Befimmo First-Half Earnings Climb 33% on Gains From Disposals

Befimmo SCA, Belgium’s second-biggest real-estate investment fund, said fiscal first-half earnings before property valuation losses and changes in the value of derivatives rose 33 percent on gains from disposals.

Earnings for the six months that ended March 31 rose to 3.13 euros a share from 2.35 euros a share a year earlier, the Brussels-based company said today in an e-mailed statement. The sale of the Empress Court office in Brussels and the so-called Kattendijkdok building in Antwerp boosted per-share earnings by about 85 cents.

Net asset value increased to 60.07 euros a share from 57.88 euros at the end of December as the fair value of interest-rate derivatives used to hedge its debt increased by 17.4 million euros over a six-month period and property valuation losses slowed to 0.29 percent of their combined market value in the second quarter. Befimmo maintained its forecast for a gross dividend of 3.94 euros over the 12 months through September.

Befimmo will ask shareholders’ approval on June 8 to align its fiscal year with the calendar year and said May 6 it plans to distribute a final dividend of 99 cents a share over the three months through December.

To contact the reporter on this story: John Martens in Brussels at jmartens1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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