Investor Presentation • Feb 15, 2013
Investor Presentation
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Analyst webcast preliminary figures 2012 on 15 February 2013 at 11:00 a.m. : see details nsi.nl
"The year 2012 was very challenging in many respects, but mainly because of decreasing property values. However, our operational strength and strategy proved its value. We have seen an improving trend in the occupancy of the Dutch office portfolio in Q4, which we expect will continue to improve throughout 2013. We have successfully integrated VNOI and we delivered on realizing the targeted cost and operational synergies, leading to a significant contribution from VNOI to the direct result. And not to forget, we successfully executed a major refinancing operation.
Executing our strategy requires investments. Investments to ensure that our properties are optimal to attract tenants. In this context, NSI has evaluated its dividend policy, and we concluded that we should offer a sustainable dividend that supports the required investments in our portfolio. Aiming at long term shareholders' value creation, NSI will therefore propose to its shareholders to retain a part of the direct investment result and to change to a pay-out ratio of 85-100% as a sustainable dividend policy.
In addition, to make sure that even in a downward market we can continue to optimise our properties and keep on attracting tenants, NSI furthermore proposes that the level and format of the dividend will be linked to the LtV performance of the company, in order to sustainably achieve the LtV target of below 55%.
It is vital for the company to keep up investments in its businesses, especially since we see that operational performance is starting to improve and is expected to continue to improve in 2013 and beyond.
The market will remain challenging in 2013, but I am convinced that we have the right strategy in place, combined with a strong execution power, to emerge stronger."
• The sale of the remaining Swiss assets is in progress.
| Q4 2012 | Q3 2012 | Q4 2011 | 31-12-2012 | 31-12-2011 | |
|---|---|---|---|---|---|
| Results (x €1,000) | |||||
| Gross rental income | 40,317 | 38,879 | 42,575 | 160,545 | 119,964 |
| Net rental income | 34,292 | 33,541 | 36,204 | 137,334 | 101,497 |
| Direct investment result | 14,958 | 15,877 | 16,888 | 63,405 | 56,030 |
| Indirect investment result | - 42,226 |
- 45,991 | 38,429 | - 166,522 |
6,675 |
| Result after tax | - 27,268 |
- 30,114 | 55,317 | - 103,117 |
62,705 |
| Occupancy rate (in %) | 81.1 | 80.5 | 84.1 | 81.1 | 84.1 |
| Loan-to-value (debts to credit | 58. 2 | 57.6 | 57.2 | 58.2 | 57.2 |
| institutions/real estate investments in %) | |||||
| Issued share capital | |||||
| Ordinary shares with a nominal value of | 68,201,841 | 66,897,112 | 60,282,917 | 68,201,841 | 60,282,917 |
| €0.46 on 31 December | |||||
| Average number of outstanding ordinary | 67,095,658 | 63,346,375 | 57,934,772 | 64,288,818 | 46,978,800 |
| shares during period under review | |||||
| Data per average outstanding ordinary share | |||||
| (x €1) | |||||
| Direct investment result | 0.22 | 0.24 | 0.29 | 0.99 | 1.19 |
| Indirect investment result | - 0.63 |
- 0.70 |
0.66 | - 2.59 |
0.14 |
| Total investment result | - 0.41 |
- 0.46 |
0.95 | - 1.60 |
1.33 |
| Data per average outstanding ordinary share | |||||
| (x €1) | |||||
| (Interim-) dividend | 0.11 | 0.24 | 0.29 | 0.86 | 1.19 |
| Net asset value | 9.78 | 10.50 | 12.96 | 9.78 | 12.96 |
| Net asset value according to EPRA | 10.96 | 11.73 | 14.02 | 10.96 | 14.02 |
The economic environment has been challenging in 2012 and is expected to remain challenging in 2013. In the oversupplied Dutch office market, this means that it becomes even more crucial to respond effectively to the market and to be innovative. NSI's organizational model and strategy is geared at optimizing the ability to tailor propositions to tenants' needs. NSI invested in its level of knowledge of tenants and assets to enable its pro-active leasing strategy. Its strong leasing platform and complete array of in house real estate competencies enables NSI to excel in its operational management, as demonstrated its occupancy rate that turned into an improving trend in the fourth quarter, in a market that shows a contrary development. While the traditional office market is expected to remain challenging, the segment of flexible leasing is expected to grow. NSI's HNK concept is anticipating this growing trend.
Consumer confidence and spending remain under pressure. NSI's strategy to target at least 25% of food in its shopping centres pays off. In particular supermarkets have proven to be less sensitive to the recessionary environment. NSI's well balanced mix of branches, with a strong presence of daily shopping needs, supports a high footfall in its shopping centres.
In 2013, NSI will specifically focus on:
• NSI successfully integrated the VNOI organization in 2012. The next phase in delivering on its ambition of operational excellence is to further improve the effectiveness and efficiency of its organization. A transformation process has been initiated in order to optimise the main business processes ('efficient processes' transformation process).
• NSI will continue to actively pursue the right mix in branches, including a further increase of the presence of supermarkets.
NSI expects for 2013 that the occupancy will improve throughout the year, which materializes with a lagging effect compared to 2012. Moreover, NSI will face higher financing costs and outflow of rental income of assets sold. NSI expects a direct result for the full year 2013 in the range of €50 to €56 million and furthermore expects the direct result will improve in 2014.
The current dividend policy is to distribute almost the entire direct result to shareholders as (optional) dividend. Last year the Annual General Meeting approved the introduction of optional stock dividend, providing NSI the opportunity to retain cash in the company to reinvest in its properties or to redeem debt. This policy has been successful as 48% of operational cash was retained (€32.7 million) by distributing dividend in shares, in line with the aimed level of 30-50%.
Based on NSI's strategy, diverging trends in its business environment, and its intention to offer a sustainable dividend to its shareholders, NSI has evaluated the effectiveness of its current dividend policy.
In the current highly competitive environment, NSI's ability to move forward with the execution of its strategy is crucial. Investing in the quality of assets and new concepts will be key in driving the long term value potential of NSI. An example is that NSI invested approx. €8.2 million in "De Rode Olifant", delivering a lease agreement for 20 years, securing an annual rent of at least €1.7 million.
NSI concluded that the extent and certainty of cash retention and the dilutive impact of the current dividend policy does not sufficiently support NSI's long term strategy, and therefore limits the long term value creation for its shareholders. Therefore NSI will propose a new dividend policy at the AGM, to be held on 26 April 2013.
The basic principle of the proposed dividend policy is that the pay out ratio is geared at funding regular capital requirements from funds of operations.
