Unibail-Rodamco-Westfield SE · EURONEXT:URW
Unibail-Rodamco-Westfield — Unibail-Rodamco — FY2009 Earnings Presentation
97 slides from Unibail-Rodamco-Westfield's earnings presentation, Feb 8, 2010
Slide 1: 2009 Full-Year Results: Building the Future
2009 full-year results Building Building the the Future Future Cnit – Paris La Défense
Slide 2: Table of Contents
TABLE OF CONTENTS RESULT 2009 2009 full-year financial results Operating performance Valuation Financial structure STRATEGY Capital recycling And now, what's next? Outlook 2
Slide 3: 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
Slide 4: Amstelveen – Amsterdam Region
Amstelveen – Amsterdam Region 4
Slide 5: 2009 full-year financial results
2009 full-year financial results Amstelveen – Amsterdam Region 5
Slide 6: Full-Year 2009 Financial Results
FULL-YEAR 2009 FINANCIAL RESULTS Unibail- Unibail- € Mn Rodamco Rodamco % Growth Full-year 2009 Full-year 2008(3) Shopping centres 942 887 +6.1% Offices 220 229 -4.2% Convention & Exhibition 96 99 -3.0% Net Rental Income 1,257 1,215 +3.4% Convention & Exhibition Services NOI 41 51 -21.0% Recurring N
Slide 7: Recurring EPS of €9.19, up 7.1%
Unibail-Rodamco's 2009 recurring earnings per share (EPS) amount to €9.19 per share, a 7.1% increase compared to 2008. This performance was achieved in a challenging economic environment, thanks to: – rent indexation; – rental uplift, in particular on large shopping centres; – active and successful
Slide 8: La Maquinista – Barcelona
La Maquinista – Barcelona 8
Slide 9: Operating performance
Operating performance La Maquinista – Barcelona 9
Slide 10: Operating Performance
OPERATING PERFORMANCE Like-for-like € Mn 2009 2008(1) % Growth growth France 454 420 +8.2% +5.7% The Netherlands 143 159 -10.2% +1.1% Nordic 90 91 -1.3% +2.6%(2) Shopping centres Spain 120 105 +14.1% +1.0% Central Europe 73 68 +8.2% +1.5%(2) Austria 62 45 +37.6% +6.7%(3) Net Rental Income 942 887 +6
Slide 11: Total net rental income growth of 3.4%
Total net rental income has grown by +3.4%(4) in 2009 vs. 2008, and by +4.0% on a like-for-like basis. Net rental income growth for the shopping centre division in 2009 amounted to +6.1%(4) thanks to: – the net rental income growth on a like-for-like basis with +3.9%; – the full year impact of acqui
Slide 12: An unprecedentedly challenging economic environment
AN UNPRECEDENTED CHALLENGING ECONOMIC ENVIRONMENT Unibail-Rodamco's (1) (2) Unibail-Rodamco'stenants' tenants'sales salesperformance performance(1) Unibail-Rodamco's Unibail-Rodamco'stenants' tenants'sales salesperformance performance(2) vs. (3) vs.national nationalindex index(3) in inDecember Decem
Slide 13: All economic indicators negative in Continental Europe in 2009
All economic indicators were negative in Continental Europe in 2009(4): – France forecasted real GDP growth for 2009: -2.2%; unemployment rate at December 2009: 10%; – Spain forecasted real GDP growth for 2009: -3.7%; unemployment rate at December 2009 : 19.5%; – The Netherlands forecasted real GDP
Slide 14: Proven resilience of shopping centres
PROVEN RESILIENCE OF UNIBAIL-RODAMCO'S SHOPPING CENTRES Resilience Resilience in footfall(1) in footfall (1) -0.7% -0.7% 2009 2009 vs. vs. 2008 2008 Resilience Resilience in in tenants' tenants' -1.9% -1.9% 2009 2009 vs. vs. 2008 2008 sales performance(1) sales performance (1) Resilience +0.1% incre
Slide 15: Vacancy remains low at 1.9%
Despite the harsh economic environment, vacancy remains low, standing at 1.9% as at Dec. 2009 vs. 1.8% as Dec. 2008 and 2.0% as at June 2009. The evolution of vacancy shows different trends across the portfolio: – vacancy decrease in Central Europe from 0.6% to 0.0% and in Spain from 3.6% to 1.4% th
