Year-end report January to December 2016

Size: px
Start display at page:

Download "Year-end report January to December 2016"

Transcription

1 Akelius Residential Property AB (publ) Year-end report January to December Growth for comparable properties 4.1 percent rental income 8.0 percent net operating income Change in property value 17 percent Loan-to-value 43 percent Summary Oct-Dec Oct-Dec Jan-Dec Jan-Dec Rental income, 1,122 1,145 4,473 4,339 Net operating income, ,311 2,175 EBITDA, ,208 2,072 Profit before tax, 5,229 4,429 13,320 9,206 Property fair value, 87,739 72,764 87,739 72,764 Number of apartments 46,516 51,231 46,516 51,231 Real vacancy residential, percent Rent level increase for comparable properties, percent Loan-to-value, percent Interest coverage ratio Earnings per share before and after dilution, SEK

2 Tailwind remains strong The only way to be prepared for a headwind is to improve during the tailwind. Even if it is easy to move forward in a tailwind, it is vital to keep up the improvement work. To continuously improve is part of our DNA. Hopefully, we will improve as much in 2017 as we did in. Eighty percent in metropolises In the past two years, our share in cities with more than one million inhabitants has increased by twenty percentage points. The proportion will continue to grow as metropolises have low vacancy risk. Demand and rental income increase faster in metropolises. Transactions fifteen billion Sales totaling nine billion kronor were made, including our holdings in northern and western Sweden, Kiel and Rostock in Germany. We made purchases of six billion kronor, primarily in Boston, Montreal, Paris and Stockholm. We opened an office and bought our first properties in Copenhagen. Our new cities develop well Starting in new cities leads to costs in the short-term, but is good in the longterm perspective. Toronto and London, where we started five years ago, provide today stronger revenue and net operating income growth than the Group average. Real vacancy rate one percent During the year, we had 249 more move ins than move outs. The real vacancy rate fell from 1.3 to 1.1 percent. For comparable properties revenues increased by four percent and net operating income increased by eight percent. Loan-to-value 43 percent Loan-to-value declined during the year from 48 to 43 percent. Our EUR-bond of six hundred million euros pushed down our secured loan-to-value ratio to 24 percent. Standard & Poor s gives our bonds the credit rating of BBB-, one level higher than a year ago. Upgrade of 4,000 apartments With the help of improved procedures and systems, we have increased the number of upgrades by thirteen percent compared to last year. 41 percent of our apartments are now upgraded, five percentage points more than a year ago. The share of upgraded apartments is fifty percent for properties owned longer than three years. Pål Ahlsén, CEO and Managing director Cotton Lofts, London 2

3 Property portfolio Fair value, London 4,524 Copenhagen 417 Malmö 7,844 Stockholm 17,059 Hamburg 6,926 Toronto 4,936 Montreal 2,119 Boston 3,736 New York 4,733 Washington D.C. 893 Paris 1,848 Berlin 19,295 City Lettable space, thousand sqm Fair value Residential units Residential Commercial Total SEK/sqm Berlin 12, ,295 22,983 Stockholm 8, ,059 24,897 Malmö 3, ,844 22,906 Hamburg 4, ,926 28,180 Toronto 3, ,936 30,159 New York 1, ,733 62,782 London 1, ,524 79,157 Boston ,736 65,741 Montreal 1, ,119 20,147 Paris ,848 61,332 Washington D.C ,205 Copenhagen ,135 Other 7, ,409 22,873 Total 46,516 2, ,236 87,739 27,116 3

4 Stockholm Malmö Acquired properties Comparable properties Sold properties Stockholm Malmö Property portfolio Capitalization rate, percent Percent of fair value 19 9 Average rent SEK/sqm/year SEK/sqm/year Total portfolio ,195 1,244 Sales 8 - Comparable portfolio ,203 1,244 Increase in comparable portfolio Increase in percent Comparable portfolio ,233 1,286 Purchases 8 - Total portfolio ,241 1,286 Vacancy rate residential Percent Percent Real vacancy rate Apartments under upgrades Vacancy rate

5 Berlin Hamburg Acquired properties Comparable properties Berlin Hamburg Property portfolio Capitalization rate, percent Percent of fair value 22 8 Average rent EUR/sqm/month EUR/sqm/month Total portfolio Sales Comparable portfolio Increase in comparable portfolio Increase in percent Comparable portfolio Purchases Total portfolio Vacancy rate residential Percent Percent Real vacancy rate Apartments under upgrades Vacancy rate

6 Toronto Montreal Acquired properties Comparable properties Toronto Montreal Property portfolio Capitalization rate, percent Percent of fair value 6 2 Average rent CAD/sqft/month CAD/sqft/month Total portfolio Sales - - Comparable portfolio Increase in comparable portfolio Increase in percent Comparable portfolio Purchases Total portfolio Vacancy rate residential Percent Percent Real vacancy rate Apartments under upgrades Vacancy rate

7 London Paris Acquired properties Comparable properties Sold properties London Paris Property portfolio Capitalization rate, percent Percent of fair value 5 2 Average rent GBP/sqft/month EUR/sqm/month Total portfolio Sales Comparable portfolio Increase in comparable portfolio Increase in percent Comparable portfolio Purchases Total portfolio Vacancy rate residential Percent Percent Real vacancy rate Apartments under upgrades Vacancy rate

8 New York Boston Acquired properties Comparable properties New York Boston Property portfolio Capitalization rate, percent Percent of fair value 5 4 Average rent USD/sqft/month USD/sqft/month Total portfolio Sales - - Comparable portfolio Increase in comparable portfolio Increase in percent Comparable portfolio Purchases Total portfolio Vacancy rate residential Percent Percent Real vacancy rate Apartments under upgrades Vacancy rate

9 Washington D.C. Copenhagen Acquired properties Comparable properties Washington D.C. Copenhagen Property portfolio Capitalization rate, percent Percent of fair value 1 - Average rent USD/sqft/month DKK/sqm/month Total portfolio Sales - - Comparable portfolio Increase in comparable portfolio Increase in percent Comparable portfolio Purchases Total portfolio Vacancy rate residential Percent Percent Real vacancy rate Apartments under upgrades Vacancy rate

10 Net letting Residential units Rental value, per year Number of residential units 6, , Move out Move in Net letting Move out Move in Net letting Growth for comparable properties Rental income Percent Net operating income Percent

11 Apartment upgrades Upgraded apartments Number of apartments Share of upgraded apartments Percent 3, % 3,472 Jan-Dec Jan-Dec Sales Upgrades current portfolio Financial performance Loan-to-value Percent Interest coverage ratio Times Unsecured loans Secured loans 11

