Real estate investment company Rodamco Europe increased its profit with 7.8% to EUR 227 million last year.
The growth in net profit is partly the result of the acquisition of the remaining 48.6% of RRN and a 14.2% increase in net rental income. However, growth in net rental income was slightly masked
by the acceleration of the divestment programme, primarily of offices in the Netherlands and Spain. The occupancy rate remained high, at 96.1%. EPS on core activities climbing 6.3% from EUR 3.19* to EUR 3.39. The portfolioÂ's value appreciated by 2.6% compared to year-end 2000. The main contributors were Spain (+5.4%) and France (+5.1%), and to a lesser extent the Netherlands (+1.5%).
The net proceeds of the sale of RREEF US on 7 March 2002 were EUR 160 million, generating a revaluation of EUR 114 million. Total performance subsequently increased from EUR 454 million* to
EUR 486 million. NAV per share increased from EUR 41.43 to EUR 45.14 at year-end.
The Company proposes a final dividend of EUR 1.67, which results in a total dividend of EUR 2.72 per share. This is an increase of 5% compared to EUR 2.59* in 2000, and a dividend yield of 6.9% as
compared to the share price on 31/12/01.
Given the current economic outlook, the Company expects a rise in net profit from its core activities of 3% - 5% in 2002. This guidance takes no account of potential effects of acquisitions and divestments, or significant changes in exchange rates and interest rates. Longer term growth is supported by new projects currently in the pipeline amounting to EUR 1.4 billion and our pro-active management ofdominant retail locations in key European cities.
For more information please visit www.rodamco-eu.com.
(source: Rodamco Europe)