Rodamco Europe is continuing its good results in 2005. Direct result after tax is up 7.5% and Triple NAV per share grew by 23.3% to 60.443. Rodamco Europe is focusing on these two items in evaluating its performance: direct result after tax for its operational performance and Triple NAV for the intrinsic value. Triple NAV growth was supported by the very strong revaluation result, which was also the main contributor to the 230.3% growth of net shareholders profit in 2005.
CEO Maarten Hulshoff: "We are pleased with the strong results in 2005, which are mainly due to Rodamco Europes focus on top quality retail in dominant locations in key European cities as well as our active retail management. During 2005, the market has shown continuous strong investor demand for the top quality retail investments and cross‐border investment activity across Europe. This is clearly reflected in the 1,028 million revaluation of our property portfolio during 2005."
"Due to our continued focus on top quality retail investments/shopping centers in Europe and local management teams in our home regions, Rodamco Europe has been able to build a 2.4 billion pipeline portfolio, of which 37% is committed to third parties. This clearly shows Rodamco Europes ability to secure growth into the future. The total portfolio including the total pipeline currently tops the 11 billion mark."
"In October 2005, Rodamco Europe was nominated for the prestigious Sijthoff prize for transparency in financial reporting. We consider this a good encouragement to further embed transparency into our organization. Furthermore, we, at Rodamco Europe, are pleased to have been included in the AEX index, Amsterdams main board comprising of the top 25 Dutch listed corporations. Rodamco Europe is the first Dutch property investment and management company to join the AEX index."
Source: Rodamco Europe