direct/ Wereldhave NV: 1st Quarter Results

Higher direct result per share EUR 1.37
(1st quarter 2006: EUR 1.31)
- Positive revaluation in all countries
- Positive result on disposals

Profit
The profit for the first quarter 2007 amounts to EUR 54.4 mln, or EUR 2.53 per share. The portfolio was re-valued upwards in all countries. There have been positive results on disposals of properties in the United States and the United Kingdom. As the surpluses on property revaluations and disposals were lower than in the first quarter of 2006, profit per share decreased in 2007.

Direct result
The direct result for the first quarter of 2007 amounts to EUR 30.2 mln, an increase of EUR 1.2 mln or 4.0% compared to the first quarter of 2006, due to a higher occupancy of the portfolio and an incidental gain of EUR 2.2 mln. This more than compensated for the effect of sales on the direct result of - EUR 1.5 mln. The incidental gain relates to a premium received on the surrender of a lease on the Ypenburg industrial estate in The Hague.
Interest charges decreased, mainly due to redemptions of loans from the proceeds of property sales. General costs remained stable compared to the first quarter of 2006. Exchange rate differences on the Pound Sterling and US dollar had a EUR 0.3 mln negative effect on direct result.
The occupancy rate of the portfolio for the first quarter increased from 93.5% in 2006 to 94.3% for 2007. Broken down per sector, the occupancy rate during the first quarter of 2007 was: offices 90.6%, retail 98.8%, industrial 94.1% and 91.3% for residential.

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