Average capital expenditure requirements in properties are in general between 10-15% of the direct result per year. This means that NSI will:
• distribute 85%-100% of the direct result as dividend in cash, with the possibility to offer optional stock dividend in case the circumstances are supportive, on a quarterly basis.
Operating in a prudent financial framework is essential in the current market to secure NSI's ability to continue to invest and to pursue its strategy. However, the market circumstances resulted in high negative revaluations of real estate in the preceding periods and it is uncertain when this will change. Therefore NSI proposes to connect its dividend policy to exceptional market circumstances, by linking its dividend policy to the LtV performance of the company (as best indicator for the before mentioned market circumstances), to prevent that NSI would be limited in its operational performance. This means that the pay out ratio will be determined by the LtV level, until NSI has achieved its LtV target of below 55%.
To safeguard the necessary funds to invest under these exceptional circumstances, NSI furthermore proposes that:
Reducing the LtV to the level below 55% is one of NSI's key priorities.
Conditional upon approval in the Annual General Meeting, the dividend policy will be effective immediately and apply to the final 2012 dividend, meaning that the proposed final dividend will amount to €0.11 per share, offered as a cash dividend, which is 50% of the direct result per share (LtV as per ultimo 2012: 58.2%), totalling the 2012 dividend to €0.86 per share of which €0.75 has already been distributed as interim dividend.
On 14 October 2011, NSI and Vastned Offices (VNOI) completed the merger of their companies. This merger has been processed in these annual results as follows:
The total investment result, consisting of the sum of the direct and indirect investment results amounted to - €103.1 million in 2012 (2011: €62.7 million).
NSI's Q4 2012 total investment result was - €27.3 million. This mainly results from a positive operational result and negative revaluations of properties.
NSI uses the direct investment result (rental income less operating costs, service costs not recharged, administrative costs and financing costs) as a measure for the performance of its core business and for determining its dividend.
The direct investment result amounted to €63.4 million in 2012 (2011: €56.0 million). The direct investment result in Q4 2012 decreased to €15.0 million compared to €15.9 million in Q3 2012 (Q4 2011: 16.9 million), mainly as a result of increased financing costs, higher administrative costs and the loss of rental income of disposed assets.
Gross rental income in 2012 increased to €160.5 million compared to €120.0 million in 2011 as a result of the merger with VNOI. On a quarterly basis, gross rental income increased by 3.6% in Q4 2012 compared to Q3 2012 (-5.3% compared to Q4 2011), mainly as a result of approx. €2.0 million exceptional items, partly offset by loss of gross rental income of disposed assets (€7.2 million annualized). The exceptional items include approx. €1.5 million provisioned insurance income related to lost rental income in shopping centre 't Loon as per start of the partial demolition (over the period December 2011 – December 2102). NSI is of the opinion that the consequences of the subsidence should be covered by NSI's insurance arrangements. Furthermore the exceptional items include approx. € 0.7 million of penalty payments received from tenants.
The occupancy rate of the total portfolio increased to 81.0% on 31 December 2012 compared to 80.5% on 30 September 2012, in which in particular the improvement in the Dutch office portfolio from 70.0% to 71.3% is noteworthy, but decreased compared to 31 December 2011 (84.1%). The occupancy level of the retail portfolio decreased from 94.5% as per 30 September 2012 to 92.5% on 31 December 2012 (31 December 2011: 95.0%), primarily as a result of the expiry of a rental guarantee related to Zuiderterras in shopping centre Zuidplein in Rotterdam. There are no remaining rental guarantees.
NSI believes that the occupancy level of the Dutch office portfolio is gradually bottoming out, as demonstrated by the improvement from 70.0%in Q3 2012 to 71.3%. NSI delivered the 10,000 sqm property "De Rode Olifant" to tenant Spaces after successful renovation, which meant that the lease contract became effective as per of mid December 2012. HNK-R (Het Nieuwe Kantoor- Rotterdam) opened on 18 October 2012, which is let for 30% year to date.
The decrease in occupancy compared to year-end 2011 (77.3%) largely arose from the above average number of contract expirations in 2012 (23% annualized). In addition, quite a number of these expirations concerned large single-tenant properties, which generally have a longer 'lead time' before being relet. Moreover, NSI adjusted its leasing strategy towards multi-tenancy in a number of properties, causing temporary (strategic) vacancy during the redevelopment phase. In 2013, only 13% of the contracts can expire, compared with 23% in 2012, which is an important element in the expected improving trend throughout 2013.
The table below shows the development of occupancy in square meters. In financial reporting, NSI reports the financial occupancy, which is defined as the equation of contractual rent / (contractual rent + vacancy * market rent).
| Total area 1 /1/12 |
Leased 1/1/2012 | Leased in period |
Vacated in period |
Total area 31/12/12 |
Leased 31/12/12 | ||
|---|---|---|---|---|---|---|---|
| Area | Area sqm% |
Area | Area | Area | Area sqm % |
||
| 644,590 | 488,540 | 75.8 | 71,409 | 108,796 | 609,881 | 433,056 | 71.0 |
Leased in period (table above) are leases that came into effect in 2012. New lettings are leases that have been signed in 2012. NSI signed approximately 46,270 sqm of new lettings (take up) in its Dutch office portfolio in 2012, representing approximately 4% of the total uptake in the Dutch office market, while NSI's portfolio represents 1.3% of the market. Recent transactions include a lease agreement with Besam for 2,050 sqm at Horapark in Ede.
Furthermore, NSI continued its focus on renewals. NSI renewed leases concerning 71,085 sqm in 2012. In addition, driven by its pro-active approach and continuous dialogue with tenants, NSI renewed contracts with a future expiration date. In 2013 the expiration level amounts to 13%, which is substantially below 2012 (23%), demonstrating NSI's capability to actively manage the expiration calendar and to create a more balanced negotiation momentum.
| Expiry sqm 2012 | Renewed sqm |
Retention |
|---|---|---|
| 150,039 | 71,085 | 47% |
This retention rate is the result of the expiration of an above average number of large (single) tenant contracts in 2012. Moreover, the momentum to (re)negotiate upcoming contract expirations for 2012 in the VNOI portfolio already passed when NSI took over the portfolio in the fourth quarter of 2011. In 2013, not only the level of expiries will be significantly lower compared with 2012, the expiries in 2013 also involve less single tenant large leases.
The effective rent level of new leases, taking incentives into account, remained stable at €120 per sqm in 2012. The effective rent level of newly signed leases in the fourth quarter amounted to approx. €136 per sqm (excluding 'De Rode Olifant' €123 per sqm). The average effective rent level over the total portfolio amounted to €148 per sqm. The 20 years lease with Spaces coming into effect in Q4 2012 resulted in an increase in the average lease duration of the portfolio from 3.3 year as per 31 December 2011 to 3.9 as per ultimo 2012 (30 September 2012: 2.9 years).
