Intervest O&W - FY results
EPRA EPS landed at EUR 1.25, down 27% YoY. The result has been impacted by the EUR 0.22 costs and provision of costs due to the TPG takeover bid. Dividend at EUR 1.02 per share, down 33.3% YoY.Organic rental growth stood at 17% (excl. severance payment), split between development projects contribution (10%) and indexation (7%).Portfolio gross yield stands at 6.4%, up 40bps YoY. Gross yield on Belgian logistics stands at 5.6% (-20bps YoY), 6.1% (+40bps YoY) in the Netherlands and 8.6% on offices (+180bps YoY).Debt ratio stood at 49.7%, up 170bps YoY. Average cost of debt increased 110bps to 3.1%.Intervest Offices & Warehouses is a Belgian property investment fund. Co. specializes in investments in office buildings and semi-industrial properties situated on locations outside municipal centres. Co.'s business properties are located on the Antwerp-Brussels axis. Its activities can be divided into two business segments: Offices segment which includes the properties that are let to companies for professional purposes as office space; and Semi-industrial buildings segment which includes those premises with a logistical function, storage facilities and high-tech buildings. At Dec 31 2010, Co.'s portfolio consists of 69% in offices buildings and 31% in semi-industrial buildings.
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