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%."
Click on, or paste the following link into your web browser, to view the
associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/2609C_1-2009-11-10.pdf
Contact Information: For further information, please contact: Wereldhave N.V. Charles F. Bloema Tel. + 31 70 346 93 25