Slide 16: Crisis as opportunity to accelerate tenant rotation
THE CRISIS IS BOTH A REASON AND AN OPPORTUNITY TO ACCELERATE TENANT ROTATION 1,151 leases signed in 2009 (+5% vs. 2008) with a focus on largest shopping centres Introducing Expanding Vélizy 2 – Paris Region Desigual launched in 5 shopping centres in 2009 Rotation of low performing tenants 16
Slide 17: Retailers expanding in Continental Europe
Most retailers reduced their development plans in 2009. Nevertheless, a number of them took advantage of the 2009 environment to continue expanding to gain market share or to refocus on prime locations. A number of international retailers decided to expand in Continental Europe such as: – Inditex: 1
Slide 18: Large centres significantly outperformed smaller ones
LARGE CENTRES SIGNIFICANTLY OUTPERFORMED SMALLER ONES Larger shopping centres have lower vacancy… … and higher rental uplift Unibail-Rodamco's (1) Unibail-Rodamco'sshopping shoppingcentres centres(1) MGR MGRuplift uplift vacancy(2) in vacancy(2) in Unibail-Rodamco'sportfolio Unibail-Rodamco's portfo
Slide 19: MGR uplift of 21% in 2009
MGR uplift achieved in 2009 amounted to 21%, to be compared to 23% in H1 2009 and 25% in 2008. MGR uplift achieved in 2009 is higher in Unibail-Rodamco's larger shopping centres (i.e. above 7 Mn visits, which account for 70% of the portfolio(3)) compared to smaller centres: – this uplift has slightl
Slide 20: Soft landing for the Paris office market
SOFT LANDING FOR THE PARIS OFFICE MARKET Vacancy in the Paris Region office market(1) Over 3/4 of Unibail-Rodamco's 15% French office exposure(2) 11.6% 10.5% A decline in office space take-up: 10% Average – 1.8 Million m² in 2009 i.e. -24% vs. 2008 6.2% Paris region: – with better performance in Q4
Slide 21: Office vacancy increased to 6.8% in Paris Region
Following decrease in office space take-up in 2009, vacancy has increased to 6.8% in the Paris Region as at Dec. 31, 2009 vs. 5.4% as at Dec. 31, 2008, with discrepancies between areas. Demand for office space remains diversified in terms of sectors, with: – the financial sector accounting for 23% o
Slide 22: Strong leasing performance for French office portfolio
A STRONG LEASING PERFORMANCE FOR UNIBAIL-RODAMCO'S OFFICE PORTFOLIO IN FRANCE Cnit Défense Michelet-Galilée – Paris-La – Paris-La Défense 20%(1) of French office portfolio let/relet in 2009 84,663 m²(1) let including: – full letting of Michelet Galillée; – full letting of Cnit refurbished offices; –
Slide 23: Main office lettings achieved in 2009
88% of Unibail-Rodamco's office portfolio is located in France(3). Main lettings achieved in 2009 in Unibail-Rodamco's office portfolio in France: – 28,377 m² in Michelet-Galilée building in La Défense fully let (9-year firm lease); – 20,487 m² let to SNCF in Cnit-Paris La Défense, corresponding to
Slide 24: Convention & Exhibition: performance keeping up
CONVENTION & EXHIBITION: PERFORMANCE KEEPING UP IN CHALLENGING ENVIRONMENT % Growth 2007 % Growth € Mn 2009 2008 pro-forma pro-forma(2) 09/08 09/07(2) C&E venues NOI(1) 118.1 127.4 112.8 -7.3% +4.7% Hotels recurring NOI 11.8 12.7 11.9 -7.1% -0.8% Venues recurring NOI 129.9 140.1 124.6 -7.3% +4.3% De
Slide 25: Convention & Exhibition seasonal results pattern
The Convention and Exhibition business has a seasonal results pattern, with annual, bi-annual and tri-annual shows, where even years tend to have more shows than odd years. Therefore the relevant results comparison is with 2007, which shows a +4.7% increase in recurring NOI for 2009. The environment
Slide 26: La Vaguada - Madrid
La Vaguada - Madrid 26
Slide 27: Valuation
