PARIS (dpa-AFX) - French commercial real estate company Unibail-Rodamco SE (UNBLF, UNRDY) said Wednesday that its full year recurring net income rose 8.3% to €1.07 billion from €986 million in 2013, driven by strong like-for-like growth in shopping centres and offices, the successful deliveries in 2013, the acquisition of a stake in CentrO in May 2014 and a record-low cost of debt of 2.6%.
Recurring EPS for the full year 2014 increased to €10.92 from €10.22.
Net rental income for the full year 2014 increased 8.4% to €1.47 billion from €1.35 billion the previous year. On a like-for-like basis, 2014 net rental income grew 3.9%.
The Group will propose to the Annual General Meeting to declare a dividend of €9.60 per share in cash for 2014. This represents an increase of 7.9% from 2013 and an 88% pay-out ratio of net recurring result, up from 87% last year.
For 2015, the Group expects the underlying recurring earnings per share to grow by between 6% and 8%. As a consequence of the massive 2014 disposals and as a result of the further disposals the Group plans to make in 2015, recurring earnings are expected to reach €10.15 to €10.35 per share in 2015.
For the 2016-2019 period, the combination of healthy like-for-like growth prospects, the streamlining of the Group's portfolio, deliveries from the development pipeline and the protected cost of borrowing, leads the Group to raise the outlook for the compound annual growth rate of its recurring earnings per share, from between 5% and 7% previously, to between 6% and 8% growth.
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