12 Total property return Fair value, ,764 Growth Jan-Dec percent Revaluations 12, Investments 2, Purchases 6, Sales -9, Translation difference 2, Fair value, , Net operating income 2, Per annum Total property return 15, Annual property return Percent Jan Dec 2011 Jan Dec 2012 Jan Dec 2013 Jan Dec 2014 Jan Dec Jan Dec Jan Dec Income return Value growth Average 12

13 Result Net operating income SEK 2,311 million Rental income amounted to SEK 4,473 million, an increase of SEK 134 million compared to. 9 percent of the growth is attributable to the purchase of new properties and 91 percent to increased rents on comparable properties. The real vacancy rate decreased by 0.2 percentage points to 1.1 percent. The vacancy rate for residential was 5.0 percent, of which 79 percent was due to upgrades or planned sales of apartments. Property expenses amounted to SEK 2,162 million, compared to SEK 2,164 million in. SEK 380 million was attributable to maintenance, corresponding to an average annual expense of SEK 111 per square meter. The net operating income margin was 51.7 percent, compared to 50.1 percent in the last year. Adjusted net operating income margin was 66.2 percent. Increase in property value 17.5 percent The increase in property value was SEK 12,715 million, 17.5 percent, compared to SEK 8,026 million, 13.9 percent, in. The growth in value is mainly due to a lower capitalization rate. Net financial items SEK -1,489 million Interest expenses were SEK 1,138 million, compared to SEK 1,277 million in. Financial derivatives affected earnings by SEK -322 million, compared to SEK 533 million, mainly due to a decrease in interest rates. Other financial items amounted to SEK -29 million, compared to SEK -27 million. Profit before tax SEK 13,320 million Profit before tax was SEK 13,320 million, compared to SEK 9,206 million in, and was positively impacted by an increase in the fair value of properties. Tax expenses SEK 2,958 million Tax expenses amounted to SEK 2,958 million, compared to SEK 2,035 million in. SEK 2,894 million refers to deferred tax, mainly due to unrealized gains on properties. 64 million relates to taxes paid on profit made from divestments. The Group has no ongoing tax disputes. Rental income, comparable properties 2,957 Jan-Dec Net operating income, comparable properties 1,733 Jan-Dec Real vacancy rate Percent % 8.0% 0.2 3,079 Jan-Dec 1,871 Jan-Dec

14 Property portfolio Property purchases SEK 6,094 million Property purchases amounted to SEK 6,094 million, compared to SEK 12,093 million in. The average capitalization rate was 4.05 percent for the properties we purchased. Property investments SEK 2,989 million Investments in properties totaled SEK 2,989 million, compared to SEK 2,216 million in. Investments were equivalent to SEK 876 per square meter on an annual basis. Of total investments, 36 percent refer to apartment upgrades. Property sales SEK 9,061 million We have sold for SEK 7,625 million in Sweden, for SEK 914 million in Germany and for SEK 522 million in England. In total, we sold properties for SEK 9,061 million, compared to SEK 5,755 million in. Sales prices were 13 percent higher than the fair value at the beginning of the year and generated net income of SEK 827 million, including SEK 109 million in transaction costs. Well-kept residential properties are attractive investments for many types of investors and are a liquidity reserve throughout the business cycle. Fair value SEK 88 billion The fair value was SEK 87,739 million, which is equivalent to an average of SEK 27,116 per square meter. The average capitalization rate for the entire portfolio was 3.82 percent, which is 0.51 percentage points lower than at the beginning of the year. Purchases Boston Montreal Paris Stockholm New York Copenhagen Hamburg Düsseldorf Washington D.C. 301 Berlin Others Sales 6,076 32% Purchase price plus investments 8, % Fair value beginning of year 9,061 Sale price 1,749 Required rates of return Capitalization Discount percent rate rate Purchases Sales Comparable Exchange rate differences Change in value investment properties SEK million Return, percent Cash flow 2, Required rates of return 9, Sales Purchases Total change in value 12,

15 Financing Equity to assets ratio 46 percent Equity increased by SEK 10,270 million to SEK 40,937 million during the year and the equity to assets ratio increased from 41 to 46 percent. Loan-to-value 43 percent Interest-bearing debt increased during the year by SEK 2,140 million to SEK 38,095 million. The loanto-value ratio has decreased by 5 percentage points since Secured loans were SEK 21,482 million, compared to SEK 27,126 million at the end of. The secured loan-to-value decreased from 36 to 24 percent. The ambition is a secured loan-to-value of less than 25 percent. The secured loans have been borrowed from 36 banks in six countries. Unsecured loans encompass four listed bonds, commercial papers and loans from related companies. Unsecured loans increased during the year by SEK 7,784 million to SEK 16,613 million, fully in line with the ambition to increase our presence in the capital market. Capital tied up 5.0 years Interest-bearing debt was tied up for an average of 5.0 years, compared to 5.7 years at the end of. Loans that mature within one year amount to SEK 8,163 million. The refinancing risk is mitigated by strong liquidity, highly diversified funding and a low loan-to-value. Interest rate hedge 4.5 years SEK 15,885 million had a fixed interest rate term of more than five years and SEK 9,621 million had a fixed interest rate term of less than one year. The average interest rate of 2.62 percent was 0.82 percentage points lower than at the end of. The average interest rate hedge was 4.5 years, as compared to 4.3 years at the end of. Liquidity SEK 6,996 million Available funds in the form of cash and unutilized credit facilities totaled SEK 6,996 million. SEK 2.8 billion from contracted property sales in Sweden will provide additional liquidity during the first quarter of The unleveraged share of the properties fair value corresponded to SEK 66,257 million. Loan-to-value percent Average interest rate percent 4.75 Secured loans Dec 2013 Interest coverage ratio times Jan-Dec 3.94 Dec 2014 Realized value growth EBITDA Unsecured loans Dec Dec Pro forma 12 months See page 22 for more information 15

