Press Release: Half-year results 2014

For the first half of 2014, Wereldhave posted a net profit of € 10.3m (H1 2013: € 18.6m). The direct result remained nearly unchanged at € 42.6m, per share € 1.73 (H1 2013: € 1.76). Acquisitions, lower interest and general costs and a strong like-for-like (LFL) rental growth compensated for the disposals in 2013. The value of the portfolio remained fairly stable overall, the negative indirect result of € 32.3m was largely impacted by the transfer costs of the newly acquired properties and refinancing costs.

The LFL rental growth for the entire portfolio came out strong at 3.2%, with an even higher 3.7% for the shopping centre portfolio, which is 230 bps above indexation (target 140 bps). Occupancy of the shopping centre portfolio is at 98.5%, 50 bps above target. General costs for the first half-year are in line with the forecasted € 14m for the full year 2014.

Wereldhave raises the target for 2014 for the LFL rental growth of the shopping centre portfolio from 140 bps to 200bps above indexation. For the full year 2014, Wereldhave expects a direct result between € 3.35 and € 3.45 per share.

For full press release, download the pdf below.

Press Release: Half-Year Results 2014