Interim statement fifth quarter of the financial year 2007-2008
As Leasinvest Real Estate changes its financial year from 1 January
till 31 December included, the current financial year has been
extended from 30/06/08 to 31/12/08. The figures in this press release
relate to the evolution during the 01/07/08 - 30/09/08 period, or the
fifth quarter of the current financial year.
At the end of the fifth quarter of the financial year 2007-2008 the
shareholders' equity, share of the group (based on the fair value of
the investment properties), amounted to 282.4 million euros, which
corresponds to a net asset value per share (including dividend) of
70.68 euros compared to 70.37 euros on 30/06/08, or an increase of
0.4%. On 15/10/08 Leasinvest Real Estate distributed a gross interim
dividend of 3.85 EUR per share. Consequently the net asset value per
share excluding dividend amounted to 66.83 euros on 30/09/08.
The fair value of the real estate portfolio in operation, as
estimated by the valuers Cushman & Wakefield, remained constant at
487 million euros on 30/09/08 compared to 486.8 million euros on
Including the development projects, the total value of the real
estate portfolio amounted to 513.3 million euros compared to 502.7
million euros on 30/06/08. This increase is due to the acquisition on
31/07/08 of an office project situated at the Avenue Monterey 35 in
the city of Luxembourg and to additional investments made in the
current 'Bian' project in Luxembourg.
The debt ratio has slightly increased from 41.97% on 30/06/08 to
42.68% on 30/09/08.
Following the investments in rented storage spaces in the Antwerp
region at the beginning of this year, and the successful
redevelopment of the CFM project in Luxembourg mid-2008, the rental
income for the past 3 months amounted to 8.57 million euros, compared
to 7.79 million euros for the same period of the previous year.
The occupancy rate improved slightly to 97.30% on 30/09/08
compared to 97.06% on 30/06/08.
The rental yields increased slightly compared to 30/06/08 and
amounted to 7.20% (30/06/08: 7.15%) based on the fair value and to
7.02% (30/06/08: 6.97%) based on the investment value.
Leasinvest Real Estate SCA
Real estate investment trust Leasinvest Real Estate SCA mainly
invests in high quality, well-situated office, logistics & retail
buildings, in Belgium and the Grand Duchy of Luxembourg.
The real estate investment trust is listed on Euronext Brussels and
has a market capitalisation of 236 million euros (value on 13
For more information, contact:
Leasinvest Real Estate
T: +32 3 238 98 77
(*) The figures in this press release are unaudited and are figures
according to IFRS.
 The current financial year runs from 01/07/07 to 31/12/08
included (18 months).
 The number of shares on 30/09/08 amounts to 4,012,832 and has not
changed compared to 30/06/08. The net asset value per share is
calculated based on the number of shares participating in the result
of the period (3,996,294), this is the number of issued shares
(4,012,832) minus the number of treasury shares (16,538) (idem
 Fair value: the investment value as defined by an independent
valuer and from which the mutation costs have been deducted. The fair
value is the accounting value under IFRS.
 Excluding development projects.
 For more information on the acquisition of the office project
('Montimmo') we refer to the press release of 14/08/08 on this
matter, available on the Leasinvest Real Estate's website.
 The occupancy rate is calculated based on the estimated rental
value. All buildings of the Leasinvest Real Estate portfolio are
taken into account, excluding the development projects.
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.