16 Other financial information Cash flow for the period Operating cash flow before change in working capital increased by SEK 66 million to SEK 921 million, compared to. Cash flow from investing activities amounted to SEK 695 million, compared to SEK -8,182 million in. Cash flow required for acquisitions of properties is secured before signing acquisition agreements. Profitable but non-mandatory upgrades can, if needed, be stopped within a three-month period. Cash flow from financing activities was SEK -1,658 million, compared to SEK 7,166 million in. During the period, we issued new shares for SEK 4,036 million. We paid dividends to the holders of preference shares for a total of SEK 377 million, to the holders of common shares for SEK 5,044 million and to the holders of the hybrid loans for SEK 125 million. Parent Company The Parent Company s profit before tax decreased by SEK 11 million to SEK 1,116 million, which is attributable to dividends received of SEK 2,000 million and appropriations of SEK -1,065 million, compared to SEK 943 million and SEK 95 million for. Assets and liabilities held for sale Akelius has signed an agreement for the sale of properties in Eskilstuna and Halmstad, 1,763 apartments, with closing date in March As of , the disposal group consisted of investment properties of SEK 2,754 million, deferred taxes of SEK 249 million, other assets of SEK 3 million and other debt of SEK 29 million. Additionally, properties and apartments in Berlin and Hamburg in Germany are held for sale with a value of SEK 214 million and SEK 137 million respectively. Fourth quarter Net income for the quarter amounted to SEK 3,786 million, compared to SEK 3,374 million in the same quarter of, and has been impacted by a change in the fair value of derivative financial instruments of SEK 166 million, compared to SEK 275 million, and properties of SEK 4,746 million, compared to SEK 3,510 million. During the fourth quarter, rental income amounted to SEK 1,122 million, compared to SEK 1,145 million in the same quarter of, and property costs decreased to SEK 583 million, compared to SEK 651 million, which resulted in an improvement in net operating income to SEK 539 million, compared to SEK 494 million. Net financial items totaled SEK -95 million, compared to SEK -71 million in the same quarter of, and include the change in the fair value of derivatives. Akelius reported other comprehensive income SEK -362 million for the changes in value of currency derivatives and exchange rate differences on external loans in foreign currency defined as hedging instruments and SEK 80 million for deferred taxes. Translation differences for foreign group companies amounted to SEK 406 million for the quarter. Cash flow during the fourth quarter amounted to SEK -3 million, compared to SEK -163 million for the same quarter of. Cash flow generated from operations was SEK 134 million. Net cash flow from investing activities amounted to SEK -2,842 million. Financing activities had a positive effect on cash flow of SEK 2,705 million. During the quarter dividends were paid to the holders of preference shares for a total of SEK 94 million and to the holders of the hybrid loans for SEK 125 million. 16

17 Other financial information Preference shares The total number of preference shares amounted to 18,835,606, equivalent to SEK 6,020 million reported in equity. Preference shares represent 0.64 percent of the total number of shares in Akelius Residential Property AB. On , the price paid per preference share was SEK A dividend of SEK 5 per preference share will be paid on the record date pursuant to the Articles of Association: , in total SEK 94 million. Events after balance sheet date We have purchased Domus Vista in Copenhagen with 476 apartments. With its 29 floors and 102 meters, it is the third tallest residential building in Scandinavia. Closing is in February Akelius rating In, Standard and Poor s confirmed the investment grade rating BBB- with a stable outlook. Listed bonds have a BBBrating. Personnel At the end of the year there were 734 people employed in the Group, compared to 588 at the end of. Related party transactions Net debt from related parties has decreased by SEK 336 million. The scope and focus of these operations have not changed significantly during the quarter. All transactions were executed on market terms. Pål Ahlsén, CEO, Managing Director Stockholm, Sweden, , Akelius Residential Property AB (publ) The interim report has not been examined by the company s auditors. Other The Annual Report will be available on Akelius website on The Annual General Meeting will be held on in Stockholm. Announcement will be posted on the company s website. As the Board has yet to decide on a proposal for allocation of profit, this information will be presented in the notice convening the Annual General Meeting. 17

18 Consolidated statement of comprehensive income Oct-Dec 3 months Oct-Dec 3 months Jan-Dec 12 months Jan-Dec 12 months Rental income 1,122 1,145 4,473 4,339 Operating expenses ,782-1,756 Maintenance Net operating income ,311 2,175 Central administrative expenses Other income and expenses Net income from the disposal of investment properties* Net income from the revaluation of investment properties 4,746 3,510 11,779 7,105 Operating profit 5,324 4,500 14,809 9,977 Interest income Interest expenses ,138-1,277 Other financial income and expenses Change in fair value of derivative financial instruments Profit before tax 5,229 4,429 13,320 9,206 Tax -1,443-1,055-2,958-2,035 Profit for the period / year 3,786 3,374 10,362 7,171 Items that may be reclassified to profit or loss: Translation difference , Change in hedging of currency risk Tax attributable to hedging currency risk Comprehensive income for the period / year 3,910 2,917 11,214 6,561 Profit attributable to: - owners of the Parent Company 3,737 3,338 10,187 7,055 - non-controlling interests Total comprehensive income attributable to: - owners of the Parent Company 3,876 2,926 10,952 6,443 - non-controlling interests Earnings per share before and after dilution, SEK *) SEK 109 million refers to transaction costs for Jan-Dec and SEK 121 million for Jan-Dec. 18

19 Consolidated statement of financial position Assets Intangible assets Investment properties 84,634 69,963 Tangible fixed assets Derivative financial instruments - 25 Deferred tax assets 6 8 Financial assets Total non-current assets 84,737 70,164 Trade and other receivables Derivative financial instruments 9 12 Cash and cash equivalents Assets held for sale* 3,108 2,802 Total current assets 3,701 3,860 Total assets 88,438 74,024 Equity and liabilities Total equity 40,937 30,667 Interest-bearing liabilities 29,932 32,108 Derivative financial instruments 1,350 1,983 Deferred tax liabilities 6,676 4,175 Other liabilities Total non-current liabilities 38,030 38,315 Interest-bearing liabilities 8,163 3,847 Derivative financial instruments 98 2 Trade and other payables 932 1,035 Liabilities held for sale Total current liabilities 9,471 5,042 Total equity and liabilities 88,438 74,024 Interest-bearing liabilities - unsecured 16,613 8,829 - secured 21,482 27,126 Total 38,095 35,955 *) SEK 3,105 million was attributable to investment properties on and SEK 2,801 million on

