.1 4.1 4.0 3.8 4 3.5 41% 41% 37% 37% 38% 40% 2.5 30% 25% 2 20% 2.0(3) 0% 0  “A” rating confirmed by S&P and Fitch (stable outlook) 16

  32. Slide 32: Financial ratios and ratings

    The financial ratios of the Group stand at healthy levels and well below covenants:  Loan to Value(1) ratio stands at 38% (vs 37% as at December 31, 2012);  Interest Coverage Ratio(2) improved and stands at 4.1x (vs 3.5x in 2012). Unibail-Rodamco is rated by the rating agencies Standard & Poor’s

  33. Slide 33: Rock Solid Financial Position

    ROCK SOLID FINANCIAL POSITION Gross financial debt as of June 30, 2013  75% of gross debt capital markets funded(1) Short term paper (vs 50% as of June 2011) 8% Convertible bond 6% Bank loans  €4.1 Bn of undrawn credit lines 17%  Interest rate risk 90% hedged  Limited sensitivity  Visibility ne

  34. Slide 34: Average cost of debt decreased to 2.9%

    The average cost of debt for H1-2013 decreased to 2.9% (vs 3.4% for 2012). Unibail-Rodamco’s consolidated nominal financial debt as at June 30, 2013 increased to €11,869 Mn(2) (€11,034 Mn as at December 31, 2012), due primarily to regular dividend payment, development pipeline capital expenditures

  35. Slide 35: Recent Issuances Contribute to Record Low Cost of Debt

    RECENT ISSUANCES CONTRIBUTE TO RECORD LOW COST OF DEBT Decreasing average cost of debt (in %) EUR 750,000,000 HKD 1,285,000,000 (EUR 127,000,000) 2.375% fixed rated notes 92 bps margin 8-year maturity 12-year maturity 3.9% February 2013 February-March 2013 3.6% 3.4% EUR 700,000,000 EUR 770,000,000 3

  36. Slide 36: Medium to long-term financing transactions

    Medium to long-term financing transactions completed in H1-2013 amounted to €2,347 Mn and include:  The signing of €770 Mn medium to long-term credit facilities or bank loans with an average maturity of 4.8 years and an average margin(1) of 84 bps. This amount includes the refinancing of a €600 Mn

  37. Slide 37: Net Asset Value

    NET ASSET VALUE Confluence, Lyon 2013 HALF-YEAR RESULTS

  38. Slide 38: NAV: €11.60 per Share Value Creation

    NAV: €11.60 PER SHARE VALUE CREATION EPRA Going Concern Net Asset Value(1) in € per share €154.30 Non like-for-like +€5.21 Recurring EPS +€1.40 revaluation and €151.10 (€8.40) intangible assets(2) €142.70 +€11.60 +€0.78 Rental effect(3) Asset +€2.68 revaluation +€0.50 Yield effect(3) Mark-to-market

  39. Slide 39: EPRA NNNAV of €141.30 per share

    Unibail-Rodamco’s EPRA triple Net Asset Value(7) (NNNAV) amounted to €141.30 per share as of June 30, 2013, increasing by +2.1% compared to December 31, 2012. The increase in NNNAV of €2.90 per share is the result of: (i) the contribution of €5.21 per share from the Recurring Earnings Per Share of

  40. Slide 40: Risk Premium at Historical Highs

    RISK PREMIUM AT HISTORICAL HIGHS Unibail-Rodamco’s shopping centre portfolio net initial yield(1) vs long-term interest rates(2) 5.3% 4.8% 4.2% 437 bps risk premium 0.9% 2007 2008 2009 2010 2011 2012 H1-2013 Unibail-Rodamco’s shopping centre net initial yield 5-year French OAT rate  Risk premium vs

