Leasinvest Real Estate has announced its audited year results extended financial year 2007/2008.
Fair value of the real estate portfolio (excluding development projects) increases by 20% to 534 million thanks to:
Fair value of the real estate portfolio (excluding development projects) increases by 20% to 534 million thanks to acquisitions aimed at a further diversification in Belgium and Luxembourg, into offices, logistics and retail; a successful redevelopment in Luxembourg resulting in a substantial value creation of 14.4 million
The net result, share of the group amounts to 38.3 million or 9.59 per share (18 months) compared to 34.9 million or 8.71 per share for the previous financial year (12 months)
Occupancy rate remains high at 97.29%
And a gross closing dividend of 1.85 (net dividend: 1.57) will be paid out on 25/05/09 (after approval by the general meeting).
Jean-Louis Appelmans, CEO of Leasinvest Real Estate, said: "Leasinvest Real Estate has succeeded, despite the difficult economical and financial climate, in realizing a further growth of the real estate portfolio, entirely in line with our objective of diversification, as
well geographically, as regarding asset class, and in value creating on the redevelopment of the CFM site in Luxembourg."
As Leasinvest Real Estate makes the transfer towards a financial year running from 1 January until 31 December, the previous financial year has been extended from 30/06/08 till 31/12/08. The figures in this press release refer to the evolution during the period 01/07/07 31/12/08 (or 18 months).
The consolidated real estate portfolio of Leasinvest Real Estate on 31 December 2008 is composed of 55 buildings in operation with a total surface of 345,336 m², of which 41 buildings in Belgium and 14 in Luxembourg.
The fair value of the buildings in operation on 31 December 2008 amounted to 534.04 million, or an increase of 20% compared to the previous year (445.86 million). This increase is mainly due to the acquisition of the logistics buildings situated in the Antwerp region (24.4 million) and the retail sites in Luxembourg (47.5 million) and a successful redevelopment in Luxembourg (CFM site).
The development projects consisting of mainly the renovation of the office building Bian in Luxembourg on the one hand, and the development project 'Alpha Campus-Cegelec' in Zwijndrecht (near Antwerp) and the office project Montimmo in Luxembourg (see below 'acquisitions') on the other hand, are not taken into account into the key figures of the real estate portfolio.
The total value of the real estate, including the development projects, amounted to 563.23 million (30 June 2007: 459.26 million) on 31 December 2008. The rental yield of the real estate portfolio in operation based on the fair value amounted to 7.27% (compared to 7.22% on 30 June 2007) the previous financial year, and based on the investment value to 7.09% (compared to 7.04% on 30 June 2007). The occupancy rate, only applicable on the buildings in operation (excluding development projects), amounted to 97.29% on 31 December 2008 compared to 97.01% on 30 June 2007.
Comments to the consolidated balance sheet and results of the financial year 2007/2008
The extended financial year 2007/2008 refers to 18 months and is compared to the previous financial year 2006/2007 for 12 months.
The rental income amounted to 49.1 million (18 months) compared to 33.2 million on 30 June 2007 (12 months). The property charges amounted to 7.5 million (5.9 million on 30 June 2007) and take into account, among other things, the full impact of the period of 18 months of the management fee of Leasinvest Real Estate Management SA (the statutory manager of the real estate investment trust) calculated on the total real estate portfolio and higher real estate agent fees resulting in a further improvement of the occupancy rate of the portfolio.
The corporate operating charges amounted to 2.8 million (18 months) compared to 1.9 million the previous financi