20 Consolidated statement of cash flows Oct-Dec 3 months Oct-Dec 3 months Jan-Dec 12 months Jan-Dec 12 months Net operating income ,311 2,175 Central administrative expenses Other income and expenses Reversal of depreciation and impairment losses Interest paid ,226-1,213 Income tax paid Cash flow before changes in working capital Change in current assets Change in current liabilities Cash flow from operating activities Investments in intangible assets Investment in properties ,989-2,216 Acquisition of investment properties -2,245-3,239-6,094-12,093 Acquisition of net assets Proceeds from sales of investment properties 346 2,523 9,061 5,755 Proceeds from sale of net assets Purchase and sale of other assets Cash flow from investing activities -2,842-1, ,182 New share issue - - 4,036 1,974 Shareholder contribution Loans raised 11,120 2,987 19,862 19,026 Repayment of loans -7,388-1,967-18,641-13,385 Purchase and sale of derivative instruments , Dividend , Cash flow from financing activities 2, ,658 7,166 Cash flow for the period / year Cash and cash equivalents at beginning of year Translation difference in cash and cash equivalents Cash and cash equivalents at end of period / year

21 Consolidated statement of changes in equity Attributable to owners of the Parent Company Currency Share translation Retained premium reserve earnings Total Share capital Noncontrolling interests Total equity Balance at ,737 8, ,183 21,187 1,396 22,583 Acquired minority Redistribution Dividend Share issue 4 1, , ,974 Group contribution Tax on group contribution Profit for the year ,055 7, ,171 Other comprehensive income Balance at ,741 10, ,811 29,178 1,489 30,667 Acquired minority Dividend - -2, ,126-5, ,546 Share issue 29 4, ,036-4,036 Hybrid loan Profit for the year ,187 10, ,362 Other comprehensive income Balance at ,770 12, ,872 38,745 2,192 40,937 21

22 Additional information on the financial key figures Realized value growth Akelius manages and develops residential properties with the ability to generate a stable and growing net operating income. A higher net operating income leads to value growth for our properties. Part of the business model is to realize value growth, which is defined as sales revenue, less acquisition value and investments. Profit before tax and revaluation including realized value growth is a good indicator of the ability to generate cash flow. Pro forma Net operating income and value growth are reinvested in current and new properties. This leads to a growing net operating income. It is therefore more appropriate to analyze the business based on the situation on the balance sheet date. The pro forma figures are based on the property portfolio s gross rent, real vacancy, estimated operating expenses and maintenance costs during a normal year, as well as central administrative expenses. The interest expenses are based on net debt on the balance sheet date, calculated according to the average rate at balance sheet date. The average exchange r a t e f o r t h e p a s t ye a r h a s b e e n u s e d. No tax has been calculated as it relates largely to deferred tax, which does not affect cash flow. The pro forma figures are not a forecast for the coming twelve months as they contain no estimate of rent, vacancy, currency exchange rate, future property purchases and sales or interest rate changes. Jan-Dec Pro forma, 12 months revenue and cost at balance sheet date Rental income 4,473 4,556 Operating expenses -1,782-1,691 Maintenance Net operating income 2,311 2,546 Central administrative expenses, other revenue and expenses, excluding depreciation EBITDA 2,208 2,443 Net interest expense -1, Other financial income and expenses Profit before tax and revaluation 1,040 1,416 Realized value growth 2,876 - Interest coverage ratio Interest coverage ratio excluding realized value growth Net debt as per ,942 37,942 Net debt/ebitda Net debt/ebitda including realized value growth

23 Interest-bearing liabilities Interest rate hedge Interest rate hedge Average interest rate, percent Duration Years Share, percent Capital tied up Share, percent 0-1 9, , , , , , , , , , , , , , , , > 10 2, ,741 7 Total 38, , Segment information Jan-Dec, Sweden Germany Other Total Rental income 1,956 1, ,473 Operating expenses ,782 Maintenance Net operating income 1, ,311 Revaluation of investment properties 6,745 5, ,715 Total property return 7,761 6,032 1,233 15,026 Total property return, percent Property fair value 32,357 32,176 23,206 87,739 Jan-Dec, Rental income 2,216 1, ,339 Operating expenses ,756 Maintenance Net operating income 1, ,175 Revaluation of investment properties 2,947 3,732 1,347 8,026 Total property return 4,058 4,579 1,564 10,201 Total property return, percent Property fair value 31,727 24,892 16,145 72,764 23

24 Condensed statement of comprehensive income for the Parent Company Oct-Dec 3 months Oct-Dec 3 months Jan-Dec 12 months Jan-Dec 12 months Administrative expenses Other income and expenses Profit from shares in subsidiaries , Financial income , Financial expenses ,032 Change in fair value of derivatives Appropriations -1, , Profit before tax ,116 1,127 Tax Profit for the period / year ,308 1,082 Comprehensive income ,308 1,082 Condensed statement of financial position for the Parent Company Intangible assets 3 1 Shares in subsidiaries 13,183 13,164 Non-current receivables from group companies 27,180 9,231 Deferred tax assets Current receivables from group companies 9,036 20,182 Derivative financial instruments - 12 Other assets Cash and cash equivalents - 74 Total assets 49,965 43,188 Total equity 14,036 14,114 Interest-bearing liabilities 18,301 10,967 Non-current interest-bearing liabilities, group companies 16,277 17,379 Current interest-bearing liabilities, group companies Derivative financial instruments Other current liabilities Total equity and liabilities 49,965 43,188 24

25 Other information Basis of presentation Statement of compliance The Akelius Residential Property Group s Interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. The financial statements of the Parent Company Akelius Residential Property AB, corporate identity number , have been prepared in accordance with the Swedish Annual Accounts Act and the accounting standard RFR 2, Accounting for Legal Entities. Disclosures in accordance with IAS 34 Interim Financial Reporting are submitted both in the notes and in other sections of the interim report. The accounting policies applied in the preparation of the interim report are consistent with those used in the preparation of the Group s annual financial statements for the year. The figures in this interim report have been rounded up or down, while the calculations have been made without rounding. As a result, the figures in certain tables and key figures may appear not to add up correctly. Estimates and assessments Estimates and assessments are evaluated continuously based on empirical factors and other aspects, including anticipation of future events that are reasonable under the prevailing circumstances. The same principles are followed in the interim reporting as in the previous annual report. Derivative instruments Derivative instruments consist mainly of interest rate swaps. Estimates of the fair value of derivatives are based on Level 2 of the fair value hierarchy. Compared to, no transfers have occurred between the different levels of the hierarchy, and no significant changes have been made regarding the valuation method. Cash flow in the derivative contracts is compared to the cash flow that would have been received if the contracts had been concluded at market prices on the closing date. The difference in cash flow is discounted using an interest rate that takes into account counterparty credit risk. The present value obtained is reported in the balance sheet at fair value. Changes in fair value for interest rate swaps are recognized in the income statement without the application of hedge accounting. Currency derivatives As of Akelius has defined currency derivatives as hedging instruments and reported the change in fair value of currency derivatives in other comprehensive income. Previously hedge accounting applied only for external loans. Valuation of properties The fair value of all properties is assessed by internal valuations on the closing date. The valuations are based on a cash flow model for each individual property, with separate assessments of future earning ability and required rates of return. The cash flow model is based on actual income and expenses adjusted for a normalized future cash flow. Assets held for sale Fair value measurement is based on the purchase price stated in the signed purchase agreement between buyers and sellers when agreements have been signed, minus the remaining cost to put the properties in the condition agreed. The purchase price is considered to belong to Level 1 of the fair value hierarchy in IFRS