Valuation La Vaguada - Madrid 27
Slide 28: Significant NAVPS decrease in 2009 with H2 stabilisation
SIGNIFICANT NAVPS DECREASE IN 2009 WITH A STABILISATION IN H2 2009 (in € per share) Retained profit +3.00 and gain on disposals 169.30 +2.90 Rental growth 80 bps yield expansion 151.20 -21.20 Portfolio revaluation 60 bps yield -24.10 expansion Yield expansion like-for-like -23.00 131.70 128.20 10 bp
Slide 29: Portfolio valued at €22,313 Mn
Unibail-Rodamco's portfolio is valued at €22,313 Mn as at Dec. 31, 2009, compared to €24,572 Mn as at Dec. 31, 2008(2). This evolution includes a decrease of portfolio valuation on a like-for-like basis, net of investments of 9.8% in 2009 including a 1.7% decrease in H2 2009. This decrease mainly re
Slide 30: Shopping centre portfolio values down, stabilising in H2
SHOPPING CENTRES PORTFOLIO VALUES DOWN IN 2009, BUT STABILISING IN H2 Net initial yields(3) on Unibail-Rodamco's shopping centres 7.2% 6.9% €16.5 Bn shopping centre portfolio(1) – vs. €18.0 Bn as at Dec. 2008 6.3% 6.5% 6.1% 6.1% 5.8% 5.9% 5.9% 5.8% 5.9% 9.5% decrease in value on a like-for-like 5.3%
Slide 31: H2 2009 shopping centre value decrease of 1.8%
The decrease in value in H2 2009 for the shopping centre portfolio was -1.8% on a like-for-like basis(5), with a: – -2.8% yield impact; – +0.9% rent impact. (5) Like-for-like change net of investments and excluding currency movements impact. Figures may not add up due to rounding. This presentation
Slide 32: Office portfolio values down, stabilising in H2
OFFICE PORTFOLIO VALUES DOWN IN 2009, BUT STABILISING IN H2 Net initial yields(3) on Unibail-Rodamco's occupied offices 7.7% €3.9 Bn office portfolio(1) 7.0% 7.1% 7.0% 6.8% – vs. €4.5 Bn as at Dec. 2008 6.7% 6.7% 6.2% 6.4% 6.2% 5.7% 10.2% decrease in value on a like-for-like basis(2) with a: – -9.7%
Slide 33: H2 2009 office value decrease of 1.1%
The decrease in value in H2 2009 for the office portfolio was -1.1% on a like-for-like basis(4), with a: – +0.4% yield impact; – -1.5% rent impact. (4) Like-for-like change net of investments and excluding currency movements impact. This presentation has been prepared by Unibail-Rodamco for general
Slide 34: High premium of shopping centre yields vs. risk-free rate
HISTORICALLY HIGH PREMIUM OF UNIBAIL-RODAMCO'S SHOPPING CENTRE YIELDS VS. RISK FREE RATE Gap between Unibail-Rodamco's shopping centre yields and risk-free rate(1) (%) 3% 2% 250 bps premium over risk-free rate 1% 0% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 (1) Unibail-Rodamco's shopping cen
Slide 35: Sharp increase in yield premium
Unprecedented sharp increase in premium between Unibail-Rodamco's shopping centre yields and the risk free rate. Premium at historical maximum over last 10 years. Causing long term institutional investors to get back into real estate investment market. This presentation has been prepared by Unibail-
Slide 36: Capital 8 – Paris
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Slide 37: Financial structure
Financial structure Capital 8 – Paris 37
Slide 38: A sound financial structure
A SOUND FINANCIAL STRUCTURE Track record in raising debt A sound financial structure: €7.1 bn net and LTV(1) evolution of Unibail-Rodamco financial debt (Dec. 31, 2009) – 32% LTV(1) (In € Mn) – 3.9x ICR(2) 2001 2002 2003 2004 2005 2006 2007 2008 2009 – less than 6 years of EBITDA 4,000 40% 3,000 A s
Slide 39: Over €2.1 Bn of debt raised in 2009
Over €2.1 Bn of medium to long term debt was raised in 2009 in a challenging environment. The Group continued to benefit from its ongoing access to diversified sources of debt funding: – bank market: €754 Mn; – bond: €820 Mn; – convertible (ORNANE: Net shares settled bonds convertible into new and/o
