Rodamco Europe realized a net profit of EUR 69.2 million in the first quarter of 2002. On a like-for-like basis, after deducting the Confinimmo dividend plus the net RoProperty result of 2001 and adding the interest received on RREEF US in 2002, this results in a net profit increase of 3%.
Net rental income rose 1.8% from EUR 95.0 million to EUR 96.7 million, which was mainly due to several projects coming into operation during 2001.
Other factors positively affecting net rental income were the indexation of exisitng rental contracts and the conclusion of new contracts at higher rents.
However, growth in net rental income was slightly masked by the acceleration of the divestment program, primarily of offices in the Netherlands and Spain, which in particular took place in the second half of 2001.
(source: Rodamco Europe)