26 Other information New accounting principles The following standards, amendments to standards and interpretations have been issued but are not yet effective for annual periods beginning on Those which may be relevant to the Group are set out below. The Group does not plan to adopt these standards early. IFRS 9 Financial Instruments IFRS 9 introduces new requirements for the classification and measurement of financial assets. Under IFRS 9, financial assets are classified and measured based on the business model in which they are held and the characteristics of their contractual cash flows. The IASB currently has an active project to make limited amendments to the classification and measurement requirements of IFRS 9 and to add new requirements to address the impairment of financial assets and hedge accounting. IFRS 9 is effective for annual reporting periods beginning on or after , with early adoption permitted. IFRS 15 Revenue from Contracts with Customers IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces existing revenue recognition guidance, including IAS 18 Revenue, IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programs. IFRS 15 is effective for annual reporting periods beginning on or after , with early adoption permitted. At this time, the impact of the above publications is not expected to be material to the Group. IFRS 16 Leases IFRS 16 establishes a new accounting model based on the right to use an asset. Subject to EU endorsement, the standard will be effective for reporting periods beginning on or after The impact on the financial statements has yet to be evaluated. Risks and uncertainties The operational risks are limited through concentrating the property portfolio to residential properties in metropolitan areas. Strong residential rental markets in Sweden, Germany, Canada, England, France, the United States and Denmark reduce the risk for long-term vacancies. In order to further reduce the risk, or variations in cash flow, interest rates are secured on a long-term basis. Access to capital from a large number of banks and through the capital market mitigates the refinancing risk. Overseas investments are hedged to reduce the impact of currency movements on the Group s equity to assets ratio. No material changes in the company s assessment of risks have occurred since the publication of the annual report. 26

27 Key figures Equity ratio Equity, 40,937 30,667 22,583 15,169 9,970 Equity to assets ratio, percent Return on equity, percent Net asset value to assets ratio, percent Net operating income Rental income, 4,473 4,339 3,602 3,025 2,780 Growth in rental income, percent Growth in rental income for comparable properties, percent Net operating income, 2,311 2,175 1,882 1,579 1,409 Growth in net operating income, percent Growth in net operating income for comparable properties, percent Net operating income margin, percent Adjusted net operating income margin, percent Interest-bearing liabilities Loan-to-value, secured loans, percent Loan-to-value, percent Interest coverage ratio Interest coverage ratio excluding realized value growth Average interest rate, percent Fixed interest term, year Capital, tied up, year Properties Number of apartments 46,516 51,231 47,896 41,319 35,443 Rentable area, thousand sqm 3,236 3,587 3,472 2,992 2,576 Real vacancy rate residential, percent Vacancy rate residential, percent Fair value of properties, Opening balance 72,764 57,736 44,104 35,437 32,352 Change in fair value 12,715 8,026 1,412 1,582 2,671 Investments 2,989 2,216 1,881 1,531 1,493 Purchases 6,094 12,093 9,678 6,901 1,663 Sales -9,061-5,755-1,084-1,801-2,383 Exchange differences 2,238-1, Closing balance 87,739 72,764 57,736 44,104 35,437 Fair value, per sqm 27,116 20,284 16,629 14,736 13,755 Capitalization rate, percent Change in capitalization rate 1, percentage

28 Key figures Properties Sweden Average residential rent, SEK /sqm/year 1,246 1,184 1,156 1,114 1,074 Growth in average residential rent 2, percent Growth in rental income 3, percent Growth in net operating income 3, percent Fair value, 32,357 31,727 29,571 26,797 23,456 Fair value, SEK per sqm 23,163 17,148 14,899 14,115 13,809 Capitalization rate, percent Number of apartments 17,381 23,520 24,407 23,867 21,707 Vacancy rate residential, percent Real vacancy rate residential, percent Properties Germany Average residential rent, EUR /sqm/month Growth in average residential rent 2, percent Growth in rental income 3, percent Growth in net operating income 3, percent Fair value, 32,176 24,892 21,171 15,549 11,981 Fair value, SEK per sqm 24,708 18,986 16,752 15,398 13,649 Capitalization rate, percent Number of apartments 19,932 20,307 19,423 15,769 13,736 Vacancy rate residential, percent Real vacancy rate residential, percent Properties Canada 4 Average residential rent, CAD /sqft/month Growth in average residential rent 2, percent Growth in rental income 3, percent Growth in net operating income 3, percent Fair value, 7,055 4,859 3,432 1,758 1,074 Fair value, SEK per sqm 26,242 21,424 21,808 20,710 22,026 Capitalization rate, percent Number of apartments 4,513 3,999 2,823 1,683 1,046 Vacancy rate residential, percent Real vacancy rate residential, percent Properties England 5 Average residential rent, GBP /sqft/month Growth in average residential rent 2,percent Growth in rental income 3, percent Growth in net operating income 3, percent Fair value, 4,524 4,840 3,395 1,792 1,580 Fair value, SEK per sqm 79,157 67,660 53,606 36,430 32,730 Capitalization rate, percent Number of apartments 1,224 1,404 1, Vacancy rate residential, percent Real vacancy rate residential, percent

29 Key figures Properties France Average residential rent, EUR /sqm/month Growth in average residential rent 2,percent Growth in rental income 3, percent Growth in net operating income 3, percent Fair value, 1, Fair value, SEK per sqm 61,332 62,640 60, Capitalization rate, percent Number of apartments Vacancy rate residential, percent Real vacancy rate residential, percent Properties United States Average residential rent, USD /sqft/month Growth in average residential rent 2, percent Growth in rental income 3, percent Growth in net operating income 3, percent Fair value, 9,362 5, Fair value, SEK per sqm 56,725 48, Capitalization rate, percent Number of apartments 2,309 1, Vacancy rate residential, percent Real vacancy rate residential, percent Properties Denmark Average residential rent, DKK /sqm/month Growth in average residential rent 2, percent Growth in rental income 3, percent Growth in net operating income 3, percent Fair value, Fair value, SEK per sqm 27, Capitalization rate, percent Number of apartments Vacancy rate residential, percent Real vacancy rate residential, percent ) For comparable properties. The property portfolio in England was purchased from fellow subsidiaries in March The table for shows the development as if the properties had been owned since ) Growth from period start to period end for comparable portfolio. 3) Growth for the period compared to the previous year s period for comparable portfolio. 4) The property portfolio in Toronto, Canada, was purchased from a fellow subsidiary at the end of The tables above show the development as if the properties had been owned since ) The property portfolio in England was purchased from fellow subsidiaries in March The tables above show the development as if the properties had been owned since