The occupancy of the retail portfolio decreased to 92.5% compared to 95.0% as per 31 December 2012 (30 September 2012: 94.5%), for a large part due to an expiring rental guarantee related to the in 2011 acquired shopping centre Zuiderterras in Rotterdam. NSI is in an advanced stage of negotiations to rent out the unit to which the rental agreement related. In Alphen aan de Rijn (shopping centre Euromarkt), tenant Aldi opened a new store (approx. 1,000 sqm) as per half December.
The table below shows the development of occupancy in square meters. In financial reporting, NSI reports the financial occupancy (see below), which is defined as equation of contractual rent / (contractual rent + vacancy * market rent).
| Total area | Leased 1/1/12 | Leased in | Vacated in | Total area | Leased 31/12/ 2012 | ||
|---|---|---|---|---|---|---|---|
| 1/1/12 | period | period | 31/12/12 | ||||
| Area | Area | % | Area | Area | Area | Area | % |
| 292,913 | 275,723 | 94.1 | 16,036 | 16,963 | 272,018 | 292,193 | 92.9 |
| Expiry sqm 2012 | Renewed | Retention |
|---|---|---|
| 66,951 | 50,897 | 76% |
In the fourth quarter NSI signed a new contract (4,000 sqm) with 'anchor tenant' C&A for shopping center 't Loon. The confirmation of tenant C&A remaining committed to 't Loon provides a strong basis for the rebuilding and revitalization of the shopping center. The construction activities are scheduled to be finalized in January 2014.
The effective rent level of new leases, taking incentives into account, developed to € 151 per sqm in 2012. The effective rent level of newly signed leases in the fourth quarter amounted to approx. €164 per sqm. The average effective rent level over the total portfolio amounted to €153 per sqm, compared to €151 per sqm in 2011.
The average lease duration of the retail portfolio was 3.8 as per ultimo 2012 (31 December 2011: 3.8 years).
The overall occupancy in the Belgian portfolio slightly improved to 85.8% (84.4% at 30 September 2012, 84.5% at 31 December 2011). In the logistics portfolio the occupancy rate improved from 85.2% (30 September 2012) to 89.0%, but decreased as compared to year end 2011 (90.6%). The occupancy rate in the office portfolio improved slightly to 84.5%. The agreement with Viabuild and the expansion of MC Square, both on Mechelen Campus, and the expansion of Biocartis in Mechelen Intercity Business Park contributed to this improvement.
The lease with largest tenant PwC was extended until year-end 2021 (effective as per 1 January 2013), though at a lower (€1.4 million per annum) rent level.
Tenant Deloitte, leasing 21,302 sqm in Diegem, announced its intention to leave when the contract expires in 2016. The quality of the offices, the good location near to public transport and the three years time period until the contract expires, provide good opportunities to develop alternative leasing strategies. Intervest Offices & Warehouses is currently investigating multiple scenarios, including deploying its flexible lease concept RE:flex.
The average lease duration of the portfolio increased from 3.7 year as per 31 December 2011 to 4.3 as per ultimo 2012.
| 2012 | 2011 | |
|---|---|---|
| Netherlands | ||
| Gross rental income | 114,027 | 102,482 |
| Net rental income | 93,761 | 86,661 |
| Switzerland | ||
| Gross rental income | 5,013 | 7,454 |
| Net rental income | 3,660 | 5,040 |
| Belgium | ||
| Gross rental income | 41,505 | 10,028 |
| Net rental income | 39,913 | 9,796 |
Gross rental income by segment in the Netherlands, Belgium and Switzerland (acquired through business combinations relates to the acquisition of VNOI in October 2011)
| x €1,000 | 2011 | acquired through business |
Purchases | Disposals | organic growth |
2012 |
|---|---|---|---|---|---|---|
| combinations | ||||||
| The Netherlands | ||||||
| Offices | 54,912 | 16,671 | - | - 98 |
- 8,778 |
62,707 |
| Retail | 41,632 | - | 124 | - 100 |
562 | 42,218 |
| Industrial | 5,292 | 3,082 | - | - | 60 | 8,434 |
| Residential | 646 | - | - | - | 22 | 668 |
| Total | 102,482 | 19,753 | 124 | - 198 |
- 8,134 |
114,027 |
| Switzerland | ||||||
| Offices | 3,144 | - | - | - 1,408 |
15 | 1,751 |
| Retail | 4,310 | - | - | - 1,163 |
115 | 3,262 |
| Total | 7,454 | - | - | - 2,571 |
130* | 5,013 |
| Belgium | ||||||
| Offices | 6,369 | 20,029 | - | - | - | 26,398 |
| Industrial | 3,659 | 11,448 | - | - | - | 15,107 |
| Total | 10,028 | 31,477 | - | - | - | 41,505 |
| Total NSI | 119,964 | 51,230 | 124 | - 2,769 |
- 8,004 |
160,545 |
* Including exchange-rate differences of €0.2 million.
NSI continued its focus on strict cost discipline and achieving further cost synergies from the merger with VNOI. The achieved synergies from the merger related to overhead cost reduction has reached the targeted level of €0.5 million per quarter.
Operating costs amounted to €4,9 million in Q4 2012 (Q4 2011: 4.9 million ; Q3 2012: €4.3 million) as a result of increased letting costs, slightly increased municipal taxes and slightly higher maintenance costs. Increased letting costs reflect the intensified efforts required to acquire new tenants, both in terms of broker fees as (amortization of) investments to upgrade properties.
Administrative costs increased to €1.9 million (Q4 2011: €1.8 million, Q3 2012: 1.4 million) mainly due to an one-off crisis tax (€0.1 million), consultancy costs (€0.3 million) in Belgium and the Netherlands, also related to the 'efficient processes' transformation process, and slightly higher regulatory costs.
Financing costs increased to €56.0 million (2011: €39.7 million), as a result of the increased portfolio due to the merger with VNOI, higher bank charges, partly offset by lower interest base rates and lower average hedging costs. In the fourth quarter, the financing costs amounted to €14.5 million, compared t0 €13,7 million in the third quarter of 2012, due to a combination of higher bank charges, lower interest base rates, higher hedging costs and a reduction in outstanding loans.
The indirect investment result amounted in 2012 to €166.5 million negative (2011: €6.7 million, including €68.2 million book profit on merger VNOI). The indirect investment result consists of both realized revaluations (sales results on investments sold) and unrealized revaluations. These unrealized revaluations concern the changes in the market value of the property portfolio (- €146.2 million) and the derivatives (-€19.4 million).
