Atrium European Real Estate, a developer of shopping centres in Central and Eastern Europe, reported net rental income increased by 15.1% to EUR 154.9 mln in 2011 thanks to the addition of three new malls in Poland and the Czech Republic. On a like-for-like basis, NRI rose 8.6% to EUR 138.1 mln, the company said.
Atrium European Real Estate, a developer of shopping centres in Central and Eastern Europe, reported net rental income increased by 15.1% to EUR 154.9 mln in 2011 thanks to the addition of three new malls in Poland and the Czech Republic. On a like-for-like basis, NRI rose 8.6% to EUR 138.1 mln, the company said.
Net profit rose 29% to EUR 143 mln. The company plans to raise its dividend to EUR 0.17, an increase of over 21% compared to the year-earlier figure.
While many larger shopping centre specialists elsewhere in Europe such as Klépierre and Citycon are seeing a slowdown or even a fall in net asset values (NAV), Atrium reported EPRA NAV per ordinary share increased 5.6% to EUR 6.36.
The acquisitions of the three new shopping centres lifted the value of the income-producing portfolio by 40% to EUR 2.1 bn (2010: EUR 1.5 bn). The company also posted revaluation gains of EUR129 mln, but these were offset by the sale of the group’s single shopping centre in Turkey.
Commenting on the results, Rachel Lavine, CEO of Atrium European Real Estate, said the company’s key objective for 2012 is to continue to deliver positive real growth in rental income. ‘To supplement organic growth we will continue to seek opportunities to acquire high-quality income-producing assets in tier-one cities of our target markets, such as those we successfully acquired in 2011. In addition, we will maintain our cautious approach to development, focusing on extensions to existing assets and developments in core locations with high levels of pre-leasing.'
