Corio's net rental income increased 11% in the first nine months
Highlights first nine months of 2007
(Comparative figures for the first nine months of 2006 or per 30
September 2006 between brackets; unless stated otherwise)
- The net rental income increased by ¤ 23.7 m or 11.0% (1.5%) to ¤
238.6 m (¤ 214.9 m), while operating expenses decreased with ¤ 0.6 m
to ¤ 34.6 m (¤ 35.2 m). The 'like-for-like' net rental growth was
5.6% (2.8%) for the total portfolio. The 'like-for-like' net rental
growth for the retail portfolio was 6.4% (3.6%).
- EBIT (Earnings Before Interest and Tax) increased with ¤ 23.9 m or
12.2% to ¤ 220.6 m (¤ 196.7 m).
- The direct result increased by ¤ 2.9 m or 2.0% to ¤ 149.2 m (¤
146.3 m) or ¤ 2.25 per share (¤ 2.21). The growth in net rental
income (¤ 23.7 m), lower administrative expenses (¤ 0.2 m) and lower
corporate income tax (¤ 1.5 m) was largely offset by the increase in
financing expenses (¤ 22.5 m).
- The average occupancy rate for the entire portfolio improved in the
first nine months to 96.4% compared to 96.1% in the first nine months
of 2006.
- The indirect result amounted to ¤ 277.2 m (¤ 201.5 m) or ¤ 4.18
per share (¤ 3.04). The net valuation result (including ¤ 1.0 m (¤
0.7 m) profit on disposal of investment property) of the portfolio
amounted to ¤ 307.8 m (¤ 233.1 m); an increase of 5.6% (5.4%) of the
portfolio value as of year-end 2006.
- Net profit (sum of direct and indirect result) rose by ¤ 78.6 m or
22.6% to ¤ 426.4 m (¤ 347.8 m) or ¤ 6.44 per share (¤ 5.25).
- Triple NAV (NNNAV) per share increased with 21% over a twelve
months period to ¤ 55.68 (¤ 46.01; year-end 2006: ¤ 50.60).
- The value of the property portfolio increased to ¤ 6.1 bn (¤ 5.0
bn); 81% of the portfolio is invested in retail.
- Leverage was 36.0% (35.7%) as of 30 September 2007. The proportion
of fixed interest debt increased to 61% (52%; year-end 2006: 47%).
- The fixed pipeline increased over the first nine months by ¤ 360 m
to ¤ 1,071 m, whereas the FVP-pipeline (fixed, variable and potential
pipeline) amounted to ¤ 2.1 bn (¤ 2.1 bn).
- Corio's real estate business is developing very positively as
reflected in pipeline, acquisitions, net rental income and EBIT. This
is expected to continue in the fourth quarter of 2007. As a result of
substantially increased interest costs, the direct result for 2007 is
now expected to be in line with the direct result of 2006.