Slide 40: Docks 76 – Rouen
Docks 76 – Rouen 40
Slide 41: Capital recycling
Capital recycling Docks 76 – Rouen 41
Slide 42: Acquisition of Simon Ivanhoe: a perfect fit with strategy
ACQUISITION OF SIMON IVANHOE: A PERFECT FIT WITH UNIBAIL-RODAMCO'S STRATEGY €715 Mn acquisition(1) agreed on February, 4th. Closing to happen in the first half 2010 A portfolio of prime assets: – 3 assets above 7 Mn visits representing over 90% of total acquired portfolio value – some minor stakes i
Slide 43: Agreement with Ivanhoe Cambridge and Simon Property Group
Unibail-Rodamco has entered into an agreement with Ivanhoe Cambridge and the Simon Property Group to acquire Simon Ivanhoe, a holding company owning a prime portfolio of 7 assets covering close to 135,000 m² (GLA Group shares) including: – Two leading shopping centres in Warsaw, both part of the top
Slide 44: Bay 1-Bay 2 – Paris Region
BAY 1-BAY 2 – PARIS REGION Strategic Strategic location location at at the the junction junction of of 22 major major highways highways A4 A4 and and A104 A104 -- East East of of Paris Paris Total Total complex complex of of 86,000 86,000 m² m² GLA GLA 27,031 27,031 m² m² GLA GLA acquired acquired 9
Slide 45: This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for
This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Any opi
Slide 46: Arkadia – Warsaw
ARKADIA – WARSAW Ground floor • 3 Anchors (Carrefour, Leroy Merlin, Saturn) • A well balanced retail mix • Good customer flow • 2 entrances from the street Excellent accessibility by bus, tram and metro Total complex of 103,000 m² GLA 73,970 m² GLA acquired 21 million visits 225 stores over 3 floors
Slide 47: This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for
This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Any opi
Slide 48: Warszawa Wilenska – Warsaw
WARSZAWA WILENSKA – WARSAW Good Good accessibility accessibility by by car car and and direct direct connection connection to to aa major major train train station station Total Total complex complex of of 35,000 35,000 m² m² GLA GLA 24,137 24,137 m² m² GLA GLA acquired acquired 20 20 million millio
Slide 49: This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for
This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Any opi
Slide 50: Simon Ivanhoe: complementary to interests in Warsaw
ACQUISITION OF SIMON IVANHOE: COMPLEMENTARY TO UNIBAIL-RODAMCO'S INTERESTS IN WARSAW 103,000 m² of retail 35,000 m² of retail Leading centre in Leading centre in Poland: 21 Mn visits Poland: 20 Mn visits 50
Slide 51: Poland fundamentals and four prime Warsaw centres
Poland has good macroeconomic fundamentals and an above average growth potential compared to other European countries. Warsaw benefits from a higher GDP per capita than the Polish average. Following this acquisition, Unibail-Rodamco has an interest in four prime shopping centres in Warsaw, strategic
Slide 52: Les Portes de Gascogne, Toulouse
ACQUISITION OF SIMON IVANHOE: LES PORTES DE GASCOGNE, A SUPRA REGIONAL SHOPPING CENTRE PROJECT IN TOULOUSE 85,000 85,000 m² m² of of retail: retail: the the largest largest authorized authorized shopping shopping centre centre development development inin France France In In Toulouse Toulouse area,
Slide 53: Les Portes de Gascogne project underway
Les Portes de Gascogne project is underway: – The definitive commercial license has been in obtained in September 2009; – The final building permit is expected by the end of 2010; – Construction is planned to start next year for an opening in Q1 2013. Unibail-Rodamco has also acquired a 50% stake in
Slide 54: Ongoing opportunistic sale of mature assets
