Eurocastle Investment Limited and Subsidiaries / Financial results for the nine months and quarter ended 30 september 2007
Geschrieben am 15-11-2007 |
London (ots) -
- Cross-Reference: Financial results for the nine months and quarter ended 30 september 2007 is available at: http://www.presseportal.de/dokumente -
Eurocastle Investment Limited owns and invests primarily in German commercial property. The Group is Euro denominated and currently listed on Euronext Amsterdam, under the symbol "ECT" and on the Frankfurt Stock Exchange, under the symbol "EUI1". Eurocastle's objective is to build long-term value for its shareholders and to pay out stable and growing dividends. Eurocastle is managed by an affiliate of Fortress Investment Group LLC. For more information regarding Eurocastle and to be added to our email distribution list, please visit www.eurocastleinv.com .
Nine Month Highlights
- Dividend declared for the third quarter 2007 is E0.60 per share. This compares to the third quarter 2006 dividend of E0.43 per share and second quarter 2007 dividend of E0.60 per share. - Completed E2.3 billion of commercial property purchases, including the acquisition of 56 German commercial property assets ("the Mars portfolio") announced in December 2006 and completed in first quarter 2007. - Entered into an agreement to acquire 12 retail properties for an aggregate all-in purchase price of approximately E49.6 million. - Signed 508 leases for approximately 175,000 square meters, including 238 new leases for approximately 64,000 square meters. - Completed the sale of 78 non-core assets, at a 9% premium to the 2006 year end carrying value, resulting in a realised gain on the book cost, net of associated sale costs, fees and taxes, of E27.8 million or E0.43 per share. - Entered into an agreement to sell a non-core asset for E155 million, which is expected to realise a gain on the book cost, net of associated sale costs, fees and taxes, of E17.3 million or E0.27 per share.
Key Performance Indicators
Third Quarter 2007
- Net profit after tax of E49.4 million for the third quarter 2007, increased from E27.5 million for the third quarter 2006. - Earnings per ordinary share of E0.77 per ordinary share (30 September 2006: E0.60 per ordinary share) or E0.76 per diluted share (30 September 2006: E0.58 per diluted share). - Funds from Operations ("FFO", see Key Financial Information) increased by 58% to E33.1 million for the third quarter 2007 from E20.9 million for the third quarter 2006. - FFO of E0.52 per ordinary share (30 September 2006: E0.46 per ordinary share) or E0.51 per diluted share (30 September 2006: E0.44 per diluted share). - FFO return on average invested capital* was 9.0% for the third quarter 2007. - NAV per share decreased to E27.95 at the end of the third quarter 2007 from E29.07 at the end of the second quarter 2007, a decrease of 3.9%. This decline primarily relates to unrealised mark-to-market losses on the debt portfolio. Mark-to- market changes do not impact earnings or FFO.
Nine Months 2007
- Net profit after tax of E340.0 million for the nine months to 30 September 2007, increased from E134.1 million for the nine months to 30 September 2006. - Earnings per ordinary share of E5.33 per ordinary share (30 September 2006: E3.12 per ordinary share) or E5.17 per diluted share (30 September 2006: E3.00 per diluted share). - FFO increased by 124% to E118.2 million for the nine months to 30 September 2007 from E52.8 million for the nine months to 30 September 2006. - FFO of E1.85 per ordinary share (30 September 2006: E1.23 per ordinary share) or E1.80 per diluted share (30 September 2006: E1.18 per diluted share). - FFO return on average invested capital* was 10.8% for the nine months ended 30 September 2007. - NAV per share increased to E27.95 at the end of the third quarter 2007, from E24.73 at 31 December 2006, an increase of 13.0%.
* Invested capital represents capital and reserves less hedging reserves, fair value of interest rate swaps and net unrealised gains on available-for-sale securities, real estate fund units and investment properties (net of attributable deferred taxation). ** Earnings per share and FFO per share, are calculated on the weighted average number of shares at 30 September 2007.
Key Financial Information
Segmental Information
The Group is now reporting financial information by business segment on a quarterly basis. This is consistent with the way it manages the business and provides insight into the capital utilisation and performance of the individual business segments.
Segmental analysis prepared according to IFRS has been disclosed in Note 28. The tables below show the summarised financial data of the Group's business segments with the unallocated amounts per Note 28 allocated between the segments on the basis disclosed below each table.
|Balance sheet data |Debt |Real |Investment|Total | |As at 30 September 2007|investment|estate |properties|Eurocastl| | |s |fund | |e | | | |units | | | |(Unaudited) |E'000 |E'000 |E'000 |E'000 | |Investments |2,170,519 |164,475 |5,535,244 |7,870,238| |Other assets1 |72,531 |4,535 |251,712 |328,778 | |Total assets |2,243,050 |169,010 |5,786,956 |8,199,016| |Interest-bearing debt |(2,076,871|(93,593) |(3,983,938|(6,154,40| |financing |) | |) |2) | |Other liabilities2 |(47,870) |(576) |(175,517) |(223,963)| |Total liabilities |(2,124,741|(94,169) |(4,159,455|(6,378,36| | |) | |) |5) | | | | | | | |Segment net assets |118,309 |74,841 |1,627,501 |1,820,651| | | | | | | |Tax liability |- |- |(36,619) |(36,619) | |Minority interest |(2) |(4) |- |(6) | | | | | | | |Net assets |118,307 |74,837 |1,590,882 |1,784,026| | | | | | | |Net assets per share E|1.85 |1.17 |24.93 |27.95 | | | | | | |
1 Unallocated other assets of E11.6 million have been allocated between the segments based on each segment's share of net assets before allocation. Amounts allocated were; debt investments: E1.7 million, real estate fund units: E0.4 million and investment properties: E9.5 million.
