NSI posts 2.3% higher direct result in H1

Dutch real estate firm Nieuwe Steen Investments (NSI) said it wrote down 2.4% on its property portfolio in the first half of 2009 after the value of its assets fell by some by EUR 4.8 mln to EUR 1.34 bn in the second quarter.

Net rental income rose 3.5% in the second quarter, bringing growth over the first six months to 2.6% at EUR 45 mln. NSI posted a 2.3% higher direct result of EUR 25.5 mln in the first half of 2009, reflecting the higher rental income and lower interest costs.

NSI, which is active in the Netherlands and Switzerland, said it sold EUR 32.7 mln worth of assets in the Netherlands in the first half as part of its strategy of disposing of smaller properties. As a result, its Loan to Value ratio declined to 54.7% from 57%.

The vacancy rate for its total portfolio increased to 8.7% at end-June from 7.6% at end-2008.