Rodamco Europe net profits up 11% to € 232 million in first nine months 2003

Highlights first nine months 2003: Net profits up 11% to € 232 million (3Q2002: € 209 million); EPS of € 2.59 (3Q2002: € 2.60 / € 2.57); Net rental income up 4.3% to € 314 million (3Q2002: € 301 million); Net interest expenses declined 16.7% at € 65 million; Occupancy rates remained stable at 96.8 % compared to 96.7% at the end of June 2003 (3Q2002: 96.0%); NAV per share rises to € 49.03 (year-end 2002: € 48.29; 3Q2002: € 48.133); Total investments in retail properties amount to € 187 million for the first 9 months and total divestments amount to € 167 million (incl. divestments of Cofinimmo shares), mainly office buildings and industrials in The Netherlandsand Spain; Net profit growth forecast for full year 2003 has been raised from 5% to around 7%.

CEO Maarten Hulshoff: 'In the 3rd quarter, Rodamco Europe continued to realise growth in portfolio value, net rental income and net profits despite the current volatile economic environment. In addition, we have made further divestments away from the cyclical office and industrial sectors in the 3rd quarter and have continued our more stable retail strategy with acquisitions, albeit at a lower yield. Rodamco Europe´s retail properties stand at 83% of its total € 6.6 billion property portfolio. Our strategy of focusing on top quality retail in dominant locations in our key markets is proving to be a rewarding one.'

Source: Rodamco Europe

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