30 Definitions Adjusted net operating income margin Annual property return Capitalization rate Capital tied up, year Comparable portfolio Discount rate EBITDA Equity to assets ratio Income return Interest rate hedge total loans, year 30 Net operating income in relation to rental income excluding income from other services invoiced to the tenants such as utility and property taxes. Highlights the ongoing earnings capacity from property management related to rental services only. Gain from the revaluation of investment properties and net operating income on an annual basis in relation to the fair value of the properties at the beginning of the year. Illustrates the total return on the property portfolio. The expected eternal yield from property portfolio minus growth rate of net operating income. Volume-weighted remaining term of interest-bearing liabilities and derivatives on the balance sheet date. Illustrates the company s refinancing risk. The properties owned during the periods being compared. This means that properties acquired or sold during any of the periods being compared are excluded. The expected eternal yield from property portfolio including growth rate of net operating income. Net operating income plus central administrative expenses, other income and expenses with add back of depreciation and impairment charges.highlights current cash flow capacity from property management. Equity in relation to total assets. Highlights the company s financial stability. Net operating income on an annual basis in relation to the fair value of the properties at the beginning of the year. Measures the yield on the property portfolio. Volume-weighted remaining term for interest rates on interest-bearing liabilities and derivatives on the balance sheet date. Illustrates the company s financial risk.

31 Definitions Interest coverage ratio Interest coverage ratio, excluding realized value growth Loan-to-value, total loans Loan-to-value, secured loans Net asset value to assets ratio Net financial items Net letting Net debt Net operating income Net operating income plus central administrative expenses, other income and expenses, other financial income and expenses, realized value growth with add back of depreciation and impairment charges, in relation to net interest.illustrates the company s sensitivity to interest rate changes. Net operating income plus central administrative expenses, other income and expenses, other financial income and expenses with add back of depreciation and impairment charges, in relation to net interest. Illustrates the company s sensitivity to interest rate changes. Net debt divided by total assets minus cash, pledged cash and liquid assets. Illustrates the company s financial risk. Net debt reduced by unsecured interest-bearing debt divided by total assets minus cash, pledged cash and liquid assets. Illustrates the company s financial risk. Equity, deferred tax and derivatives in relation to total assets minus cash, pledged cash and liquid assets. Provides an alternative measure of the company s financial stability. The net of interest income, interest expenses, other financial income and expenses and changes in fair value of derivatives. Measures the net of financial operations. The sum of agreed contracted annual rents for new lets for the period less terminated annual rents. Interest-bearing debts minus cash, pledged cash and liquid assets. Illustrates the company s financial risk. Rental income less property costs. Highlights the ongoing earnings capacity from property management. 31

32 Definitions Net operating income margin Other income and expenses Property costs Property portfolio Realized value growth Real vacancy rate Rental income Return on equity Vacancy rate Net operating income in relation to rental income. Highlights the ongoing earnings capacity from property management. Items from secondary activities such as capital gains on disposals of fixed assets other than investment properties, income and expenses from temporary services rendered after the sale of properties. This item includes direct property costs such as operating expenses, utility expenses, maintenance costs, leasehold fees and property taxes. Investment property and investment property classified as assets held for sale. Proceeds from the sale of investment properties minus acquisition costs, accumulated investments and costs of sale. Illustrates realized value growth of properties sold. The total number of vacant apartments less the number of apartments vacant due to renovation work or planned sales, in relation to the total number of apartments. Real vacancy is measured on the first day after the month end. Rental value less vacancies, rent discounts. Comprehensive income divided by opening equity. Shows the return offered to the owners invested capital. The number of vacant apartments in relation to the total number of apartments. Vacancy is measured on the first day after the month end. 32

33 Alternative performance measures Reconciliation for the purposes of the Guidelines published by the European Securities and Markets Authority (ESMA) is set out below: Equity 40,937 30,667 Deferred taxes 6,670 4,167 Derivatives 1,439 1,949 Net asset value 49,046 36,783 Total assets 88,438 74,024 Cash and liquid assets Pledged cash assets Total assets minus cash, pledged cash and liquid assets 88,285 73,428 Net asset value to assets ratio, percent Total interest-bearing liabilities 38,095 35,955 Cash and liquid assets Pledged cash assets Net Debt 37,942 35,359 Total assets minus cash, pledged cash and liquid assets 88,285 73,428 Loan to value, percent Net Debt 37,942 35,359 Less unsecured debt -16,613-8,829 Secured debt 21,329 26,530 Total assets minus cash, pledged cash and liquid assets 88,285 73,428 Loan to value, secured loan, percent

34 Alternative performance measures Jan-Dec Jan-Dec Percent Growth Rental income 4,473 4, Exchange differences Purchases and sales -1,033-1,023 - Income from other services in Germany Rental income for comparable properties 3,079 2, Net operating income 2,311 2, Exchange differences Purchases and sales Net operating income for comparable properties 1,871 1, Proceeds from the sale of properties 9,061 5,755 - Costs of sale Acquisition costs -4,775-3,126 - Accumulated investments -1, Realized value growth 2,876 1,812 - Jan-Dec Adjustment for other services* Jan-Dec adjusted Rental income 4, ,490 Operating expenses -1, Maintenance Net operating income 2,311-2,311 Net operating income margin, percent *including utility expenses and other property taxes invoiced to the tenants 34