2 Unallocated other liabilities of E13.9 million have been allocated between segments based on each segment's share of net assets before allocation. Amounts allocated were; debt investments: E2.1 million, real estate fund units: E0.5 million and investment properties: E11.3 million.
|Income statement data |Debt |Real |Investment|Total | |Three months ended 30 |investment|estate |properties|Eurocastle| |September 2007 |s |fund | | | | | |units | | | |(Unaudited) |E'000 |E'000 |E'000 |E'000 | |Operating income 1 |36,348 |20,878 |71,873 |129,099 | | | | | | | |Interest expense 2 |(28,130) |(1,404) |(46,477) |(76,011) | |Service charge and |- |- |(21,154) |(21,154) | |property operating | | | | | |expenses | | | | | |Other operating |(1,914) |(1,084) |(7,818) |(10,816) | |expense (including | | | | | |foreign currency | | | | | |(losses) 3 | | | | | |Segment result |6,304 |18,390 |(3,576) |21,118 | | | | | | | |Taxation expense |- |- |28,312 |28,312 | |Net profit |6,304 |18,390 |24,736 |49,430 | | | | | | | |Decrease / (increase) |- |(12,140) |22,519 |10,379 | |in fair value | | | | | |Realised gains on sale|- |- |1,157 |1,157 | |of investment | | | | | |properties | | | | | |Deferred tax |- |- |(27,915) |(27,915) | |Funds from operations4|6,304 |6,250 |20,497 |33,051 | | | | | | | |Funds from operations |0.10 |0.10 |0.32 |0.52 | |per share E | | | | |
1 Unallocated operating income of E0.07 million has been allocated between the segments based on each segment's share of net assets before allocation. Amounts allocated were; debt investments: E0.01 million, real estate fund units: E0.003 million and investment properties: E0.06 million.
2 The revolving credit facility expense of E2.5 million has been allocated between the segments based on each segment's share of the drawn facility at 30 September 2007. Amounts allocated were; debt investments: E0.4 million, real estate fund units: E0.1 and investment properties: E2.0 million.
3 Unallocated other operating expenses of E7.7 million have been allocated between the segments based on each segment's share of net assets before allocation. Amounts allocated were; debt investments: E1.1 million, real estate fund units: E0.3 million and investment properties: E6.3 million.
4 Refer to page 15 for a funds from operations reconciliation.
Overview
Real Estate
The Group's core business is the ownership and management of high quality German commercial real estate. As of 30 September 2007, our E5.5 billion commercial property portfolio consists of 580 properties with 2.2 million square meters of lettable space. These assets are primarily financed with long-term fixed rate non-recourse debt of E3.9 billion (weighted average maturity of 5.4 years, and weighted average funding cost of 4.6%).
- Portfolio occupancy is 88.9%, increased from 87.3% at the half year end. - Leases signed year to date (30 September 2007), total 175,000 sqm, including new leases of 64,000 sqm. - Leases under negotiation at 30 September 2007, total 24,000 sqm.
Debt Investments
Eurocastle also owns a E2.1 billion European real estate debt portfolio with a weighted average credit rating of BBB-. The debt portfolio is primarily term financed to maturity with long-term, non- recourse debt that is not callable as a result of changes in value.
- Credit quality of the portfolio remains strong; ratings upgrades versus downgrades for the quarter was 9:2 and there has been no material deterioration in the quality of the underlying assets.
Dividends
Eurocastle aims to pay out substantially all of its funds from operations over time in the form of quarterly dividends to shareholders. A dividend of E0.60 per share has been maintained for the third quarter ended 30 September 2007. The dividend is payable on 30 November 2007 to holders on record of Eurocastle's shares on 20 November 2007.
Conference Call
Management will conduct a conference call today, 15 November 2007, to review the Group's financial results for the quarter ended 30 September 2007. The conference call is scheduled for 3:00 P.M. London time (10:00 A.M. New York time). All interested parties are welcome to participate on the live call. You can access the conference call by dialing +1-877-717-3044 (from within the U.S.) or +1-706-679-1521 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference "Eurocastle Third Quarter Earnings Call".
A webcast of the conference call will be available to the public on a listen-only basis at www.eurocastleinv.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the webcast will be available for three months following the call.
For those who are not available to listen to the live call, a replay will be available until 11:59 P.M. New York time on Thursday, 22 November 2007 by dialing +1-800-642-1687 (from within the U.S.) or +1-706-645-9291 (from outside of the U.S.); please reference access code "22874526".
Originaltext: Eurocastle Investment Limited digital press kits: http://www.presseportal.de/pm/60662 press kits via RSS: http://www.presseportal.de/rss/pm_60662.rss2
Contact: International Administration (Guernsey) Limited Company Administrator Attn: Mark Woodall Tel: +44 1481 723450
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