2009-11-10 11:25:02 -
THE HAGUE, NETHERLANDS -- (Marketwire) -- 11/10/09 --
Key items
-- Direct result per share +4.9%
-- Property revaluation -8.3%
-- Net asset value EUR 73.20 per share
-- Solvency unchanged at 69%
-- Successful lettings achieved in Paris and Washington DC
Prospects 2009
-- Direct result per share between EUR 4.85 and EUR 4.90
-- Well positioned to take advantage of opportunities
Hans Pars (CEO Wereldhave N.V.) comments:
"The direct result per share for the first three quarters of 2009 rose by nearly 5%. The higher direct result per share can be attributed primarily to the fact that we are to a large extent financed at variable interest rates. Our interest charges continued to drop during the third quarter. The occupancy rate is lower in 2009, due to office vacancies that arose at the end of 2008 in Paris and Washington DC. The good news is that we have agreed three lettings for approx. 15,000 m² in these properties in difficult markets. That underlines the quality of our investment portfolio.
During the third quarter we have issued a EUR 230 mln convertible bond.
This will cause interest charges to rise during the last quarter, but with this convertible bond issue we have increased our immediately available funds to EUR 350 mln, sufficient to take advantage of attractive investment opportunities. In our strategy update of October 28, 2009, we have indicated that we will pursue solid positions in the countries where we are currently present, targeting a minimal size of EUR 400 mln per country and region. We seek to expand the share of shopping centres in our investment portfolio to 50-60% of the balance sheet total (currently 46%).
The indirect result reflects the sizeable negative revaluation of the investment portfolio. In consultation with external experts, for the internal valuation of September 30, 2009, we have adjusted the valuation of a number of shopping centres in Europe and offices in the United States, resulting in an increase of 35 basis points in the weighted average net initial yield to 6.6%. Although there are still very few market transactions as evidence, we are confident that this revaluation is in accordance with current markets. Due to our solid financial ratios, we can easily absorb this negative property revaluation, since our solvency ratio still stands at 69%."
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www.rns-pdf.londonstockexchange.com/rns/2609C_1-2009-11-10.pdf :
For further information, please contact:
Wereldhave N.V.
Charles F. Bloema
Tel. + 31 70 346 93 25
