Trading update first 9 months of the financial year 2006-2007 (01/07/2006-31/03/2007)
- Regulated press release
Key figures
The financial year runs from 1 July till 30 June; the figures presented in this press release are unaudited IFRS figures.
The fair value[1] of the real estate portfolio of Leasinvest Real Estate, as valued by the valuers Cushman & Wakefield, amounts to 457 million EUR on 31/03/07 compared to 476.3 million EUR on 31/12/06, or a decrease of 4%. Compared to 31/03/06 the portfolio achieved an increase of 8.7%.
This evolution of the fair value is due to a combination of factors. On the one hand, 2 office buildings, part of "Extensa Square" in Brussels were sold; on the other hand, the real estate porfolio knew a positive change in value over the last quarter for an amount of 4.2 million EUR. During the last quarter a smaller building was acquired. More information on the acquisition and divestments mentioned above, can be found in the half-yearly brochure of Leasinvest Real Estate.
The shareholder's equity (based on the fair value of the real estate portfolio), part of the group, amounts to 253.5 million EUR, which corresponds to a net asset value per share (including dividend) of 63.18[2] EUR. The net asset value per share on 31/03/06 amounted to 57.07[3] EUR.
The debt ratio, calculated according to the RD of 21 June 2006 amounts to 41.92% and has decreased compared to 31/12/06 (46.61%) due to the reimbursement of bank debt with the revenue of the sale of Extensa Square.
The rental income over the past 9 months amounted to 25.2 million EUR compared to 13.9 million EUR on 31/03/06, or a rise of 81.3%. This is mainly due to the acquisitions of the financial year 2005-2006, namely the Luxembourg portfolio of Leasinvest Immo Lux and a part of the portfolio of Extensa Group.
The occupancy rate[4] on 31/03/07 amounted to 96.34% (31/12/06: 96.97%).
The rental yield based on the fair value amounted to 7.23% on 31/03/07 (31/12/06: 7.45%) and to 7.05% based on the investment value (31/12/06: 7.27%).
Leasinvest Real Estate SCA
Real estate fund Leasinvest Real Estate SCA invests mainly 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 312.2 million EUR (value on 4 May 2007).
For more information, contact:
Leasinvest Real Estate
Jean-Louis Appelmans
Investor Relations
T: +32 3 238 98 77
E: jeanlouis.appelmans@leasinvest-realestate.com
[1] The fair value corresponds to the investment value as defined by the independent valuers, of which the transaction costs (as defined on page 75 of the annual brochure 2005/2006) have been deducted; the fair value is the accounting value under IFRS. The investment value amounted to 468.7 million EUR.
[2] The number of shares on 31/03/2007 amounts to 4,012,832.
[3] The number of shares on 31/03/2006 amounted to 3,249,221.
[4] The occupancy rate has been calculated based on the estimated rental value of the investment properties. The buildings of Leasinvest Immo Lux are taken into account for 100% for the calculation of the occupancy rate, notwithstanding the participation of Leasinvest Real Estate in Leasinvest Immo Lux amounts to 93.01% on 31/03/07.
