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Cofinimmo First-Quarter Profit Rises 25% on Belfius Payment

Cofinimmo SA, Belgium’s biggest real-estate fund, reported a 25 percent increase in first-quarter profit after receiving a one-time indemnity payment from Belfius Bank for ending a lease on the Livingstone building.

Earnings before gains on disposals, valuation losses and changes in the value of interest-rate derivatives rose to 2.45 euros a share from 1.96 euros a share a year earlier, the Brussels-based company said today in an e-mailed statement.

The occupancy rate slipped to 95.15 percent at the end of March from 95.34 percent at the end of December, Cofinimmo said. Net rental income climbed 25 percent from a year earlier to 58 million euros ($76.7 million) due to the 11.2 million-euro indemnity payment from Belfius, formerly known as Dexia Bank, for terminating the lease on the Livingstone building.

Separately, Cofinimmo will give shareholders the choice of receiving this year’s dividend in new stock, cash or a combination of the two, the company said in a second statement.

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