35 Head office Svärdvägen 3A Box 104, S Danderyd +46 (0) akelius.com Sweden Rosenlundsgatan 50 Box Stockholm +46 (0) akelius.se Germany Leipziger Platz 14 D Berlin +49 (0) akelius.de Canada 289 Niagara Street Toronto M6J 0C3 +1 (416) akelius.ca England Coin House 2 Gees Court London W1U 1JA +44 (0) akelius.co.uk France 67 Boulevard Haussmann Paris akelius.fr United States 3 Post Office Square 4th Floor Boston, MA akelius.us Denmark Frederiksborggade 15 c/o Regus Business Centre 1360 Copenhagen K akelius.dk Akelius in brief Apartments for metropolitans 80 percent of the properties are in cities with more than one million inhabitants such as Berlin, Hamburg, Munich, Cologne, Paris, London, Toronto, Montreal, New York, Boston, Washington, Stockholm and Copenhagen. Better living Our mission is to provide our current and future tenants with better living, by continuously upgrading our buildings and our service. Acquire via cherry picking We prefers to make smaller acquisitions of exactly the right properties - to cherry pick - rather than a smaller number of larger acquisitions of not quite the right properties. Strong capital structure, low refinancing risk We have agreements with thirty-six banks, listed preference shares and listed senior unsecured bonds. Akelius is Sweden s largest listed property company. We have seventeen thousand shareholders. First-class personnel More than one hundred and ninety employees have graduated in Residential Real Estate Management from Akelius University. Financial calendar Annual Report Interim report Jan-Mar Interim report Jan-Jun

Rental income, SEK million 1,071 1,014 4,122 4,109 Growth in rental income comparable properties, percent

Rental income, SEK million 1,071 1,014 4,122 4,109 Growth in rental income comparable properties, percent Akelius Residential Property AB (publ) year-end report January to December summary Oct Dec Oct Dec Jan Dec Jan Dec Rental income, SEK million 1,071 1,014 4,122 4,109 Growth in rental income comparable

More information

Rental income, SEK million 1,016 1,040 3,051 3,095 4,109 Growth in rental income comparable properties, percent

Rental income, SEK million 1,016 1,040 3,051 3,095 4,109 Growth in rental income comparable properties, percent Akelius Residential Property AB (publ) interim report January to September summary Jul Sep Jul Sep Jan Sep Jan Sep Jan Dec Rental income, SEK million 1,016 1,040 3,051 3,095 4,109 Growth in rental income

More information

Rental income, EUR million Like-for-like growth in rental income, percent

Rental income, EUR million Like-for-like growth in rental income, percent Akelius Residential Property AB (publ) year-end report January to December summary Oct Dec Oct Dec Jan Dec Jan Dec Rental income, EUR million 129 124 482 469 Like-for-like growth in rental income, percent

More information

Rental income, EUR million Like-for-like growth in rental income, percent

Rental income, EUR million Like-for-like growth in rental income, percent Akelius Residential Property AB (publ) interim report January to June summary Apr Jun Apr Jun Jan Jun Jan Jun Jan Dec Rental income, EUR million 115 113 233 229 469 Like-for-like growth in rental income,

More information

Rental income, EUR million Like-for-like growth in rental income, percent

Rental income, EUR million Like-for-like growth in rental income, percent Akelius Residential Property AB (publ) interim report January to September summary Jul Sep Jul Sep Jan Sep Jan Sep Jan Dec Rental income, EUR million 120 116 353 345 469 Like-for-like growth in rental

More information

Rental income, EUR million** Like-for-like growth in rental income, percent Net operating income, EUR million

Rental income, EUR million** Like-for-like growth in rental income, percent Net operating income, EUR million Akelius Residential Property AB (publ) interim report January to March summary* Jan Mar Jan Mar Jan Dec Rental income, EUR million** 119 116 469 Like-for-like growth in rental income, percent 3.7 5.4 5.1

More information

CONSOLIDATED STATEMENT OF INCOME

CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF INCOME 1 st quarter (a) 2017 4 th quarter Sales 41,183 42,275 32,841 Excise taxes (5,090) (5,408) (5,319) Revenues from sales 36,093 36,867 27,522 Purchases, net of inventory

More information

Estancia Logistik AB (publ) Quarterly Report. July - September 2015

Estancia Logistik AB (publ) Quarterly Report. July - September 2015 Estancia Logistik AB (publ) Quarterly Report July - September 2015 QUARTERLY REPORT Q3 2015 Focus on Vacancies July - September 2015 Quarter Rental income amounted to MSEK 40 (40). Operating profit totaled

More information

Estancia Logistik AB (publ) Quarterly Report. April - June 2015

Estancia Logistik AB (publ) Quarterly Report. April - June 2015 Estancia Logistik AB (publ) Quarterly Report April - June 2015 QUARTERLY REPORT Q2 2015 Optimizing Management April - June 2015 Quarter Rental income amounted to MSEK 40 (43). Operating profit totaled

More information

CONSOLIDATED STATEMENT OF INCOME

CONSOLIDATED STATEMENT OF INCOME CONSOLIDATED STATEMENT OF INCOME (unaudited, data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements)) 1 st quarter

More information

Quarterly report

Quarterly report Quarterly report 3 2017 2017-01-01 to 2017-09-30 Jefast Holding AB (publ), org nr 556721-2526 Third quarter Revenue inline with last year Portfolio value increase of 28.6% to 2,965 m (2,305) 2017 2016

More information

Half-year report January-June 2016

Half-year report January-June 2016 Half-year report January-June 2016 Summary, January-June 2016» Rental income amounted to SEK 1,070 million (SEK 989 million corresponding period preceding year).» Profit from property management amounted

More information

AKELIUS RESIDENTIAL PROPERTY AB (PUBL) (incorporated in the Kingdom of Sweden as a public company with limited liability)

AKELIUS RESIDENTIAL PROPERTY AB (PUBL) (incorporated in the Kingdom of Sweden as a public company with limited liability) SUPPLEMENT DATED 6 NOVEMBER 2017 TO THE BASE PROSPECTUS DATED 12 MAY 2017 AKELIUS RESIDENTIAL PROPERTY AB (PUBL) (incorpod in the Kingdom of Sweden as a public company with limited liability) 2,500,000,000

More information

Six-month report January June 2018 rikshem.se

Six-month report January June 2018 rikshem.se rikshem.se Six-month report January June Six-month report Rental income increased 3 percent to MSEK 1,374 (1,335). Net operating income declined to MSEK 748 (758), mainly as a result of the harsh winter

More information

Interim report January September 2018 rikshem.se

Interim report January September 2018 rikshem.se rikshem.se Interim report January September Interim report Events during the period () Rental income increased MSEK 75 or 3.8 percent to MSEK 2,071 (1,996). Net operating income declined to MSEK 1,183

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended

More information

Interim presentation. 24 April, Anders Nissen, CEO Liia Nõu, CFO

Interim presentation. 24 April, Anders Nissen, CEO Liia Nõu, CFO Interim presentation 24 April, 2018 Anders Nissen, CEO Liia Nõu, CFO A stable earnings development 21% Return on equity 2 1 2 3 Profitable acquisitions Positive effects from product development A seasonally

