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2016-02-02

UNIBAIL-RODAMCO SE: FULL-YEAR RESULTS 2015

Paris, Amsterdam, February 2nd, 2016

Press Release

FULL-YEAR RESULTS 2015

Another successful year for the Group

Recurring Earnings per Share (recurring EPS) at €10.46, exceeding the range of
€10.15 - €10.35 per share guidance for 2015 provided in January 2015.

* Recurring Earnings per Share (recurring EPS) of €10.46,
representingunderlying growth of +8.3% from the recurring EPS for 2014
adjusted for the disposals in 2014 and 20151
* Solid operating performance: Like-for-like Group Net Rental Income up by
+3.2%, of which +3.9% for its shopping centre division
* Record low cost of debt at 2.2% while extending average debt maturity to
6.5 years
* Total portfolio value increased to €37.8 Bn, up by +9.2%
* Net asset value per share: * Going Concern Net Asset Value per share:
€186.70, up by +12.3% * EPRA NNNAV per share: €169.90, up by +12.4%
* €7.4 Bn prime quality development pipeline

---------------------------------------------------------------------------------------
| FY-2015 FY-2014 Growth Like-for-like growth |
| Net Rental Income (in € Mn) 1,453 1,465 -0.8% +3.2% |
| Shopping Centres 1,177 1,192 -1.3% +3.9% |
| France 549 629 -12.7% +2.6% |
| Central Europe 148 141 +5.1% +5.4% |
| Spain 147 146 +1.2% +7.6% |
| Nordic 106 97 +9.2% +8.7% |
| Austria 92 88 +4.4% +4.4% |
| The Netherlands 67 72 -7.1% -1.7% |
| Germany 67 19 n.m n.m |
| Offices 170 172 -1.2% -2.9% |
| Convention&Exhibition 105 100 +5.1% +5.3% |
| Recurring net result (in € Mn) 1,030 1,068 -3.5% |
| Recurring EPS (in € per share) 10.46 10.92 -4.2% |
| |
| Underlying Growth[1] +8.3% |
| |
| FY-2015 FY-2014 Growth Like-for-like growth |
| Total portfolio valuation (in € Mn) 37,755 34,576 +9.2% +6.0% |
| Going Concern Net Asset Value 186.70 166.30 +12.3% |
| |
|(in € per share) |
| EPRA triple Net Asset Value 169.90 151.20 +12.4% |
| |
|(in € per share) |
---------------------------------------------------------------------------------------
Figures may not add up due to rounding.

"2015 has been another successful year for Unibail-Rodamco. The Group
delivered three unique new shopping centres: Minto (Mönchengladbach),
Polygone Riviera (Cagnes-sur-Mer) and Mall of Scandinavia (Stockholm). Their
success was immediate; each of them drew more than 1 million visits in less
than 4 weeks. In December 2015, the Group signed a binding term sheet for a
lease agreement with Deloitte for the remaining 19 floors in Majunga (La
Défense) which was ratified and signed on January 18, 2016. Majunga is now
fully let. Unibail-Rodamco also executed a number of successful financing
firsts and asset-liability management exercises, further decreasing its
average cost of debt to a record low of 2.2%. The consistent execution of
Unibail-Rodamco's strategy by our excellent teams generated Recurring EPS of
€10.46, representing an underlying growth of +8.3%."
Christophe Cuvillier, CEO and Chairman of the Management Board

RECURRING EPS AT €10.46, UP +8.3% COMPARED TO ADJUSTED FY-2014

The Group's recurring EPS came to €10.46 in 2015, representing an increase of
+8.3% from the recurring EPS for 2014 adjusted for the disposals in 2014 and
the further disposals effected in 2015.
This successful year has been driven by solid like-for-like net rental income
(NRI) growth in the shopping centres, successful deliveries and a record-low
cost of debt.
Reported recurring EPS decreased by only -4.2% in 2015 compared to 2014,
despite the impact of the massive disposals in 2014 (-€1.15) and 2015
(-€0.11) and ever lower indexation.

CONSISTENT EXECUTION YIELDS STRONG RESULTS

Shopping Centres

Although affected by the terrorist attacks in Paris last year, the Group's
tenant sales were up by +4.1% through December 31, 2015, second only to the
+5.3% recorded in 2007. Through November 2015, the Group's tenant sales were
up by +4.6%, outperforming national sales indices by 240 bps due to, among
others, the very strong performance in the Group's Spanish, French and
Central European shopping centres. The like-for-like NRI for shopping centres
grew by +3.9% compared to 2014, 360 bps above indexation. At only 0.3%,
indexation was the lowest since 2007. The Group signed 1,367 leases on
standing assets, with a Minimum Guaranteed Rent uplift of +18.2%, and +20.2%
for its large shopping centres. Unibail-Rodamco signed 196 leases with
international premium retailers, up by +15% from 170 in 2014. The EPRA
vacancy rate remained low at 2.5%.

