While its direct result was negatively affected by one-off merger costs, Dutch property company Rodamco Europe has announced solid first-half results in its last earnings report as a separate company. Rodamco is being integrated into Unibail, France's largest real estate investment trust, which acquired the company earlier this summer. Rodamco Europe's balance sheet has been consolidated into that of the new company, Unibail-Rodamco, effective 30 June.
While its direct result was negatively affected by one-off merger costs, Dutch property company Rodamco Europe has announced solid first-half results in its last earnings report as a separate company. Rodamco is being integrated into Unibail, France's largest real estate investment trust, which acquired the company earlier this summer. Rodamco Europe's balance sheet has been consolidated into that of the new company, Unibail-Rodamco, effective 30 June.
The direct result for the period after tax was 24% down from the EUR 186.5 mln last year at EUR 141.4 mln, but the indirect result was EUR 677.8 mln, up from EUR 482.6 mln. Excluding one-off costs, the decrease in the direct result comes to 1.2%. Net rental income was EUR 292.9 mln, up from 278.7 mln. Rodamco Europe has reported the triple net asset value, or ‘Triple NAV’ in line with EPRA best practices, and this increased up by 10.5%, while property assets grew by 7.0% by comparison to year-end 2006.
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