NSI appraises the entire real estate portfolio internally every quarter. Externally, NSI effectively appraises on average approx. 50% of the portfolio each quarter.
The indirect investment result in Q4 amounted to €42.2 million negative (third quarter 2012: €46.0 million negative) predominantly derived from revaluations of real estate of - €47.9 million. Valuations in the Dutch office portfolio remain under pressure due to general market circumstances. In addition, due to a lack of real estate transactions, and distressed sales not being appropriate to serve as reference value, there is less reference available for the purpose of determining market yields or market rents. As a result , the influence of assumptions on valuations has increased. The downward revaluation of the Dutch office portfolio (- € 21.4 million) slowed down compared to the third quarter of 2012 (-
€32.6 million) and amounted to -€102.1 for the full year. In total, NSI wrote down approx. 34% of its Dutch office portfolio since 2008.
The Dutch retail portfolio saw an increase in the level of revaluations in the fourth quarter and amounted to -€6.8 million (third quarter: -€2.9 million), amounting to -€16.4 million for the full year. NSI finalised the rebuilding plan for shopping centre 't Loon, in which 2,400 sqm will be reconstructed, which is approx. 2,640 sqm less than the original size, for which is accounted for in the valuation. Furthermore, the continued weak consumer confidence is increasingly impacting the retail environment, in particular the large scale retail segment.
The revaluation of the Belgian portfolio is impacted in Q4 by the previously announced renewed lease with PwC, and the notice of Deloitte that it will leave its 21,302 sqm of office building in 2016. Intervest Offices & Warehouses extended the lease with its largest tenant PwC until 31 December 2021, at a €1.4 million lower annual rent . The revaluation of the Belgian portfolio amounted to -€13.5 million in Q4 2102 (full year 2012: -€14.0 million), of which -€15.9 is related to the Belgian office portfolio, offset by €2.4 million from the industrial portfolio. The positive revaluation of the industrial portfolio is driven by contract extensions and the redevelopment- and extension activities in multiple sites (Herenthals Logistics 1, Neerland 1 in Wilrijk and Oevel).
The net result on sales on investments was in 2012 -€7.9 million (fourth quarter 2012: -€0.1 million). Sold properties in 2012 include the Swiss properties, (office property Silvergate in Thalwil and retail property Perolles-centre in Fribourg), 3 small Dutch office properties (De Lairessestraat and Herengracht 105-107 in Amsterdam, Plein van de Verenigde Naties in Zoetermeer), one Dutch retail property (St. Trudostraat in Eindhoven) and one industrial property in Antwerpen (Kaaien 218- 220). Furthermore NSI announced that additional properties have been sold in January 2013 (Dutch retail properties: Mereveldplein in De Meern and Rozemarijndonk in Spijkenisse, Dutch office properties: Herengracht 499, Leidschegracht and Oudezijds Voorburgwal in Amsterdam). On average, these properties have been sold slightly below book value.
The value of derivatives remained stable in the fourth quarter of 2012 due to flat interest curves, but amounted to -€19.4 million for the full year as result of the economic situation in the Eurozone and the related Euro market interest curves. NSI utilizes interest-rate hedging instruments exclusively to limit operational interest rate risks. The nominal value of derivatives are lower than nominal values of interest-bearing debts. NSI is not exposed to margin calls. The value of the financial derivatives automatically reverts to zero at the end of the duration of these instruments.
The value of the Swiss properties are reclassified into assets held for sale. Also the Dutch properties sold in January 2013 are reclassified into assets held for sale.
| 2012 | Q4 2012 |
Q3 2012 |
Q2 2012 |
Q1 2012 |
2011* | 2010* | 2009* | 2008* | Total 2008- 2012 |
|
|---|---|---|---|---|---|---|---|---|---|---|
| Offices | - 102,090 | - 23,264 | - 32,583 | -25,434 | -20,809 | - 31,400 | - 21,435 | - 37,875 | - 44,871 | - 237,671 |
| Retail | - 16,424 |
- 6,752 | - 2,893 |
- 3,951 |
- 2,828 | - 622 |
- 1,179 |
- 7,920 | 7,770 | - 18,375 |
| Industrial | - 6,094 |
- 2,467 | - 2,145 |
- 1,285 |
- 197 |
- 1,351 |
- 2,416 | - 5,504 | - 4,367 |
- 19,732 |
| Residential | - 155 |
- | - 25 |
- 125 |
- 5 |
135 | - 1,747 |
44 | - 248 |
- 1,971 |
| Total | - 124,763 | - 32,483 | - 37,646 | -30,795 | - 23,839 | - 33,238 | - 26,777 | - 51,255 | - 41,716 | - 277,749 |
*) In accordance with IFRS; the figures prior to the merger (over the period 2008- first three quarters of 2011) have not been amended and represent only NSI. As of the fourth quarter of 2011 all results of NSI and VNOI are fully consolidated. VNOI revaluations in this pre-merger period (2008-Q3YTD 2011), related to the properties that are included in the portfolio at the date of merger, amounted to -€116.9 million, bringing the total adjusted revaluation level to -€394.6 million.
| 2012 | Q4 2012 | Q3 2012 | Q2 2012 | Q1 2012 | 2011 | |
|---|---|---|---|---|---|---|
| Offices | - 21,899 |
- 15,891 |
- 2,847 |
- 3,587 |
426 | 2,555 |
| Industrial | 7,946 | 2,420 | 2,529 | 1,872 | 1,125 | - 6,126 |
| Total | - 13,953 |
- 13,471 |
- 318 |
- 1,715 |
1,551 | - -3,571 |
| 2012 | Q4 2012 | Q3 2012 | Q2 2012 | Q1 2012 | 2011 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Offices | - | 2,982 | - | 161 | 3 | - | 265 | - | 2,559 | 208 | |
| Retail | - | 4,521 | - | 1,782 | 6 | - | 1,011 | - | 1,734 | - | 1,152 |
| Total | - | 7,503 | - | 1,943 | 9 | - | 1,276 | - | 4,293 | - | 944 |
| gross yield* | net yield* | gross yield* | net yield** | gross yield* | net yield** | |
|---|---|---|---|---|---|---|
| 31-12-2012 | 31-12-2012 | 30-09-2012 | 30-09-2012 | 31-12-2011 | 31-12-2011 | |
| Offices | 10.3 | 8.6 | 9.8 | 8.3 | 9.9 | 8.4 |
| Retail | 7.8 | 6.7 | 7.6 | 6.5 | 7.5 | 6.3 |
| Industrial | 9.1 | 8.3 | 8.9 | 8.2 | 8.6 | 7.5 |
| Residential | 7.2 | 6.8 | 7.2 | 6.7 | 7.0 | 6.0 |
| Total | 9.4 | 8.0 | 9.1 | 7.8 | 9.0 | 7.6 |
* gross yield: the theoretical annual rent expressed as a percentage of the market value of the property.
