RODAMCO NORTH AMERICA NV, the Dutch-based US regional mall company, announces a strong performance for the ten-month period 1 March 2001 to 31 December 2001. RNAÂ's preliminary net profit was USD 190 (EUR 215) million , or USD 4.21 (EUR 4.77) per share. On an annualized basis, this is 8.3% higher than the net profit as reported over the previous financial year (USD 210 (EUR 238) million).
During the year RNA successfully integrated Urban, the regional mall company it acquired in 2000 and implemented its strategy to become a self-managed, fully integrated operating company. The year 2001 was, however, dominated by events that led, on 14 January 2002, to the announcement by Westfield America Trust ('Westfield'), Simon Property Group, Inc ('Simon') and The Rouse Company ('Rouse') that they would jointly acquire RNA. This transaction, which is tantamount to a public bid for RNA at a price of EUR 55 per share, will be effected by a purchase of all of the companyÂ's assets for EUR 2.48 billion in cash together with the assumption of all of its EUR 3.62 billion in liabilities.
RNAÂ's strategic plan has included the further development and expansion of the core portfolio of regional shopping malls, increased control of assets through direct property management and development. In addition, RNA has divested non-core assets to further reduce its leverage to a target ratio of 50%. RNA management believes that this strategy has resulted in an increase in shareholder value.
For further details please visit www.rodamco-na.com, where you will also find the prposed agenda of the EGM to be held on March 25, 2002.
(source: Rodamco North America)