ONGOING OPPORTUNISTIC SALE OF MATURE ASSETS Net Premium Asset Proceeds(1) over last (€ Mn) appraisals(2) Retail - The Netherlands 309 5% Offices(3) - The Netherlands 103 6% 2009 39-41, Cambon - France 172 10% disposals Other offices - France(4) 116 6% Others (incl. Sweden - residential) 26 -3% Total
Slide 55: Low market transaction volumes in 2009
Volumes of market transactions have been low in 2009, on the back of limited financing available, with a pick-up in H2 2009, the last quarter accounting for more than 50% of the transactions in the Paris Region for 2009. This presentation has been prepared by Unibail-Rodamco for general circulation
Slide 56: Carrousel du Louvre – Paris
Carrousel du Louvre – Paris 56
Slide 57: And now, what's next?
And now, what's next? Carrousel du Louvre – Paris 57
Slide 58: The metamorphosis of shopping centres
THE METAMORPHOSIS OF SHOPPING CENTRES FROM TO Multi-anchored by several medium size units Anchored by a single large hypermarket and flagships of prime retailers Shopping but also leisure (multiplex), Mostly about shopping restaurants, culture, events,… Uniformity of retail supply with limited Accel
Slide 59: This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for
This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Any opi
Slide 60: A unique portfolio
A UNIQUE PORTFOLIO… 50 shopping centres receive more than 7 million visits per year(1) Solna Centrum 7 Mn visits Täby Centrum 10 Mn visits Villeneuve 2 12 Mn visits Bay 1, Bay 2 (2) Stockholm Jumbo 9 Mn visits Helsinki 9 Mn visits Stadshart Amstelveen Les 4 Temps 9 Mn visits Arkadia (2) 39 Mn visits
Slide 61: This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for
This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Any opi
Slide 62: In need of upgrading
… IN NEED OF UPGRADING… FROM FROM TO TO Parly 2 – Paris Region Forum Nacka - Stockholm 62
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Slide 64: Jumbo assets in total metamorphosis programme
OVER 50% OF UNIBAIL-RODAMCO'S "JUMBO" ASSETS ARE INCLUDED IN A TOTAL METAMORPHOSIS PROGRAMME 2008-2009 2010 2014 Les Quatre Temps La Maquinista – Barcelona Parly 2 – Paris Region Cerný Most – Prague Forum des Halles – Paris Paris La Défense Vélizy 2 – Paris Region Donauzentrum – Vienna Bonaire – Val
Slide 65: Jumbo centres due for renovation
A significant number of Unibail-Rodamco's "Jumbo" centres were opened in the 70-80s and are due to be renovated in the next 5 years. They are already successful shopping centres: – strong visitor base; – strong recognition; – low vacancy, and… – … have strong upside potential. These shopping centres
Slide 66: Extensive marketing approach to boost attraction
AN EXTENSIVE MARKETING APPROACH TO BOOST ATTRACTION Upgrade of premises/Welcome Attitude Introduction of prime retailers High profile events Bonaire - Valencia Targeted communication policy/one-on- one relation with customers Increased differentiation Gain of market share on primary catchment area I
Slide 67: Marketing focus and events
In order to increase attraction of its shopping centres beyond its ongoing tenant rotation policy, Unibail-Rodamco has reinforced its focus on marketing through: – the roll-out of the Welcome Attitude across its portfolio; – the organisation on an ongoing basis of events in its centres. Marketing ac
Slide 68: Acceleration of the development activity
ACCELERATION OF THE DEVELOPMENT ACTIVITY Successful deliveries in 2009 Very significant progress has been achieved in 2009/early 2010, in: – renegotiating land prices – securing administrative authorisations – discussing construction costs Example: Majunga, Aeroville, Mall of Scandinavia, Levallois-
