Foncière Développement Logements, a subsidiary of Foncière de Régions, reported group revenue flat at EUR 106.4 mln in the first half, leading to a 4% rise in earnings per share. Rental income increased 1.7% over the period, reflecting a 2.25% rise in France and 1.6% growth in Germany. The vacancy rate fell over the six-month period to 1.5% from 2.9% at end-2008.
Foncière Développement Logements, a subsidiary of Foncière de Régions, reported group revenue flat at EUR 106.4 mln in the first half, leading to a 4% rise in earnings per share. Rental income increased 1.7% over the period, reflecting a 2.25% rise in France and 1.6% growth in Germany. The vacancy rate fell over the six-month period to 1.5% from 2.9% at end-2008.
Lower financing and operating costs boosted recurring current cash flow per share by 20% year-on-year to EUR 0.54, the company said. The value of the portfolio slipped slightly by 0.5% to EUR 3.4 bn, with the French assets booking a decline of 1.7% and Germany contributing -0.1%.
The company’s net debt fell over the period to EUR 2.04 bn from EUR 2.12 bn a year ago. The ratio of net debt to assets value was stable at 58.5%.
