Update Q3 2016

• Strong leasing performance continued: occupancy increases in all countries
• Strategic review Finnish portfolio: Wereldhave to remain active in Finland
• Outlook reconfirmed: EPS growth 2016 at lower end of 6%-9% range
• 2016 dividend proposal of € 3.08

Introduction

In view of feedback from stakeholders, Wereldhave has decided to re-install the publication of quarterly trading updates. The updated financial calendar with publications and events in 2017 can be found on our corporate website, which has been redesigned.

The third quarter saw a continuation of our strong operational performance of the first half of 2016. Occupancy of the shopping centres as at September 30, 2016 stood at 95.1% (an increase of 30 bps compared to June 30), with high leasing activity and improvements in occupancy in all countries. However, we experience pressure in rental levels in all countries from tenant rotations after bankruptcies.

In the Netherlands, Wereldhave sold the Pathé cinema in Tilburg with closing in September 2016. The proceeds will be reinvested during the fourth quarter of 2016 with the completion of the acquisition of a HEMA store in Tilburg. Also in the Netherlands, a smaller shopping centre in Geldrop was sold, with closing scheduled to take place mid December 2016.

In 2016, Wereldhave made a strategic review of its presence in Finland. In view of the recent bankruptcy of the Anttila department store and the Finnish economy which is still subdued due to an uncertain economical and political environment, Wereldhave has decided that this is not the right timing for a disposal of its Finnish asset.

Wereldhave reconfirms its outlook that the direct result per share for the year 2016 will increase between 6%-9% compared to 2015, but in view of recent bankruptcies, EPS growth is expected to be at the lower end of the range. 

For 2016, Wereldhave will propose a dividend of € 3.08 (4 quarterly dividends of € 0.77), which is an increase of 2.3% against the previous year, with a pay-out ratio of approximately 90%.

The final results 2016 will be announced on February 3, 2017.

Press Release Trading update Q3 2016