Interim statement regarding the first quarter of the financial year
2009 (01/01/09-31/03/09) (*)
- Increase of rental income by 21% thanks to the retail acquisitions
in Luxembourg at the end of the past year
- Higher occupancy rate = 98%
- Decrease debt ratio to 50.94% (52.06% per 31/12/08)
Key figures
At the end of the first quarter of the financial year 2009 the
shareholders' equity, part of the group (based on the fair value of
the investment properties), amounted to 272.0 million euro, which
corresponds to a net asset value per share[1] of 68.05 euro compared
to 66.17 euro on 31/12/08. On 25/05/09 Leasinvest Real Estate -
subject to the approval by the general meeting of shareholders which
will be held on 18/05/09 - will distribute the closing dividend[2] of
the past financial year of 1.85 euro gross and net, free of
withholding tax, 1.57 euro.
In the first quarter of 2009 Leasinvest Real Estate realised a rental
income of 9.7 million euro, to compare with 8.0 million euro[3] in
the first 3 months of 2008. This increase by 21% is mainly due to the
acquisitions end-2008 of retail sites in Luxembourg.
The net current result, or the net result excluding the portfolio
result on the one hand, and the negative changes in the fair value of
the non-effective interest rate hedges
(-1.2 million euro) on the other hand, is in line with the
expectations and amounted to 4.8 million euro on 31/03/09 (or 1.21
euro per share2) compared to 4.4 million euro (or 1.10 euro per
share) on 31/03/08.
The fair value[4] of the real estate portfolio, including the
development projects, amounted to 570.93 million euro on 31/03/09
compared to 563.23 million euro on 31/12/08.
In the first quarter no new acquisitions nor divestments of buildings
occurred.
As, as from 01/01/09 according to the modified IFRS standard 'IAS 40'
the development projects have to be recorded at their fair value, an
unrealised capital gain of 12 million euro has already been
recognized per 31/03/09 on the new office building Bian. This office
building, situated in the Cloche d'Or zone in Luxembourg, will be
delivered during the second quarter.
The capital gain on Bian more than compensates the negative changes,
following the slightly increased yields, in the fair value of the
other buildings of the real estate portfolio as defined by the
independent real estate expert.
The debt ratio has decreased from 52.06% on 31/12/08 to 50.94% op
31/03/09.
The occupancy rate[5] improved on 31/03/09, or 98% compared to 97.3%
on 31/12/08.
The rental yields increased compared to 31/12/08 and amounted to
7.45% (31/12/08: 7.27%) based on the fair value and to 7.27%
(31/12/08: 7.09%) based on the investment value.
14 May 2009,
The manager.
Leasinvest Real Estate SCA
Real estate investment trust Leasinvest Real Estate SCA mainly
invests in high quality and well-situated offices, logistics and
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 224.7 million euro (value on
12/05/09).
For more information, contact:
Leasinvest Real Estate
Jean-Louis Appelmans
Investor Relations
T: +32 3 238 98 77
E: jeanlouis.appelmans@leasinvest.be
W www.leasinvest.be
(*) The figures mentioned in this press release are unaudited and are
figures according to IFRS.
[1] The number of shares per 31/03/09 amounts to 4,012,832 and has
nog changed compared to 31/12/08. The data per share are 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 on a consolidated basis (16,538).
[2] The past financial year was an extended financial year of 18
months (01/07/07-31/12/08). On 15/10/08 interim dividend of 3.85 euro
gross has already been distributed.
[3] As the past financial year ran from 01/07/07 - 31/12/08 (18
months) pro forma figures are presented as comparative figures for
the period 01/01/08-31/03/08 (unaudited).
[4] Fair value: the investment value as defined by an independent
real estate expert, of which the transfer rights have been deducted.
The fair value is the accounting value under IFRS.
[5] 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.