** net yield: the theoretical net rental income expressed as a percentage of the market value of the property.
| gross yield* 31-12-2012 |
net yield* 31-12-2012 |
gross yield* 30-09-2012 |
net yield** 30-09-2012 |
gross yield* 31-12-2011 |
net yield** 31-12-2011 |
|
|---|---|---|---|---|---|---|
| The Netherlands | 9.6 | 8.3 | 9.3 | 8.1 | 9.4 | 8.0 |
| Switzerland | 7.3 | 5.3 | 6.8 | 4.9 | 6.6 | 4.9 |
| Belgium | 9.0 | 8.7 | 8.7 | 8.4 | 8.5 | 7.9 |
| Total | 9.4 | 8.0 | 9.1 | 7.8 | 9.0 | 7.6 |
The value of the real estate investments amounted to €2,036.1 million (€2,106.1 including held for sale) on 31 December 2012 (31 December 2011: €2,321,8 million, 30 September 2012: €2,154.8 million). This is the result of the balance of purchases, disposals, revaluations and investments.
NSI is highly committed to reduce its LtV (loan-to-value) to below 55%. The loan-to-value increased to 58.2% at 31 December 2012 compared to 57.2% at 31 December 2011 (30 September 2012: 57.6%), mainly as a result of revaluations, despite €100.9 million amount of disposals. In addition, NSI announced further disposals of €35.4 million in January 2013, currently classified as held for sale and not yet reflected in the current LtV level ('stand alone' impact reduces LtV by approx. 0.8%). NSI will remain focused on reducing loan-to-value.
NSI continues to work diligently on its refinancing requirements and improving its debt maturity. In 2012 NSI successfully refinanced approx. 60% (€507 million) of its total Dutch outstanding debt (€844.9 million).
Due to a higher awareness of financing partners in relation to real estate related risks, in combination with the overall economic situation and changing regulations (Basel III/ Solvency II), NSI notes a general decreased availability of real estate financing in the market. Processes of refinancing take materially longer to complete. Margins and costs have been rising substantially since the beginning of the crisis as a result of before-mentioned trends. Loan covenants tend to become more restrictive and are more diligently monitored to the effects of real estate valuations, property sales and vacancy. NSI notes that listed real estate benefits from its transparency versus non listed real estate in the appetite for financing. NSI works closely with a group of longstanding relationship banks. In order to address the related uncertainty on refinancing, NSI is pro-actively and early negotiating its upcoming maturities for 2013 (€186.3 million) and 2014. Part of the 2013 refinancing requirement (€258.5 million) was already covered in 2012 refinancing agreements.
Overall costs of debt funding increased to 4.8% (2011: 4.2%) as a result of repayment of low-interest CHF denominated loans, higher bank charges, lower interest base rates and lower hedging cost rates. The funding available to the company under the credit facilities committed as at 31 December 2012 amounted to €71.3 million (31 December 2011: €102.7 million, 30 September 2012: €109.2 million). NSI reduced it debts to credit institutions, including repayment of relatively low interest rate loans in Switzerland, over the year from €1,329 million as per 31 December 2011 to €1,226.4 million as per ultimo 2012 (30 September 2012: €1,242.0 million).
The fixed-interest part of the interest bearing debt, including interest rate swaps, increased from 84.4% at year-end 2011 to 87.7% as at 31 December 2012.
NSI utilizes interest-rate hedging instruments exclusively for hedging of operational interest rate risks. The nominal value of derivatives are lower than nominal values of interest-bearing debts. NSI does not receive margin calls from its hedge counter parties to deposit cash in case of changing hedge derivative valuations. The value of the financial derivatives automatically reverts to zero at the end of the duration of these instruments.
The average remaining maturity of the loans increased to 2.3 years (31 December 2011: 2.1 years, 30 September 2012: 2.2 years). The interest coverage ratio improved to 2.5 as per 31 December 2012 from 2.4 as per ultimo 2011. (30 September 2012: 2.5)
NSI's equity decreased to €789.8 million (31 December 2011: €909.6 million). This was the result of the balance of net loss of €99.7 million, the equity issue of €24.3 million, the paid cash dividend payments of €43.9 million, including the full 2011 dividend of Intervest Warehouses & Offices, and the increase of the other reserves due to exchange-rate differences and own shares acquired.
The number of outstanding shares increased from 60.3 million ultimo 2011 to 68.2 million on 31 December 2012 as a result of the equity issue and stock dividend. The net asset value, including deferred tax and the market value of the derivatives, amounted to €9.78 per share on 31 December 2012 (31 December 2011: €12.96, 30 September 2012: €10.50). If the deferred tax and the value of the derivatives are excluded (the net asset value according to EPRA), the net asset value amounts to €10.96 per share (31 December 2011: €14.02, 30 September 2012: €11.73).
The value of the real estate portfolio decreased by €215.7 million to €2,106.1 million in 2012, from €2,321.8 million at year-end 2011. This decrease is the result of revaluations of - €146.2 million, sales of €100.9 million, acquisitions of €8.0 million, investments of €22.5 million and exchange-rate differences of €0.9 million.
Properties sold in 2012 include the Swiss properties (office property Silvergate in Thalwil and retail property Perolles-centre in Fribourg), 3 small Dutch office properties (De Lairessestraat and Herengracht (105-107) in Amsterdam, Plein van de Verenigde Naties in Zoetermeer), one Dutch retail property (St. Trudostraat in Eindhoven) and one industrial property in Antwerpen (Kaaien 218-220). Furthermore NSI announced that additional properties have been sold in January 2013 (Dutch retail properties: Mereveldplein in De Meern and Rozemarijndonk in Spijkenisse, Dutch office properties: Herengracht (499), Leidschegracht and Oudezijds Voorburgwal in Amsterdam). The process of selling the two remaining Swiss properties is ongoing.
On average, these properties have been sold slightly below book value.
The Swiss properties were reclassified into assets held for sale; as a result of this reclassification, the expected sales costs have been deducted from the value of the portfolio. Also the Dutch properties sold in January 2013 are reclassified into assets held for sale.
The most important investments took place in the redevelopment of 'De Rode Olifant' in Den Haag (€8.2 million) and the transformation of the Vasteland in Rotterdam into HNK-R (€2.8 million). In Belgium, the most important investment involved a second logistics site in Oevel (€7.9 million), which will be expanded and integrated with the West-Logistics site into one site.