Slide 69: Change in pipeline vs. Q4 2008
Compared to Q4 2008, total pipeline projects have been decreased with €680 Mn and 220,000 m² mainly as a result of: – projects delivered in 2009 for a total investment of €319 Mn and 126,000 m² (Docks 76, Cnit retail, BAB2 extension, Esplanade, Docks Vauban); – the Group decided to exit from the Met
Slide 70: Cnit: successful delivery in 2009
CNIT: SUCCESSFUL DELIVERY IN 2009 27,000 m² of retail: – 100% pre-let – 21 stores including 7 restaurants – Complementary to Les Quatre Temps retail mix 36,570 m² of offices – Restructured part of 20,487 m² fully let to SNCF 24,000 m² of Convention & Exhibition venues Renovated office space Renovate
Slide 71: This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for
This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Any opi
Slide 72: Mall of Scandinavia, Eiffel, Majunga, Täby Centrum
Mall of Scandinavia – Stockholm Eiffel – Levallois (Paris Region) 94,500 m² - 48,160 m² of retail - 33,450 m² of offices Majunga tower – Paris la Défense Täby Centrum Extension 63,000 m² 28,150 m² 72
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This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Any opi
Slide 74: Les Quatre Temps, Paris La Défense
Les Quatre Temps, Paris La Défense 74
Slide 75: Outlook
Outlook Les Quatre Temps, Paris La Défense 75
Slide 76: 2010 a transition year
2010 A TRANSITION YEAR 2010 2010 context context Beyond Beyond 2010 2010 Exceptionally Exceptionally low low or or negative negative inflation inflation Proven Proven resilience resilience of of portfolio portfolio indices indices impacting impacting rent rent indexation indexation Ongoing Ongoing a
Slide 77: This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for
This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Any opi
Slide 78: Distribution
DISTRIBUTION Distribution grows in line with 2009 recurring EPS growth – distribution of €8.00 per share(1), an increase with 6.7% vs. 2008 – to be paid in cash – to be proposed to the Annual General Meeting on April 28, 2010 – it represents 87% of the recurring EPS – it will be paid on May 10, 2010
Slide 79: This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for
This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Any opi
Slide 80: Appendix
APPENDIX 80
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This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Any opi
Slide 82: Asset portfolio valuation as at 31 December 2009
ASSET PORTFOLIO VALUATION OF UNIBAIL-RODAMCO AS AT 31 DECEMBER 2009 Portfolio by division Portfolio by country Shopping centre division portfolio NL Nordic 11% Nordic NL 10% Offices & 8% 14% Spain other 12% 18% Spain 9% CE CE 6% C&E & 5% Shopping Austria centres Services Austria 7% 74% 8% 6% France
Slide 83: This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for
This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Any opi
Slide 84: Resilience of shopping centres portfolio
RESILIENCE OF UNIBAIL-RODAMCO'S SHOPPING CENTRES PORTFOLIO Unibail-Rodamco's shopping centres vacancy(1) 4.4% 3.4% 2.8% 2.6% 1.9% Dec. 2009 2.1% 1.8% 1.9% Group average 1.7% 1.5% 1.5% 1.4% 0.0% Unibail-Rodamco UR's shopping UR's shopping Central Spain France The Nordic Austria centres Below 7 Mn cen
Slide 85: This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for
This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Any opi
Slide 86: Ongoing development pipeline of prime quality projects
ONGOING DEVELOPMENT PIPELINE OF PRIME QUALITY PROJECTS % of portfolio Dec. 31, 2009 Status as per 31/12/09(1) €846 Mn(2) Spent 4% Already invested €484 Mn(3) Secured costs 2% Contracted Pre-lettings projects Täby Centrum - Täby Attractive returns €4,230 Mn Under discussion 19% Potential To ensure ad
