SOURCE: Wereldhave NV

May 12, 2011 02:24 ET

Wereldhave NV - 1st Quarter Results

THE HAGUE, NETHERLANDS--(Marketwire - May 12, 2011) -


Results 1st quarter 2011


Key items

- Profit EUR 27.6 mln (2010: EUR 12.6 mln)

- Direct result per share EUR 1.27 (+5.8%)

- Net asset value per share EUR 74.83 (-0.5%)

- Valuation portfolio stable

- Sale of non strategic properties for EUR 54.3 mln

- Successful private placement of USD 300 mln


Hans Pars, CEO Wereldhave N.V. comments: "Mainly due to the property
acquisitions made in 2010, the direct result per share rose by 5.8%
during the first quarter. In 2011 we have not made any purchases to
date. With the sale of a logistic portfolio of six properties in The
Netherlands and three smaller properties in the United Kingdom for
well over EUR 54 mln, our sales program is well on track.

The occupancy rate of our shopping centres, representing well over half
of our total portfolio, remained stable, but the occupancy of the
offices portfolio dropped, particularly in the United States. We notice
that prospective tenants wish to use the current tenant markets and
that they are taking their time to make a decision. Our highest
priority is to improve the occupancy rate of our offices portfolio."


Profit

The result for the first quarter of 2011 rose by EUR 15.0 mln to EUR
27.6 mln compared to 2010, the equivalent of EUR 1.21 per share (2010:
EUR 12.6 mln or EUR 0.50 per share). The valuation result for the first
quarter (including a revaluation of financial instruments of
EUR -1.4 mln) amounted to EUR -2.0 mln (2010: EUR -12.0 mln). Exchange
rate differences had a positive effect of EUR 2.7 mln on the result
(2010: EUR -1.5 mln), primarily because the lower exchange rate for the
US-dollar resulted in lower deferred taxes.

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the associated PDF document.

 http://www.rns-pdf.londonstockexchange.com/rns/4580G_-2011-5-12.pdf 


For further information:

Wereldhave N.V.
Richard W. Beentjes
Tel. + 31 70 346 93 25

Wereldhave. Value for tomorrow.
 www.wereldhave.com 
Information for analysts:

Wereldhave N.V.
Charles F. Bloema / Jaap-Jan Fit
Tel. + 31 70 346 93 25





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