INTERVEST OFFICES & WAREHOUSES NV Announcement of solid growth over the next three years, based on reorientation in the offices portfolio and the further expansion of logistics real estate
Portfolio reshuffle started through divestment of 4 office buildings and one semi-industrial building in the Brussels periphery
Ratio of 51% of logistics real estate and 49% office buildings as at 30 June 2016
Occupancy rate rose to 91% as at 30 June 2016; 96% for the logistics portfolio, 87% for the offices portfolio
Rental transactions primarily in the logistics portfolio: leases to new tenants accounted for 5% and extensions and prolongations accounted for 21% of the annual rental income of the logistics segment
The fair value of the real estate portfolio was basically stable in the first semester of 2016
Operating distributable result per share: € 0,88 in the first semester of 2016 (€ 0,96 in the first semester of 2015)
Increase in the underlying operating distributable result (without taking into account the one-off allocated refurbishment fee of 2015) with € 0,07 per share or approximately 9%, from € 0,81 for the first semester of 2015 to € 0,88 for the first semester of 2016, primarily due to lower financing costs
Strengthening of the equity in the first semester of 2016 by € 11,6 million through the optional dividend, with 57% of shareholders opting for shares
Debt ratio: 47,4% as at 30 June 2016 (48,2% as at 31 December 2015)
Average interest rate of the financing: 3,1% in the first semester of 2016 (4,0% in the first semester of 2015)
Renewed shareholder structure and management bodies
Expected operating distributable result for 2016 between € 1,65 and € 1,75 per share with a minimum gross dividend of € 1,40 (dividend pay-out ratio: 80-85%)
Full press release:
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Intervest Offices & Warehouses NV via Globenewswire
