Dutch property company Corio posted strong full-year results on Tuesday with net rental income increasing by 14% to EUR 317.7 mln in 2008, from EUR 278.9 mln a year before. Direct result increased by 0.5% over the year to EUR 204.1 mln from EUR 203.1 mln in 2007.
Dutch property company Corio posted strong full-year results on Tuesday with net rental income increasing by 14% to EUR 317.7 mln in 2008, from EUR 278.9 mln a year before. Direct result increased by 0.5% over the year to EUR 204.1 mln from EUR 203.1 mln in 2007.
'In today's financial environment Corio's strong portfolio has proved to be resistant to the economic downturn. While in September 2008 a large portfolio of offices and industrials was sold, the direct result increased by 0.5%,' CEO Gerard Groener said.
The company is proposing a dividend of EUR 2.64 per share, either in cash or stock. In 2007, the company paid a dividend of EUR 2.60 in cash only. Corio expects its direct result for 2009 will be in line with the previous year, as a result of the loss of rental income due to the sale of the Dutch offices and industrial portfolio, lower financing expenses and the current economic uncertainty.
The property portfolio decreased by EUR 421 mln or 6.5% over 2008 from EUR 6.46 bn in 2007 to EUR 6 bn in 2008, mostly as a result of the EUR 452 mln worth of revaluations.
