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RETAIL ESTATES: Operating result rises by 6.67%

RETAIL ESTATES: Operating result rises by 6.67%

28.11.2011 9:37

Retail Estates reported a 1H11/12 net result of € 11.71m o/w € 8.67m (+6.67%) recurring result and € 3.03m portfolio result. This corresponds with a distributable profit of € 1.66 per share.
Total (36,09 EUR, 1,11%) rental income in 1H11/12 rose by 4.8% to € 17.60m which is almost entirely attributable to the growth of the portfolio and positive index related rental rises. Total occupancy stood at 98.17%, virtually unchanged from the level (98.15%) on 31 March 2011.
The value of the real estate portfolio amounted to € 526.5m with an estimated yield of 7%. The valuation of peripheral shopping real estate has been supported by retail investors offsetting the declining interest from institutional investors. Retail Estates has an 83.23% stake in Immobiliere Distri-land which has a valuation (100%) estimated at € 17.15m (-16.9% q/q). The decline in valuation is linked to the sale of 4 premises for € 3.67m and a liquidation coupon that was distributed in October 2011. Retail Estates’ share in Distri-land has a valuation of € 13.18m.
In the past six months, 7 premises were sold to retail investors for a net consideration of € 4.89m and a portfolio valuation at the end of September of € 4.82m.
16 June 2011, Retail Estates did a € 4.29m capital increase through a contribution in kind, for the acquisition of 5 premises. 88,397 new shares were issued at € 48.61 per share.
27 June 2011, Retail Estates issued 245,348 new shares at € 48.91 per share or € 12m in total for the contribution in kind of 3 premises of Fun Belgium NV.
The net asset value per share (excluding 50% of the proposed dividend) at the end of September stood at € 42.66 per share. The debt ratio remainedunchanged q/q at 53.38%.

Our View:
Based on 1H11 results, management reiterates its guidance for stable net recurring earnings per share and an expected dividend of € 2.80 per share rising by 3.7% y/y. This is based on the assumption of stable consumer spending and a limited but positive rise in rental prices.

Conclusion:
We maintain our Hold rating and € 49 target price.


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