Unibail-Rodamco, Europe’s largest shopping-center owner, said profit will barely increase this year as fewer new properties and the recession curb growth in rental income.

Earnings excluding changes in the value of properties and interest-rate derivatives, known as recurring profit, will rise no more than 2%, chief executive officer Guillaume Poitrinal said. Unibail-Rodamco yesterday reported a 7.1% gain for 2009 to €9.19 a share.