NSI continues its efforts to divest non strategic assets and assets of which the value potential under NSI's management has been optimised. The market for real estate transactions remains sluggish and takes longer to complete.
| in % | x € 1,000 | |
|---|---|---|
| Sector spread | ||
| Offices | 56 | 1,180,703 |
| Retail | 28 | 595,575 |
| Industrial | 15 | 320,123 |
| Residential | 1 | 9,690 |
| Total real estate investments | 100 | 2,106,091 |
| Geographical spread | ||
| The Nederlands | 70 | 1,482,789 |
| Switzerland | 2 | 34,567 |
| Belgium | 28 | 588,735 |
| Total real estate investments | 100 | 2,106,091 |
As at 31 December 2012 the portfolio consisted of 94 residential units and 269 commercial properties, spread across:
The occupancy in the entire portfolio as at 31 December 2012 increased to 81.5%, from 80.5% as per 30 September 2012: 80.5% (2011: 84.1%). Occupancy levels per sector were: 74.8% in offices, 88.5% in industrial premises and 92.5% in retail. Per country occupancy was 79.0% in the Netherlands, 95.9% in Switzerland and 85.7 % in Belgium.
The occupancy of the retail portfolio decreased from 94.5% as per 30 September 2012 to 92.5% compared to 94.5% (31 December 2012: 95.0%), as a result of the expiry of a rental guarantee related to shopping centre Zuiderterras in Rotterdam.
Offices
The occupancy rate in the total office portfolio increased from 73.8% at 30 September 2012 to 74.8% at 31 December 2012. The occupancy of the Belgian office portfolio remained stable at 84.5%. The occupancy rate in the Dutch office portfolio increased to 71.3% (Q3 2012: 70.0%).
The occupancy rate in the total logistics portfolio increased from 86.0% at 30 September 2012 to 88.5% at 31 December 2012.
| The Netherlands | Belgium | Switzerland | Total | |
|---|---|---|---|---|
| Offices | 87,155 | 494 | 33,849 | 121,498 |
| Retail | 44,312 | 2016 | - | 46,328 |
| Industrial | 9,847 | - | 19,275 | 29,122 |
| Residential | 699 | - | - | 699 |
| Total | 142,013 | 2,510 | 53,124 | 197,647 |
Contractual annualized rental income from the portfolio amounted to €161.9 million as at 31 December 2012, compared with €159.6 million as at 30 September 2012 (31 December 2011: €209.0 million).
| 31-12-2012 | 30-09-2012 | 31-12-2011 | |
|---|---|---|---|
| Results (x €1,000) | |||
| Gross rental income | 160,545 | 120,228 | 119,964 |
| Net rental income | 137,334 | 103,042 | 101,497 |
| Direct investment result | 63,405 | 48,447 | 56,030 |
| Indirect investment result | - 166,522 |
- 124,296 |
6,675 |
| Result after tax | - 103,117 |
- 75,849 |
62,705 |
| Occupancy rate (in %) | 81.1 | 80.5 | 84.1 |
| Balance sheet data (x €1,000) | |||
| Real estate investments | 2,106,091 | 2,154,754 | 2,321,813 |
| Equity including minority interests | 789,788 | 828,575 | 909,620 |
| Shareholders' equity attributable to NSI | 666,850 | 702,304 | 781,218 |
| shareholders | |||
| Net debts to credit institutions | 1,226,432 | 1,241,966 | 1,329,166 |
| (exluding other investments) | |||
| Loan-to-value (debts to credit institutions/real | 58.2 | 57.6 | 57.2 |
| estate investments in %) | |||
| Issued share capital | |||
| Ordinary shares with a nominal value of €0.46 | 68,201,841 | 66,897,112 | 60,282,917 |
| on 31 December | |||
| Average number of outstanding ordinary shares | 64,288,818 | 63,346,375 | 46,978,800 |
| during period under review | |||
| Data per average outstanding ordinary share (x €1) |
|||
| Direct investment result | 0.99 | 0.76 | 1.19 |
| Indirect investment result | - 2.59 |
- 1.96 |
0.14 |
| Total investment result | - 1.60 |
- 1.20 |
1.33 |
| Data per share (x €1) | |||
| (Interim-) dividend | 0.86 | 0.75 | 1.19 |
| Net asset value | 9.78 | 10.50 | 12.96 |
| Net asset value according to EPRA | 10.96 | 11.73 | 14.02 |
| Average stock-exchange turnover | 92,580 | 94,672 | 77,675 |
| (shares per day, without double counting)) | |||
| High price | 9.70 | 9.70 | 15.34 |
| Low price | 5.95 | 5.95 | 8.28 |
| Closing price | 6.08 | 6.37 | 9.45 |
| 2012 | 2011 | Q4 2012 | Q4 2011 | |
|---|---|---|---|---|
| Gross rental income | 160,545 | 119,964 | 40,317 | 42,575 |
| Service costs not recharged to tenants | - 4,754 |
- 2,751 |
- 1,141 |
- 1,469 |
| Operating costs | - 18,457 |
- 15,716 |
- 4,884 |
- 4,902 |
| Net rental income | 137,334 | 101,497 | 34,292 | 36,204 |
| Financing income | 165 | 1,226 | 81 | 42 |
| Financing costs | - 56,011 |
- 39,740 |
- 14,545 |
- 14,818 |
| Administrative costs | - 6,469 |
- 4,180 |
- 1,930 |
- 1,819 |
| Direct investment result before tax | 75,019 | 58,803 | 17,898 | 19,609 |
| Corporate income tax | - 327 |
- 165 |
- 96 |
- 113 |
| Direct investment result after tax | 74,692 | 58,638 | 17,802 | 19,496 |
| Direct investment result attributable to non | ||||
| controlling interest | - 11,287 |
- 2,608 |
- 2,844 |
- 2,608 |
| Direct investment result | 63,405 | 56,030 | 14,958 | 16,888 |
| Revaluation of real estate investments | - 146,219 |
- 37,753 |
- 47,897 |
- 18,880 |
| Elimination of rental incentives | 140 | - | 94 | - |
| Revaluation of other investments | - | - 2,433 |
- | - 170 |
| Net result on sales of investments | - 7,870 |
835 | - 116 |
128 |
| Movements in market value of financial | - 19,369 |
- 13,608 |
- 193 |
- 5.927 |
| derivatives | ||||
| Exchange-rate differences | - 127 |
- 106 |
12 | - 13 |
| Allocated management costs | - 2,554 |
- 1,592 |
- 813 |
- 573 |
| Acquisition cost of merger | - | - 8,141 |
- | - 6,557 |
| Result from bargain purchase | - | 68,161 | - | 68,161 |
| Indirect investment result before tax | - 175,999 |
5,363 | 48,913 | 36,509 |