Offices

The Paris region office market saw a gradual recovery in take-up in 2015.
Unibail-Rodamco achieved a number of notable leasing successes, with So Ouest
Plaza (Levallois, Paris region) delivered in H1-2015 and fully let to
L'Oréal, and the complete letting of the remaining 31,000m² of GLA in the
Majunga tower to Deloitte. Majunga is now fully let.

Convention
&
Exhibition

Convention&Exhibition's strong performance was driven by successful shows such
as "SIMA", "Batimat", the "Le Bourget International Air Show", the triennial
"Intermat" show and "COP21". NRI was up by +5.1% compared to 2014.

STRONG OPERATING RESULTS CREATING VALUE

The Gross Market Value of the Group's assets as at December 31, 2015, amounted
to €37.8 Bn, up +9.2% in total and up +6.0% like-for-like compared to
December 31, 2014, driven primarily by rental and yield effects of +2.6% and
+3.3% respectively, of the shopping centres division.
The average net initial yield of the retail portfolio compressed to 4.6% as at
December 2015 (vs. 4.8% as at December 2014), reflecting market yield
contraction and the increased quality of the portfolio. Yields in the office
sector saw a strong recovery on the back of buoyant investor demand.

Going Concern NAV stands at €186.70 per share as at December 31, 2015, an
increase of +€20.40 (+12.3%) compared to €166.30 as at December 31, 2014.
This increase was the sum of (i) the value creation of €29.24 per share, (ii)
the mark-to-market of the fixed-rate debt and derivatives for +€0.76, and
(iii) the impact of the dividend of €9.60 per share paid in 2015.

€7.4 Bn DEVELOPMENT PIPELINE TO DRIVE FUTURE GROWTH

In 2015, the Group delivered €2.0 Bn of projects, including new retail assets
Minto (Mönchengladbach), Polygone Riviera (Cagnes-sur-Mer) and Mall of
Scandinavia (Stockholm), restructured and/or extended shopping centres,
mainly Täby Centrum (Stockholm), Euralille (Lille) and Ruhr Park (Bochum),
and delivered the fully let So Ouest Plaza office tower (Levallois, Paris
region), which includes a cinema and restaurant right next to the So Ouest
shopping centre. The Group added €1.4 Bn of new projects to the pipeline,
including the Triangle tower project (Paris) following its approval by the
Paris City Council on June 30, 2015. The total investment cost of the
development pipeline amounts to €7.4 Bn as at December 31, 2015, compared to
€8.0 Bn as at December 31, 2014.

ACTIVE BALANCE SHEET MANAGEMENT CONTRIBUTes TO STRONG FINANCIAL PERFORMANCE

The Group took advantage of very favorable market windows in 2015 to refinance
€1.9 Bn of debt at lower rates and with longer maturities. In addition, the
Group restructured part of its hedging positions following the European
Central Bank meeting on December 3rd 2015.
The average cost of debt of Unibail-Rodamco decreased to a new record low of
2.2% (from 2.6% in 2014), and the average maturity of its debt increased to
6.5 years. Financial ratios are strong: Loan-To-Value (LTV) decreased to 35%
(vs. 37% as at December 2014) and the interest coverage ratio increased to
4.6x, up from 4.2x in 2014. The Group increased liquidity further, with a
record level of €5.45 Bn of undrawn credit lines at December 31, 2015.

OUTLOOK FOR 2016

Adjusted for the impact of the €1.6 Bn of net disposal proceeds in 2015
(-2.6%), the Group anticipates its underlying rate of growth for 2016 to be
in line with the +6% to +8% announced last year.
The successful restructuring of its hedging portfolio will provide an
additional benefit in 2016, bringing thegrowth
tobetween +8% and +10%
. Consequently, the Group expectsrecurring earnings per share in 2016 of
between €11.00 and €11.20 per share.

DIVIDEND

In 2016, Unibail-Rodamco will again pay its dividend in two installments. For
the 2015 fiscal year, the Group will propose acash dividend of €9.70 per
share
, subject to the approval of the Annual General Meeting (AGM) on April 21,
2016. The payment schedule will be as follows:

* Payment of an interim dividend of €4.85 on March 29, 2016 (ex-dividend date
March 23, 2016); and
* Payment of a final dividend of €4.85 on July 6, 2016 (ex-dividend date July
4, 2016).

For 2016 and thereafter, the Group intends to increase its annual cash
distribution in line with its recurring EPS growth.

For further information, please contact:

Investor Relations

Antoine Onfray
+33 1 53 43 72 87
antoine.onfray@unibail-rodamco.com

Marine Huet
+33 1 76 77 58 02
marine.huet@unibail-rodamco.com

Media Relations

Pauline Duclos-Lenoir
+33 1 76 77 57 94
pauline.duclos-lenoir@unibail-rodamco.com

About Unibail-Rodamco

Created in 1968, Unibail-Rodamco SE is Europe's largest listed commercial
property company, with a presence in 12 EU countries, and a portfolio of
assets valued at €37.8 billion as of December 31, 2015. As an integrated
operator, investor and developer, the Group aims to cover the whole of the
real estate value creation chain. With the support of its 1,995

Författare WKR

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