Uni-Invest N.V. announces its 1st quarter results for the 2002 financial year. The first quarter showed a positive development for Uni-Invest N.V.. Both the direct investment result and the sales result showed a considerable increase compared to the first quarter of 2001.
Results 1st quarter 2002
The result after tax for the 1st quarter of 2002 amounted to Euro 26.1 million, an increase of 22% compared to the corresponding period of 2001 (Euro 21.4 million). Per share, the total investment result amounted to Euro 0.39, an increase of more than 11% compared to the 1st quarter of 2001 (Euro 0.35). The direct investment result per share increased by more than 3% to Euro 0.32 (1st quarter of 2001: Euro 0.31). The gross rental income of the 1st quarter 2002 amounted to Euro 38.1 million, an increase of Euro 3.9 million (11.5 %) compared to the gross rental income of the corresponding period of 2001. This increase was the result of realised acquisitions in 2001, as well as indexations and realised rent increases.
In the past quarter, Uni-Invest N.V. sold three office properties (Almere, Diemen and Nieuwegein) as well as one apartment (Doetinchem) from its portfolio. These properties had a total book value of Euro 19.8 million. A book profit (= realised valuation changes) of Euro 4.1 million (more than 20%) was realised on these divestments.
The unrealised valuation changes of Euro 0.4 million related exclusively to currency results. No revaluations of properties took place during the first quarter.
Supply of available space increased in the whole of the Dutch property market during the first quarter of 2002. In addition, partly as a result of the slower economic growth, demand for space as yet remained modest. Due to these factors, and due to the specific circumstances within the ICT sector, the vacancy rate increased through the whole of the Dutch market. The rent level for the various spaces remained almost unchanged.
Although the vacancy rate also increased within the portfolio of Uni-Invest N.V., (especially in the offices and commercial property segments), the rent received in the first quarter still equalled the level of the last quarter of 2001. This was the result of the implemented indexations and rent increases. For the remainder of the 2002 financial year, Uni-Invest N.V. expects an improvement in the real estate market. A growing economy will also trigger the demand of tenants for (additional) space. Recently finished rent negotiations indicate that this proces has already started at a cautious level. An again increasing occupancy level seems therefore to be realistic for this year.
In the first quarter, a logistics complex in Maastricht was acquired for an amount of Euro 17.5 million. This property is rented out on a long-term basis to NCR Corporation, at a net initial yield of 7.9%. The acquisitions and divestments during the first quarter remained in balance. No revaluations took place, so that the size of the property portfolio remained almost unchanged at Euro 1.76 billion.
As at 31 March 2002, with a 100% occupancy rate, this portfolio generated more than Euro 160 million of rental income. The occupancy rate at the end of the first quarter was 94.2%, a decline compared to year-end 2001 (95.3%). This decline predominantly showed within the offices (-1.85%) and commercial property (-1.6%) of Uni-Invest N.V.
Despite the lower occupancy rate, rental income remained at a healthy level. This was the result of the realised rent increases and indexation. Autonomous growth of the rental income, compared to year-end 2001, amounted to 2%. Autonomous growth of the rental income for the full year 2002 is expected to amount to approximately 4%.
ShareholdersÂ' equity increased as a result of the addition of the current result after tax for the first quarter and by the issue of shares. On 31 march 2002, the number of issued Uni-Invest N.V. ordinary shares amounted to 67,088,112, including 366 shares held by the company.