| Corporate income tax | 1,526 | - 722 |
511 | - 114 |
| Indirect investment result after tax | - 174,473 |
4,641 | - 48,402 |
36,395 |
| Indirect investment result attributable to non | ||||
| controlling interest | 7,951 | 2,034 | 6,176 | 2,034 |
| Indirect investment result | - 166,522 |
6,675 | - 42,226 |
38,429 |
| Total investment result | - 103,117 |
62,705 | - 27,268 |
55,317 |
| Data per average outstanding share (x €1) | ||||
| Direct investment result | 0.99 | 1.19 | 0.22 | 0.29 |
| Indirect investment result Total investment result |
- 2.59 - 1.60 |
0.14 1.33 |
- 0.63 - 0.41 |
0.66 0.95 |
| 2012 | 2011 | |||
|---|---|---|---|---|
| Gross rental income | 160,545 | 119,964 | ||
| Service costs recharged to tenants | 23,009 | 13,594 | ||
| Service costs | - 27,763 |
- 16,345 |
||
| Service costs not recharged | - 4,754 |
- 2,751 |
||
| Operating costs | - 18,457 |
- 15,716 |
||
| Net rental income | 137,334 | 101,497 | ||
| Revaluation of investments | - 142,868 |
- 37,753 |
||
| Revaluation of assets held for sale | - 3,211 |
- | ||
| Revaluation of investments | - 146,079 |
- 37,753 |
||
| Net result on sales of investments | 93,041 | 9,291 | ||
| Book value at time of sale | - 100,911 |
- 8,456 |
||
| Net result on sales of investments | - 7,870 |
835 | ||
| Total net proceeds from investments | - 16,615 |
64,579 | ||
| Administrative expenses | - 9,023 |
- 13,913 |
||
| Financing income | 165 | 71 | ||
| Financing expenses | - 56,138 |
- 39,846 |
||
| Result from other investments | - | - 1,278 |
||
| Movements in market value of financial | - 19,369 |
- 13,608 |
||
| derivatives | ||||
| Net financing result | - 75,342 |
- 54,661 |
||
| Result from bargain purchase | - | 68,161 | ||
| Result before tax | - 100,980 |
64,166 | ||
| Corporate income tax | 1,199 | - 887 |
||
| Result after tax | - 99,781 |
63,279 | ||
| Exchange-rate differences on foreign | 55 | 164 | ||
| participations | 55 | 164 | ||
| Total non-realised result | ||||
| Total realised and non-realised result | - 99,726 |
63,443 | ||
| Result after tax attributable to: | ||||
| NSI shareholders | - 103,117 |
62,705 | ||
| Non-controlling interest | 3,336 | 574 | ||
| Result after tax | - 99,781 |
63,279 | ||
| Total realised and non-realised results attributable | ||||
| to: | ||||
| NSI shareholders | - 103,062 |
62,869 | ||
| Non-controlling interest | 3,336 | 574 | ||
| Total comprehensive income | - 99,726 |
63,443 | ||
| Data per average outstanding share (x €1) |
| Diluted as well as non-diluted result after tax - 1,59 |
1,33 |
|---|---|
| -------------------------------------------------------------- | ------ |
Before proposed profit appropriation 2012 (x €1,000)
| 31-12-2012 | 31-12-2011 | |
|---|---|---|
| Assets | ||
| Real estate investments | 2,036,114 | 2,321,813 |
| Intangible assets | 8,486 | 8,509 |
| Tangible fixed assets | 3,750 | 3,890 |
| Financial derivatives | 666 | - |
| Total fixed assets | 2,049,016 | 2,334,212 |
| Assets held for sale | 69,977 | - |
| Debtors and other accounts receivable | 21,915 | 13,957 |
| Cash | 7,007 | 4,399 |
| Total current assets | 98,899 | 18,356 |
| 2.147.337 | ||
| Total assets | 2,147,915 | 2,352,568 |
| Shareholders' equity | ||
| Issued share capital | 31,372 | 27,732 |
| Share premium reserve | 657,912 | 637,054 |
| Other reserves | 80,683 | 53,727 |
| Retained earnings | - 103,117 |
62,705 |
| Total shareholders' equity attributable to shareholders | ||
| 666,850 | 781,218 | |
| Non-controlling interest | 122,938 | 128,402 |
| Total shareholders' equity | 789,788 | 909,620 |
| Liabilities | ||
| Interest-bearing loans | 961,046 | 1,122,648 |
| Financial derivatives | 80,787 | 62,297 |
| Deferred tax liabilities | 164 | 1,678 |
| Total long-term liabilities | 1,041,997 | 1,186,623 |
| Redemption requirement long-term liabilities | 186,273 | 137,189 |
| Financial derivatives | - | 96 |
| Debts to credit institutions | 86,119 | 73,727 |
| Other accounts payable and deferred income | 43,738 | 45,313 |
| Total current liabilities | 316,130 | 256,325 |
| Total liabilities | 1,358,127 | 1,442,948 |
| Total shareholders' equity and liabilities | 2,147,915 | 2,352,568 |
(x €1,000)
| 2012 | 2011 | ||||
|---|---|---|---|---|---|
| Result after tax | - | 99,781 | 63,279 | ||
| Adjusted for: | |||||
| Results from bargain purchase | - | - 68,161 |
|||
| Acquisitions costs of merger | - | 8,141 | |||
| Revaluation of real estate investments | 146,219 | 37,753 | |||
| Revaluation of other investments | - | 2,433 | |||
| Net result on sales of investments | 7,870 | - 835 |
|||
| Bookprofit on divestment tangible fixed assets | - 19 |
- | |||
| Net financing expenses | 75,342 | 54,661 | |||
| Deferred tax liabilities | - 1,526 |
722 | |||
| Depreciation | 667 | 474 | |||
| Cash flow from operating activities | 228,553 | 35,188 | |||
| Movements in debtors and other accounts receivable | - | 7,958 | - 1,740 |
||
| Movements in other liabilities, accrued expenses and | - | 1,968 | - 10,763 |
||
| deferred income | |||||
| Dividends received | - | 1,155 | |||
| Financing income | 165 | 71 | |||
| Financing expenses | - | 55,619 | - 41,737 |
||
| Cash flow from operations | 63,392 | 45,453 | |||
| Acquisition costs of merger and acquired cash and debts to credit institutions Purchases of real estate and investments in existing |
- | - 21,359 |
|||
| properties | - | 30,474 | - 24,327 |
||
| Proceeds of sale of real estate investments | 93,041 | 5,363 | |||
| Acquisition of other investments | - | - | |||
| Proceeds of sale of other investments | - | 9,402 | |||
| Investments in tangible fixed assets | - | 537 | - 273 |