  41. Slide 41: Net initial yield stable at 5.3%

    Based on an asset value excluding estimated transfer taxes and transaction costs, the shopping centre division’s net initial yield(1) as at June 30, 2013, remained stable at 5.3%. A change of +25 basis points in net initial yield would result in a downward adjustment of -€968 Mn (or -4.5%) of the

  42. Slide 42: H1-2013 Revaluation Driven by Large Shopping Centres

    H1-2013 REVALUATION DRIVEN BY LARGE SHOPPING CENTRES Shopping Centres Offices like-for-like revaluation in H1-2013 like-for-like revaluation in H1-2013 > 6 Mn visits Group +1.2% +1.5% < 6 Mn visits -0.5% -2.3% Rent effect +0.9% +1.1% -0.7% -0.8% Yield effect +0.4% +0.3% +0.2% -1.5% 22

  43. Slide 43: Shopping centre portfolio value growth

    The value(1) of Unibail-Rodamco’s shopping centre portfolio grew from €22,811 Mn(2) as at December 31, 2012 to €24,067 Mn as at June 30, 2013, including transfer taxes and transaction costs. On a like-for-like basis, its value, including transfer taxes and transaction costs and restated for works,

  44. Slide 44: Fast Forward Differentiation

    FAST FORWARD DIFFERENTIATION Les 4 Temps, Paris region 2013 HALF-YEAR RESULTS

  45. Slide 45: Fast Forward Differentiation

    FAST FORWARD DIFFERENTIATION 4 Star label Dining experience Iconic shop fronts Assets renovated/extended(1) 55% today 76% by 2015 4 malls by year-end 6 malls by year-end 12 malls labelled today 24

  46. Slide 46: Differentiation initiatives in shopping malls

    In 2013, the Group continued the differentiation of its shopping malls by introducing new initiatives and by rolling out its innovation strategy in order to offer customers the unique experience not found in other retail settings or on the internet:  4 Star label: with 3 new malls labeled in H1-20

  47. Slide 47: Unibail-Rodamco: Mall Operator of Choice

    UNIBAIL-RODAMCO: MALL OPERATOR OF CHOICE 1st store 1st three stores 1st store in Poland 1st store in a shopping centre in Poland in a shopping centre in France in a shopping centre in France 1st store in a shopping centre in France and in the Czech Republic 1st two stores 1st store 1st cinema 1st st

  48. Slide 48: International premium retailers introduced

    Unibail-Rodamco’s international leasing efforts concentrate on identifying the most differentiating and exciting retail concepts, which generate traffic and customer preference. By being the first in introducing these concepts in the Group’s shopping malls, it increases their appeal and further dif

  49. Slide 49: Unibail-Rodamco: The Home of the Flagships

    UNIBAIL-RODAMCO: THE HOME OF THE FLAGSHIPSTM 52% 48% 40% 100% 100% 50% Stores in Unibail-Rodamco’s portfolio: 12 stores 14 stores 16 stores 2 stores 3 stores 6 stores +3 stores to open +1 store to open +1 store to open +8 stores to open Unibail-Rodamco’s share of stores opened in shopping centres(1)

  50. Slide 50: Upgrading tenant mix and flagship stores

    Since 2009, Unibail-Rodamco focuses on constantly upgrading its tenant mix and attracting the most exciting retail concepts in its shopping centres. As a result of this active re-tenanting strategy, Unibail-Rodamco has a significant market share of international premium retailers(2) stores opened i

  51. Slide 51: Smartphone Apps: Upgrading the Customer Experience

    SMARTPHONE APPS: UPGRADING THE CUSTOMER EXPERIENCE V3 June 2013  Reinvented design and navigation V2  Live road traffic  Live public transportation March 2012  New products with pictures and prices  Product search engine  Cinema timetables  Restaurant menus V1  Trailers September 2010  Maps

  52. Slide 52: Redesigned smartphone apps V3

    The Group innovated once again in terms of digital marketing with the launch in June 2013 of a totally redesigned version 3 (V3) of its smartphone apps, offering enhanced features and services. The Group’s ambitions are to directly interact with as many of its potential customers as possible and it

