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Corio NV (AMS:COR) * Net rental income from continuing operations increased by 16.8% to € 143.7 m (€ 123.0 m). 'Like-for-like' net rental growth was 5.9% for the total continuing portfolio and for the retail portfolio 5.8% (7.0%). * EBIT increased by € 20.4 m to € 165.8 m (€ 145.4 m) which outweighs the growth in net financing expenses of € 15.0 m to € 61.3 m (€ 46.3 m). * Direct result increased by 6.2% to € 104.4 m (€ 98.3 m) or € 1.58 per share (€ 1.48). * The average occupancy rate for the first half of the total property portfolio increased by 0.3%-point to 96.6% (96.3%), average occupancy rate of retail increased slightly with 0.1%-point to 97.8% (97.7%). * Value of the property portfolio (including discontinued portfolio[1]) increased to € 7,055 m (year-end 2007: € 6,460 m); 84% of the portfolio is invested in retail. After the sale of the Dutch offices and industrial portfolio over 92% will be allocated to retail. * Share of profit of associates increased by € 0.6 m to € 8.0 m (€ 7.4 m). * Operating income from discontinued operations increased by 5.9% to € 28.8 m (€ 27.2 m). * Fixed pipeline decreased by € 642 m, mainly due to the transfer of Grand'Littoral in Marseille and Pieter Vreedeplein in Tilburg to the investment portfolio. Total FVP-pipeline (fixed, variable and prospect pipeline) decreased to € 3,016 m (year-end 2007: € 3,485 m). * Leverage was 43.2%[2] as of 30 June 2008, average interest % decreased from 5.1% in Q4 2007 to 4.9% in Q2 2008. * Indirect result from continuing operations was - € 3.2 m (€ 210.9 m) and the indirect result of discontinued operations was - € 31.4 m (€ 30.6 m). * Triple NAV (NNNAV) per share decreased by 1.7% to € 60.70 (year-end 2007: € 61.77).
[1] Excluding the bookvalue of part of office building Jacobsweerd that is occupied by Corio [2] Leverage at 30-06-2008 is calculated in compliance with the covenants of the financial institutions, comparable leverage at 31-12-2007 is: 36.9%
