(Comparative figures for Q1 2010 results in brackets; unless stated otherwise)
Net rental income up 19.4% at € 98.0 m (€ 82.1 m).
Like-for-like net rental growth, retail portfolio: 2.1% (0.1%).
Re-letting and renewals: 1.9% of the retail contracts were re-let or renewed, increase: 6.1%.
The average financial occupancy rate for the retail portfolio stable at 96.0% (96.0%).
Net direct financing expense1 up € 3.0 m to € 26.1 m (€ 23.1 m).
Direct result up 18.2% at € 66.2 m (€ 56.0 m).
Direct result per share stable at € 0.73 (€ 0.73).
Positive valuations1 of € 30.1 m in Q1 2011 (€ 2.6 m).
Value of the property portfolio1: € 7,081.0 m at 31 March 2011 vs year-end 2010: € 6,988.8 m.
Percentage invested in retail: 96% (year-end 2010: 96%).
Leverage1 (after netting cash and debt) : 37.8% at 31 March 2011 (year-end 2010: 38.2%); average interest rate1 Q1 2011 4.1% (Q4 2010: 4.0%); fixed interest debt1 62% (year-end 2010: 64%).
Net result up € 43.9 m at € 87.1 m (€ 43.2 m).
Pipeline: decrease of € 47 m to € 2,991 m (31 December 2010: € 3,038 m).
Fixed committed part of pipeline (including already paid of € 239 m): stable at € 1,184 m.
Net Asset Value (NAV) per share was € 47.21 (year-end 2010 € 46.10), NNNAV1 per share was € 47.71 (year-end 2010: € 46.82).
The proposed dividend of € 2.69 for the 2010 financial year has been approved by the AGM on 21 April 2011.
BUSINESS HIGHLIGHTS Q1 2011
Passage Provence Opéra in Paris was sold for € 21.8 m in January 2011.
Liekeblom in Leek was sold for € 7.4 m in January 2011.
Corio has acquired part three of shopping centre Globo in Italy for around € 53.9 m at a net initial yield of 6.3%. Corio already owned Globo I and II. Globo III has been consolidated as from 1 January 2011.
Corio has appointed Hubertus Kobe as CEO of Corio Deutschland.
1 Corio decided to early adopt IFRS 11 (IAS 31) per 1 January 2011. As a result of this Corio's Joint Ventures are now reported under equity accounted investees (EAIs) instead of separate line items. For comparison reasons the 2010 figures have been restated. The notes to the press release include a reconciliation.
