At the end of its third financial year to 30 June 2002, property fund Leasinvest Real Estate published consolidated figures for the first time. The consolidated figures include the results of Leasinvest Real Estate SCA and real estate companies Brussimmo SA and Ekiport SA which were taken over by Leasinvest Real Estate in the course of the 01-02 financial year.
At 12.8 million euro, the net profit of Leasinvest Real Estate exceeded that of the previous financial year by 16%. Through further growth of the portfolio and an increased occupancy rate the rental income (excluding rental guarantee) rose by 26% to 17.1 million euro. The operating result rose by 33% to 15.2 million euro. The operational result rose to 12.4 million euro, a rise of 19%.
The net result per share amounted to 4,60 euro, an increase of 5,26% compared with 4,37 euro a year earlier. The rental income per share (excluding rental guarantee) rose from 5,37 euro to 6,15 euro. The operating result per share increased with 20,7%, from 4,54 euro to 5,48 euro. The net current result per share (EPS) amounted to 4,45 euro, an increase of 7,8% in comparison with 4,13 euro the previous year.
The net cashflow per share (CFS) rose to 4,34 euro compared with 4,22 euro a year earlier. The net asset value per share (excluding the dividend) rose to 53,99 euro compared with 53,39 euro the previous year.
The investment value of the portfolio rose to 269,5 million euro, an increase of 34% compared with the 201 million euro of the previous year. The liquidation value of the portfolio amounted to 238.5 million euro. The debt level of the portfolio increased from 27.28% to 44.94%.
The occupancy rate excluding rental guarantee rose to 97.11% compared with 94.2% a year earlier. Including the rental guarantee amount the occupancy was 100% compared with 98,53% the previous year. The rental yield amounted to 7.77% excluding rental guarantees and 8.01% including rental guarantees.
Appropriation of the result – a net dividend of 3.37 euro
The total individual profit for appropriation of the past financial year amounts to 13,275,488.83 euro. Leasinvest Real Estate will propose to the general meeting of shareholders to carry forward 2,256,396.62 euro to the next financial year and to pay out 11,019,092.21 euro as dividends. Leasinvest Real Estate will thus pay out a gross dividend of 3.96 euro for all 2,830,366 shares. Net, free of advance levy on income from securities, the dividend amounts to 3.37 euro. The total return per share over the previous financial year came to 8.54%.
The dividend payment will therefore be 93 % (compared with 92% last year). This pay out ratio was forecast in the issue prospectus of 1999.
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(source: Leasinvest N.V.)
