1st Quarter Results
May 15 2009 - 5:28AM
UK Regulatory
TIDMDGRE
RNS Number : 3345S
Delek Global Real Estate PLC
15 May 2009
LSE: DGRE
Delek Global Real Estate Plc
First quarter results for the three months ended 31 March 2009
15 May 2009, Delek Global Real Estate ("DGRE" or the "Company"), the real estate
investor with properties including NCP car parks ,and other high quality
investment properties throughout the UK, Europe and Canada, today announces its
first quarter results for the three months ended 31 March 2009.
Financial Highlights
+--+----------------------------------------------------------------------+
| -| DGRE's portfolio valued at GBP2.35billion (1) |
+--+----------------------------------------------------------------------+
| -| There have been no material changes to the value of the properties |
| | in the financial statements since the formal valuation undertaken as |
| | at 31 December 2008. |
+--+----------------------------------------------------------------------+
| -| Attributable Net Asset Value (2) of GBP622 million or 235 pence per |
| | share |
+--+----------------------------------------------------------------------+
| -| Net profit after tax, before minority interests of GBP9.7 million |
+--+----------------------------------------------------------------------+
| -| Profit per share after minority interests of 3 pence per share |
+--+----------------------------------------------------------------------+
| -| Net Asset Value (3) of GBP489 million or 184 pence per share |
+--+----------------------------------------------------------------------+
| -| Net cashflow generated from operating activities GBP27.7million |
+--+----------------------------------------------------------------------+
| -| Rental income up 7.4% to GBP43.8 million |
+--+----------------------------------------------------------------------+
| -| Consolidated cash & cash equivalents of GBP50.6 million as at 31 |
| | March 2009 |
+--+----------------------------------------------------------------------+
| -| DGRE's share of attributable loans of GBP1.7 billion with Loan to |
| | value of 74% |
+--+----------------------------------------------------------------------+
Notes
(1): DGRE's Portfolio value is the attributed value of each asset based on
DGRE's share of that asset
(2): Attributable Net Asset Value = Value of DGRE's share in the portfolio less
DGRE's share in outstanding loans
(3): NAV = IFRS Equity less minority interests
Operational Highlights
+----------+----------------------------------------------------------------------+
| - | Occupancy rates remain high at 98.6% |
+----------+----------------------------------------------------------------------+
| - | Average lease length remains long at around 14.1 years |
+----------+----------------------------------------------------------------------+
| - | Earlier today DGRE announced that following an approach by Delek |
| | Belron International Ltd, the controlling shareholder of the |
| | Company, the Board of the Company resolved to convene an |
| | Extraordinary General Meeting of the Company to consider approving |
| | the cancellation of admission of the Company's ordinary shares to |
| | trading on the AIM market of London Stock Exchange Plc. The meeting |
| | will be convened on 9 June 2009 and assuming the shareholders shall |
| | approve the proposed resolution it is anticipated that the |
| | cancellation of the admission to trading on AIM of the ordinary |
| | shares will become effective on 17 June 2009. |
+----------+----------------------------------------------------------------------+
Ilik Rozanski, Chief Executive Officer of Delek Global Real Estate, commented:
"Our portfolio continues to be comprised of high quality real estate assets
which remain highly cash generative. The diversification of the portfolio by
both geography and asset category remains one of DGRE's key strengths.
The Company benefits from resilient cash flow, our occupancy rates remain high
and our strategy of establishing a portfolio of blue chip tenants backed by a
conservative, non-recourse and long-term financing structure puts us in
an optimal position to weather the current challenging market conditions. The
rental income for the first quarter 2009 has increased by 7.4% compared to the
first quarter 2008. 97% of our debt as at 31 March 2009 is fixed or hedged at
average rates of 5.56%, with an average debt maturity period of 6.4 years.
The Company has paid a dividend on 5th of May of 7 pence per share which
reflects a yield of approximately 14.6% of the share price at the time of
announcement.
During the first quarter we have completed the sale of our Swedish property and
in April 2009 we completed the sale of one Canadian asset."
For further information, please contact:
+----------------------------------------------+------------------+
| Delek Global Real Estate | +44 207 487 9130 |
+----------------------------------------------+------------------+
| Yossi Friedman, Chief Financial Officer | |
+----------------------------------------------+------------------+
| | |
+----------------------------------------------+------------------+
| Panmure Gordon & Co. | +44 207 459 3600 |
+----------------------------------------------+------------------+
| Hugh Morgan | |
+----------------------------------------------+------------------+
| | |
+----------------------------------------------+------------------+
| Scott Harris | +44 207 653 0030 |
+----------------------------------------------+------------------+
| James O'Shaughnessy, Jeremy Wiseman, Harry | |
| Dee | |
+----------------------------------------------+------------------+
| | |
+----------------------------------------------+------------------+
| Pelham PR | +44 207 337 1539 |
+----------------------------------------------+------------------+
| Alex Walters | |
+----------------------------------------------+------------------+
Notes to Editors:
About Delek Global Real Estate
Delek Global Real Estate Plc is the international real estate arm of Delek Real
Estate. DGRE is an AIM-listed real estate group with a high-quality portfolio of
property assets in prime locations, in mature economies in Western Europe and
Canada. These are primarily blue-chip property assets in hotels, retail
complexes, car parks and office buildings.
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRFGCGDUSDBGGCU
Delek Glbl (LSE:DGRE)
Historical Stock Chart
From Apr 2024 to May 2024
Delek Glbl (LSE:DGRE)
Historical Stock Chart
From May 2023 to May 2024
