The highlights are:
- direct investment result per share € 4.25 (2003: € 4.36)
- profit per share € 5.09 (2003: € 3.79)
Direct investment result until September 30, 2004
The direct investment result for the first nine months of 2004 amounts to € 87.3 million, an increase of € 1.3 million compared to the first three quarters of 2003. The increase is the result of € 1.9 million, lower interest charges, € 1.5 million lower taxes on result and € 0.3 million lower general costs. Net rental income decreased by € 2.4 million, of which amount € 1.7 million relates to exchange rate differences. As a result of the increase in the number of ordinary shares by 1,090,000 the direct investment result per share for the first three quarters of 2004 amounts to € 4.25, which is € 0.11 lower than in 2003. The occupancy rate of the portfolio for the third quarter amounts to 91.5% (second quarter 2004: 91,5%).
Profit until September 30, 2004
The profit, consisting of direct and indirect investment result, rose from € 74.8 million to € 104.5 million, representing an increase of 39.7%. The increase is the result of a positive property revaluation as at June 30, 2004. The profit per share for the first nine months amounts to € 5.09 compared to € 3.79 in 2003.
Property portfolio
The total value of the portfolio amounts to € 1,957.3 million (December 31, 2003: € 1,932.1 million). The increase is (at the exchange rates prevailing at September 30, 2004) the result of a positive property revaluation (€ 17.7 million), exchange rate differences (€ 14.5 million), investments in the portfolio (€ 16.3 million) less the sale in May, 2004 of the office building at Pacific Place in Dallas (- € 23.3 million). The value of the development portfolio at September 30, 2004, amounts to € 66.5 million against € 88.1 million at December 31, 2003. The composition of the portfolio has not changes during the third quarter of 2004.
Prospects
Without any expansion of the portfolio and given stable average exchange rates, the direct investment result will amount to approximately € 5.70 per ordinary share.
Source: Wereldhave