  53. Slide 53: Digital: Record Numbers Achieved in H1-2013

    DIGITAL: RECORD NUMBERS ACHIEVED IN H1-2013 Apps downloaded(1) Facebook fans(1) Loyalty cardholders(1) +253% +154% +132% 0.5 Mn 1.9 Mn 1.3 Mn 3.3 Mn 0.4 Mn 0.9 Mn H1-2012 H1-2013 28

  54. Slide 54: Digital strategy

    The Group’s digital strategy aims at reaching ever more visitors through smartphone apps (available on the App Store and Android Market), dedicated facebook pages for all shopping malls and loyalty cards. With these tools, Unibail-Rodamco’s malls improve their relationship with customers by informi

  55. Slide 55: Exclusive Events Drive Footfall

    EXCLUSIVE EVENTS DRIVE FOOTFALL Sister Act, Rosny 2 Summer Music Festival, La Maquinista 29

  56. Slide 56: Events to drive footfall

    As part of the Group’s focus on customer experience, Unibail-Rodamco’s malls regularly organize a wide variety of quality events in order to drive footfall and increase the appeal to visitors. These events deepen the relationship with customers and increase their awareness about malls, perceived as

  57. Slide 57: Centrum Cerny Most: Prague's New Generation Mall

    CENTRUM CERNY MOST: PRAGUE’S NEW GENERATION MALL CENTRUM CERNY MOST, PRAGUE Opened on March 21, 2013 GLA after extension: 81,189 m² Footfall(1): +55% Yield on cost(2): 8.7%

  58. Slide 58: Centrum Cerny Most extension

    Centrum Cerny Most unveiled on March 21, 2013 its extension, more than doubling the size of the original mall to 81,189 m² GLA. Designed by award-winning British architect Benoy and renovated to Unibail-Rodamco’s latest standards, Centrum Cerny Most features 27 units with 9-meter high double-height

  59. Slide 59: So Ouest: Voted France's Best Shopping Centre

    SO OUEST: VOTED FRANCE’S BEST SHOPPING CENTRE SO OUEST, PARIS REGION Opened on October 18, 2012 GLA: 48,500 m2 5.9 Mn visits in first 8 months 68,222 fans

  60. Slide 60: So Ouest award and features

    On June 19, 2013, So Ouest received the “best creation of the year” award by the French Council of Shopping Centres (CNCC). The jury highlighted the mall’s superior design and unique customer experience. Inspired by the Haussmannian appartment, So Ouest’s design includes stylish furnishings, the u

  61. Slide 61: Strong Increase in Assets BREEAM-In-Use Certified

    STRONG INCREASE IN ASSETS BREEAM-IN-USE CERTIFIED BREEAM-In-Use certified shopping centres as % of gross market values(1) 49% H1-2013 H1-2012 17% H1-2012 H1-2013  19 shopping centres BREEAM-In-Use certified as of June 30, 2013, vs 7 as of H1-2012  89% of assets certified(2) at least with “Very Goo

  62. Slide 62: BREEAM certifications

    The Group continues to certify its standing portfolio, with 3 additional BREEAM-In-Use certificates obtained in H1-2013:  Solna in Stockholm;  Bay 2 in Paris region;  Amstelveen in Amsterdam. With an “Outstanding” score(3), Bay 2 was the first ever shopping mall to obtain such a rating worldwid

  63. Slide 63: €6.9 Bn Prime Quality Development Pipeline

    €6.9 BN PRIME QUALITY DEVELOPMENT PIPELINE Forum des Halles, Paris 2013 HALF-YEAR RESULTS

