2010 Full year results - Unibail-Rodamco
2010 Full year results - Unibail-Rodamco
2010 Full year results - Unibail-Rodamco
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<strong>Unibail</strong>-<strong>Rodamco</strong>‟s asset portfolio including transfer taxes grew from €22,313 Mn at <strong>year</strong>-end 2009 to €24,532 Mn at<br />
December 31, <strong>2010</strong>. On a like-for-like basis, the value of the overall portfolio increased by €1,623 Mn (2) net of<br />
investments, i.e. +8.6% compared with <strong>year</strong>-end 2009.<br />
This increase is mainly due to yield compression of 40 bps for both retail and offices as well as a positive rental impact.<br />
Net initial yield (3) for shopping centres stood at 5.7% on average at Dec. <strong>2010</strong>. Occupied offices had a net initial yield (3)<br />
of 6.6% for the whole portfolio and of 6.4% in France, representing an average value of €7,585/m². This 40 bps yield<br />
compression comes after 2 <strong>year</strong>s during which yields on <strong>Unibail</strong>-<strong>Rodamco</strong>'s portfolio expanded by a total 150 bps (130<br />
bps in retail, 160 bps in offices).<br />
(1) Based on scope of consolidation including transfer taxes<br />
(2) Like-for-like change net of investments and excluding currency movement impacts<br />
(3) Annualised contracted rent (including latest indexation) net of expenses, divided by the value of the portfolio net of estimated<br />
transfer taxes and disposal costs 9
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