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Corio Full-Year Earnings Rise as Acquisitions Boost Rent Income

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Feb. 16 (Bloomberg) -- Corio NV, the largest Dutch real-estate company, said full-year earnings excluding items rose by 6.4 percent as acquisitions boosted revenue.

Earnings excluding changes in asset values and deferred tax, known as direct result, increased to 267 million euros ($349 million), or 2.91 euros a share, the Utrecht-based company said in a statement today. A year earlier, earnings totaled 251 million euros, or 2.88 euros.

The profit exceeded 2.87 euros a share, the average of 20 analyst estimates compiled by Bloomberg. Corio said in November that its direct result per share would be little changed in 2011 following a 600 million-euro share sale and dividend payments in stock. Net asset value rose 2.5 percent from Sept. 30 to 47.15 euros a share.

The results were released after the close of trading. Corio fell 17.5 cents to 36.525 euros in Amsterdam today. The shares advanced 12 percent in the past three months, exceeding the 10 percent gain for the FTSE EPRA/NAREIT Developed Europe Index of real estate shares.

To contact the reporters on this story: Simon Packard in London at packard@bloomberg.net.

To contact the editor responsible for this story: Ross Larsen in London at rlarsen2@bloomberg.net

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