  64. Slide 64: €6.9 Bn Prime Quality Development Pipeline

    €6.9 BN PRIME QUALITY DEVELOPMENT PIPELINE Unibail-Rodamco’s development portfolio Committed(5) developments by category Total Investment Cost in € Bn €6.7 Bn(1) €6.9 Bn(2) Secured Secured Exclusivity(3) Exclusivity(3) 0.8 0.8 Retail Extension/ Renovation €0.9 Bn Retail Brownfield €1.4 Bn To Control

  65. Slide 65: Consolidated development project pipeline

    Unibail-Rodamco’s consolidated development project pipeline amounted to €6.9 Bn(2) as at June 30, 2013, corresponding to a total of 1.3 Mn m² Gross Lettable Area (GLA), to be re-developed or added to the standing assets portfolio. The €6.9 Bn development pipeline compares with the €6.7 Bn(1) as at

  66. Slide 66: Exciting Openings in October

    EXCITING OPENINGS IN OCTOBER Aéroville, Paris region Alma extension, Rennes Toison d’Or extension, Dijon Opening on October 17, 2013 Opening on October 24, 2013 Opening on October 30, 2013 GLA: 82,553 m² GLA post extension: 46,022 m² GLA post extension: 70,509 m² 93% pre-let(1) 98% pre-let(1) 84% pr

  67. Slide 67: October 2013 openings in France

    October 2013 will feature the opening of three prime development projects in France. On October 17, Unibail-Rodamco will open Aéroville, a new generation 82,553 m² mall located in the Paris region next to the Charles de Gaulle international airport. Aéroville is already 93% pre-let(1). The extend

  68. Slide 68: Aéroville: A Breakthrough Shopping and Leisure Experience

    AÉROVILLE: A BREAKTHROUGH SHOPPING AND LEISURE EXPERIENCE AÉROVILLE, PARIS REGION GLA: 82,553 m² Cost: €355 Mn Opening on October 17, 2013

  69. Slide 69: Aéroville features

    Featuring all Unibail-Rodamco’s latest innovations in terms of design, services, digital tools and tenant mix, Aéroville is a breakthrough shopping and leisure experience, including:  An innovative design providing a polysensorial experience to visitors through the extensive use of large volumes,

  70. Slide 70: Majunga: Featuring the New Art of Working

    MAJUNGA: FEATURING THE NEW ART OF WORKING New and innovative services Providing an experience Stress-free arrival to the office user Perfect access information Polysensorial experience Transparent, ergonomic and comfortable floors 5 1 4 2 3 Flexible workspace Loggias, terraces, a skylobby Welcome at

  71. Slide 71: Majunga office project

    With Majunga, a 63,035 m² GLA new generation office project to be delivered in H1-2014, Unibail-Rodamco will feature its innovative “The New Art of Working” (Le Nouvel Art de TravaillerTM) approach. Not only taking into account companies’ expectations about the need for a central and well-connecte

  72. Slide 72: Majunga: Coming Up in H1-2014

    MAJUNGA: COMING UP IN H1-2014 Majunga, under construction Majunga, upon completion 38

  73. Slide 73: Outlook

    OUTLOOK Arkadia, Warsaw 2013 HALF-YEAR RESULTS

  74. Slide 74: Outlook

    OUTLOOK  Based on Unibail-Rodamco’s strong business model:  Solid operating fundamentals:  Outperforming tenant sales  Low vacancy  Sustainable occupancy cost ratios  Good rental uplifts  New deliveries from extensions and brownfield projects  Cost of debt expected to be contained at low lev

  75. Slide 75: 2013 recurring EPS growth target of at least 5%

    For 2013, the Group confirms its recurring EPS growth target of at least 5% for 2013 as a result of:  Strong operating fundamentals:  Outperforming tenant sales;  Low vacancy;  Sustainable occupancy cost ratios;  Good rental uplifts.  New deliveries from extensions and brownfield projects; 

  76. Slide 76: Unibail-Rodamco

    unibail-rodamco

Unibail-Rodamco — H1 2013 Earnings Presentation on 6ix