Slide 87: This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for
This presentation has been prepared by Unibail-Rodamco for general circulation and is circulated for general information only. This presentation does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Any opi
Slide 88: Prime contracted projects to be delivered in 2010
PRIME CONTRACTED PROJECTS TO BE DELIVERED IN 2010 Opening soon ! Donauzentrum extension – Vienna: 27,500 m² La Maquinista extension – Barcelona: 15,800 m² Opening 2nd half 2010 Opening 1st half 2010 76% pre- pre-let(1) 100% pre- pre-let(1) (1) In surface. 88
Slide 89: Three extension projects due in 2010
3 extension projects are due to be delivered in 2010: La Maquinista extension covers 15,800 m² and will enlarge the total size of the complex to 90,000 m². It will reinforce the attraction of the centre with the introduction of a Leroy Merlin Medium Size Unit complementary to the existing retail off
Slide 90: Eiffel project: prime project at the gate of Paris
EIFFEL PROJECT: A PRIME PROJECT AT THE GATE OF PARIS IN A WEALTHY AREA WITH LIMITED COMPETITION Eiffel shopping centre at the gate of Paris Mixed project including: – 48,160 m2 of shopping centre – 33,450 m2 of offices Prime location with a strong catchment area – on the Paris ring road – in a wealt
Slide 91: Eiffel shopping centre details
The Eiffel shopping centre will feature the first large shopping centre opening in Paris since the inauguration of Forum des Halles in 1979. This project is part of the rejuvenation plan of the Eiffel area in Levallois. The shopping centre benefits from: – a strong catchment area of 6.5 million inha
Slide 92: Majunga: prime office project in La Défense
MAJUNGA: A PRIME OFFICE PROJECT IN AN UNDERSUPPLIED AREA Majunga is a prime office project in La Défense, covering 63,000 m² Low vacancy rate in La Défense – limited new supply – ongoing demand for efficient buildings Attraction of La Défense to be reinforced with the redevelopment plan – improvemen
Slide 93: Majunga and La Défense
Majunga is the only new tower that has been approved so far as part of the plan to revive La Défense. In January 2010, Unibail-Rodamco agreed with EPAD on the price of the building rights for the Majunga tower (the Group already owned the land). The construction contract is under negotiation. Projec
Slide 94: Retail development pipeline as of December 31, 2009 (1/2)
RETAIL DEVELOPMENT PIPELINE AS OF DECEMBER 31, 2009 (1/2) Permitting Building Surface Delivery Projects Country Sector stage stage gla/m² date (1) Donauzentrum Austria Shopping Centre 27,500 2010 Cours Oxygène France Shopping Centre 9,150 2010 La Maquinista Spain Shopping Centre 15,800 2010 Carré Sé
Slide 95: Retail development pipeline as of December 31, 2009 (2/2)
RETAIL DEVELOPMENT PIPELINE AS OF DECEMBER 31, 2009 (2/2) Permitting Building Surface Delivery Projects Country Sector stage stage gla/m² date (1) Badajoz Spain Shopping Centre 35,800 2012 Cerny Most Czech Republic Shopping Centre 39,550 2012 La Toison d'Or France Shopping Centre 11,950 2012 Eiffel
Slide 96: Corporate responsibility
CORPORATE RESPONSIBILITY International recognition of the Group's efforts – APG / PGGM / USS and University of Maastricht: “Environmental Performance, A Global Perspective on Commercial Real Estate”: Unibail-Rodamco ranked 3rd in Europe and 6th worldwide and can be considered to be one of the leader
Slide 97: Investor relations contacts
Investor relations: Fabrice Mouchel – Tel: + 33 1 53 43 73 03 / Karine Renaison – Tel: +33 1 53 43 72 89 Cnit – Paris La Défense 97