The direct investment result per share rose by 11% to E 0.61, compared with E 0.55 in the first quarter of 2001. The indirect investment result per share turned out at euro 0.34, the same as for the first quarter last year. The net investment result per share amounted to E 0.95, compared with E 0.89 in the first quarter of 2001.
The direct investment result increased in the first quarter of 2002 by E 5.1 million (14%) to E 40.5 million, largely due to the acquisition of the Trema portfolio in November 2001. Other contributory factors were higher income from investments resulting from rent reviews with an occupancy rate of 96.1% (2001: 97.5%) and expansion of the portfolio. Interest charges and administrative
expenses were sharply higher, reflecting the acquisition of the Trema portfolio and the growth in the portfolio.
The indirect investment result amounted to E 22.3 million (2001: E 21.3 million), consisting of upward revaluation of the property portfolio of E 23.7 million (2001: E 23.8 million) and allocated administrative expenses of E 1.4 million negative (2001: E 1.0 million negative). Other movements were nil (2001: E 1.5 million negative).
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