Trading update first 3 months of the financial year 2006-2007 (01/07/2006-30/09/2006) (*)
- Regulated press release
Key figures
At the end of the first quarter of the financial year 2006-2007 the fair value[1] (= investment value[2] after deduction of transfer costs) of the consolidated[3] real estate portfolio amounts to 470.06 million EUR, or an increase of 0.61% compared to 30/06/2006 (compared to 30/09/05: + 74.53%).
The investment value of the real estate portfolio, as defined by the real estate experts Cushman & Wakefield amounts to 482.11 million EUR and has increased by 0.61% compared to 30/06/2006 (compared to 30/09/05: + 75.02%).
The shareholder's equity (based on the fair value of the investment properties), share of the group amounts to 245.13 million EUR, which corresponds to a net asset value per share (including dividend) of 61.09[4] EUR. The net asset value per share on 30/09/2005 was 57.01[5] EUR.
The debt ratio of Leasinvest Real Estate amounts to 49.67%[6].
The rental income over the first 3 months amounted to 8.39 million EUR or an increase of 81.21% compared to 4.63 million EUR on 30/09/2005.
The occupancy rate[7] on 30/09/2006 amounted to 96.43% and has slightly increased compared to 95.87% on 30/06/2006 (30/09/05: 91.90%).
The rental yield based on the fair value amounted to 7.46% (30/06/2006: 7.45%) and 7.27% based on the investment value (30/06/2006: 7.26%).
Leasinvest Real Estate SCA
Real estate fund (sicafi) Leasinvest Real Estate SCA mainly invests in high-quality and well situated office, logistics and retail buildings in Belgium and the Grand Duchy of Luxembourg.
The real estate fund is listed on Euronext Brussels in the NextPrime segment. Leasinvest Real Estate has a market capitalisation of 292.9 million EUR (value on 21/11/2006).
For more information, contact:
Leasinvest Real Estate
Jean-Louis Appelmans
Investor Relations
T: +32 3 238 98 77
E: jeanlouis.appelmans@leasinvest-realestate.com
(*) The financial year starts on 1 July and ends on 30 June; the figures mentioned in this press release are unaudited and accounted for under IFRS.
[1] The fair value corresponds to the investment value as defined by an independent real estate expert and of which the transfer costs (as defined on page 75 of the annual brochure 2005/2006) are deducted; the fair value is the accounting value under IFRS.
[2] The investment value corresponds to the previously used term 'investment value' and is the value as defined by an independent real estate expert and of which the transfer costs have not yet been deducted.
[3] This consolidated real estate portfolio takes into account the integral consolidation of Leasinvest Immo Lux (ex-Dexia Immo Lux, named "LIL" hereafter) of which Leasinvest Real Estate held 92.20 % on 30/09/06.
[4] The number of shares on 30/09/2006 amounts to 4,012,628.
[5] The number of shares on 30/09/2005 amounted to 3,249,221.
[6] The debt ratio has been calculated according to the RD of 21 June 2006.
[7] The occupancy rate has been calculated based on the estimated rental value (all buildings op the Leasinvest Real Estate portfolio are taken into account). The LIL buildings are taken into account for 100% for the calculation of the occupancy, notwithstanding the fact that the participation of LRE in LIL amounts to 92.20%.
