direct/ Wereldhave NV announces 3rd Quarter Results
The direct result for the first three quarters amounts to EUR 83.0 mln in 2007, a EUR 1.5 mln decrease compared to 2006. In spite of EUR 1.7 mln higher like-for-like rental income, net rental income decreased by EUR 1.4 mln as a result of the negative effect of purchases and sales of property (EUR - 1.9 mln) and exchange rate differences (EUR -1.2 mln). Interest charges increased by EUR 2.3 mln. In particular the premium received from the surrender of a lease during the first quarter led to a EUR 2.1 mln increase of other gains and losses. Exchange rate differences, mainly on the dollar, had a total negative effect on the direct result of EUR 0.9 mln. The direct result per share for the first three quarters of 2007 amounts to EUR 3.76, which is 1.8% lower than in 2006.
The occupancy rate of the portfolio for the third quarter amounts to 93.3% (2nd quarter 2007: 94.4%). Broken down by sector, the occupancy rate during the third quarter was: offices 88.5%, retail 98.7%, industrial 94.6% and residential 92.6%.
During the first three quarters of 2007 property disposals realised a surplus of EUR 7.8 mln (2006: EUR 40.1 mln). The revaluation surplus for the first three quarters of 2007 amount to EUR 65.2 mln (until September 30, 2006: EUR 78.1 mln). Initial yields have changed only slightly during the third quarter, bringing the weighted average net initial yield of the entire portfolio to 6%. The indirect result to September 30, 2007 amounts to EUR 63.7 mln (2006: EUR 100.9 mln).
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