||
| Divestments of tangible fixed assets | 83 | 15 | |||
| Investments in intangible assets | - | 33 | - | ||
| Cashflow from investments | 62,080 | - 31,179 |
|||
| Dividend paid | - | 43,861 | - 57,073 |
||
| Costs related to optional dividend | - | 91 | |||
| Share issue | 24,348 | - | |||
| Repurchase of own shares | - | 502 | - 685 |
||
| Unwinding derivatives | - | 898 | |||
| Drawdown of loans | 58,544 | 41,193 | |||
| Redemption of loans | - | 172,963 | - 24,785 |
||
| Cash flow from financing activities | - | 135,423 | - 41,350 |
||
| Net cash flow | - | 9,951 | - 27,076 |
||
| Exchange-rate differences | 167 | 163 | |||
| Cash and debts to credit institutions as of 1 January | - | 69,328 | - 42,415 | ||
| Cash and debts to credit institutions as of 31 December |
- | 79,112 | - 69,328 |
| issued share capital |
share premium reserve |
other reserves | retained earnings |
total share holders' equity attributable to shareholders |
non controlling interest |
total share holders'- equity |
|
|---|---|---|---|---|---|---|---|
| Balance as of 1 January 2012 | 27,732 | 637,054 | 53,727 | 62,705 | 781,218 | 128,402 | 909,620 |
| Result 2012 | - | - | - | - 103,117 |
- 103,117 |
3,336 | - 99,781 |
| Exchange rate differences on foreign | |||||||
| participations | - | - | 55 | - | 55 | - | 55 |
| Total comprehensive income 2012 |
- | - | 55 | - 103,117 |
- 103,062 | 3,336 | - 99,726 |
| Final cash dividend for 2011 | - | - | - 7,539 |
- | - 7,539 |
- 8,800 |
- 16,339 |
| Stock dividend | 685 | - 685 |
- | - | - | - | - |
| Costs related to optional dividend | - | - 25 |
- 10 |
- | - 35 |
- | - 35 |
| 2011 profit appropriation | - | - | 62,705 | - 62,705 |
- | - | - |
| Distributed cash interim dividend | - | - | - 27,522 |
- | - 27,522 |
- | - 27,522 |
| 2012 | |||||||
| Stock dividend | 1,594 | - 1,594 | - | - | - | - | - |
| Costs related to optional dividend | - | - 41 |
- 15 |
- | - 56 |
- | - 56 |
| Issue of shares | 1,389 | 23,677 | - 718 |
- | 24,348 | - | 24,348 |
| Own shares acquired | - 28 |
- 474 |
- | - | - 502 |
- | - 502 |
| Total contributions by and to | 3,640 | 20,858 | 26,901 | - 62,705 |
- 11,306 |
- 8,800 |
- 20,106 |
| shareholders | |||||||
| Balance as of 31 December 2012 | 31,372 | 657,912 | 80,683 | - 103,117 |
666,850 | 122,938 | 789,788 |
| issued share capital |
share premium reserve |
other reserves |
retained earnings |
total share holders' equity attributable to shareholders |
non-controlling interest |
total share holders'- equity |
|
|---|---|---|---|---|---|---|---|
| Balance as of 1 January 2011 | 19,914 | 451,076 | 85,552 | 25,084 | 581,626 | - | 581,626 |
| Result financial 2011 | - | - | - | 62,705 | 62,705 | 574 | 63,279 |
| Exchange rate differences on foreign | - | - | 164 | - | 164 | - | 164 |
| participations | |||||||
| Total comprehensive income 2011 | - | - | 164 | 62,705 | 62,869 | 574 | 63,443 |
| Final cash dividend 2010 | - | - | - 12,988 | - | - 12,988 |
- - 12,988 |
|
| 2010 profit appropriation | - | - | 25,084 | - 25,084 |
- | - | - |
| Distributed cash interim-dividend 2011 | - | - | - 44,085 | - | - 44,085 | - - 44,085 | |
| Issue of ordinary shares for business | 7,854 | 186,627 | - | - | 194,481 | - | 194,481 |
| combinations | |||||||
| Minority interests due to business | - | - | - | - | - | 127,828 | 127,828 |
| combinations | |||||||
| Own shares acquired | - 36 |
- 649 |
- | - | - 685 |
- | - 685 |
| Total contributions by and to | 7,818 | 185,978 | - 31,989 | - -25,084 | 136,723 | 127,828 | 264,551 |
| shareholders | |||||||
| Balance as of 31 december 2011 | 27,732 | 637,054 | 53,727 | 62,705 | 781,218 | 128,402 | 909,620 |
| Datum | |
|---|---|
| Publication annual report 2012 & convocation AGM | Mid March 2013 |
| AGM | 26 April 2013 |
| Publication first quarter results 2013 | 17 mei 2013 |
| Publication first half year results 2013 | 9 augustus 2013 |
| Publication third quarter results 2013 | 8 november 2013 |
| Interim-dividends uitkeringen 2013 | Date |
Setting of final dividend for 2012 26 April 2013 Listing ex-dividend 30 April 2013 Payment of final dividend for 2012 8 May 2013
Setting of Q1 2013 interim dividend 31 May 2013 Listing ex-dividend 4 June 2013 Payment of Q1 interim dividend 25 June 2013
Payment of HY interim dividend 23 August 2013 Listing ex-dividend 27 August 2013 Payment of HY 2013 interim dividend 1 October 2013
Establishment of interim dividend for Q3 2013 22 November 2013 Listing ex-dividend 26 November 2013 Interim dividend for Q3 2013 made payable 29 November 2013
The figures in this press release have not been audited.
NSI offers tenants sustainable accommodation that entitles them to run their businesses successfully over the long term, so that institutional and individual investors are offered a rising return on their invested assets. NSI invests in office and retail properties at prime business locations in the Netherlands and Belgium. NSI is a listed closed-end property investment company with variable capital and manages assets of approximately € 2.2 billion.
To view the NSI FY 2012 conference call webcast, please register via the link below.
http://player.companywebcast.com/nsi/20130215_1/en/Player
You can also participate by phone via the following Access Numbers
NL - +31 (0) 20 717 68 68 Israel – 180 921 4432 UK - +44 (0) 203 043 2442 Participant code: 28160971#
INVESTOR RELATIONS / PRESS CONTACTS For more information, please contact: NSI N.V., Eva Lindner T: +31 (0)20 76 30 300 E: [email protected] / W: www.nsi.nl
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