More information

Year-end report January December 2018 rikshem.se

Year-end report January December 2018 rikshem.se rikshem.se Year-end report January December Year-end report Events during the year Profit for the year rose to MSEK 2,489 (2,430). Rental income increased MSEK 127 or 4.8 percent during the year to MSEK

More information

Consolidated Financial Statements of ECOTRUST CANADA. Year ended December 31, 2016

Consolidated Financial Statements of ECOTRUST CANADA. Year ended December 31, 2016 Consolidated Financial Statements of ECOTRUST CANADA KPMG Enterprise TM Metro Tower I 4710 Kingsway, Suite 2400 Burnaby BC V5H 4M2 Canada Telephone (604) 527-3600 Fax (604) 527-3636 INDEPENDENT AUDITORS

More information

Interim presentation. 13 July, Anders Nissen, CEO Liia Nõu, CFO

Interim presentation. 13 July, Anders Nissen, CEO Liia Nõu, CFO Interim presentation 13 July, 2018 Anders Nissen, CEO Liia Nõu, CFO Profitable growth 20% R12M Return on equity 2 1 2 3 Profitable acquisitions in new large markets Continued strong development in Brussels

More information

DREAM GLOBAL ANNOUNCES FOURTH QUARTER RESULTS, 24% ANNUAL NET ASSET VALUE GROWTH AND OVER 6% FOURTH QUARTER COMPARATIVE NOI GROWTH

DREAM GLOBAL ANNOUNCES FOURTH QUARTER RESULTS, 24% ANNUAL NET ASSET VALUE GROWTH AND OVER 6% FOURTH QUARTER COMPARATIVE NOI GROWTH DREAM GLOBAL ANNOUNCES FOURTH QUARTER RESULTS, 24% ANNUAL NET ASSET VALUE GROWTH AND OVER 6% FOURTH QUARTER COMPARATIVE NOI GROWTH TORONTO, FEBRUARY 20, 2019 DREAM GLOBAL REIT (TSX:DRG.UN, FRA:DRG) (or

More information

EN Official Journal of the European Union L 320/373

EN Official Journal of the European Union L 320/373 29.11.2008 EN Official Journal of the European Union L 320/373 INTERNATIONAL FINANCIAL REPORTING STANDARD 3 Business combinations OBJECTIVE 1 The objective of this IFRS is to specify the financial reporting

More information

PRIMARIS RETAIL REIT Announces Third Quarter Results

PRIMARIS RETAIL REIT Announces Third Quarter Results PRIMARIS RETAIL REIT Announces Third Quarter Results Toronto (Ontario) November 8, 2011 Primaris Retail REIT (TSX:PMZ.UN) is pleased to report positive operating results for the third quarter of 2011.

More information

Telefonplan Stockholm Property AB (publ) REPORT FOR THE PERIOD January 1 December 31, 2015

Telefonplan Stockholm Property AB (publ) REPORT FOR THE PERIOD January 1 December 31, 2015 REPORT FOR THE PERIOD January 1 December 31, 2015 Image: View of Timotejen 19 Corp. Reg. No. 556708-3588 Telefonplan Stockholm Property AB (publ) REPORT FOR THE PERIOD January 1 December 31, 2015 JANUARY

More information

Definitions. CPI is a lease in which base rent is adjusted based on changes in a consumer price index.

Definitions. CPI is a lease in which base rent is adjusted based on changes in a consumer price index. Annualized Rental Income is rental revenue under our leases on Operating Properties on a straight-line basis, which includes the effect of rent escalations and any tenant concessions, such as free rent,

More information

Strong progress for Property Management

Strong progress for Property Management Strong progress for Property Management Interim report January-June 2016 Stockholm, 18 August 2016 Anders Nissen, CEO Liia Nõu, CFO Forward-looking statements PANDOX EXCELLENCE IN HOTEL OWNERSHIP & OPERATIONS

More information

Year-end report January December 2017 rikshem.se

Year-end report January December 2017 rikshem.se rikshem.se Year-end report January December The healthy profit after tax resulted from a favorable market, effective management, successful new builds and dedicated employees. Sophia Mattsson-Linnala,

More information

Interim statement from the Board of Directors for the first quarter of 2015

Interim statement from the Board of Directors for the first quarter of 2015 Regulated information - under embargo until 05/05/2015, 8 a.m. Antwerp, 5 May 2015 Interim statement from the Board of Directors Acquisition of a modern logistics site of approximately 52.000 m² in a prime

More information

Public Storage Reports Results for the Quarter Ended March 31, 2017

Public Storage Reports Results for the Quarter Ended March 31, 2017 News Release Public Storage 701 Western Avenue Glendale, CA 91201-2349 www.publicstorage.com For Release Immediately Date April 26, 2017 Contact Clemente Teng (818) 244-8080, Ext. 1141 Public Storage Reports

More information

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST NINE MONTHS OF 2017

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST NINE MONTHS OF 2017 TOTAL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST NINE MONTHS OF 2017 (unaudited) 1) Accounting policies The interim consolidated financial statements of TOTAL S.A. and its subsidiaries

More information

Q RESULTS 15 MAY 2018 TLG IMMOBILIEN AG Q RESULTS

Q RESULTS 15 MAY 2018 TLG IMMOBILIEN AG Q RESULTS TLG IMMOBILIEN AG Q 208 RESULTS DISCLAIMER This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of TLG IMMOBILIEN ("Forward-Looking

More information

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST SIX MONTHS OF 2017

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST SIX MONTHS OF 2017 TOTAL NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE FIRST SIX MONTHS OF 2017 (unaudited) 1) Accounting policies The interim consolidated financial statements of TOTAL S.A. and its subsidiaries

More information

NON-GAAP FINANCIAL MEASURES

NON-GAAP FINANCIAL MEASURES NON-GAAP FINANCIAL MEASURES Welltower Inc. (HCN) believes that revenues, net operating income from continuing operations (NOICO), net income and net income attributable to common stockholders (NICS), as

More information

This document does not constitute an offer to sell or an invitation or solicitation of an offer to subscribe for or purchase any securities, and

This document does not constitute an offer to sell or an invitation or solicitation of an offer to subscribe for or purchase any securities, and This document has been prepared by Atrium (the Company ). This document is not to be reproduced nor distributed, in whole or in part, by any person other than the Company. The Company takes no responsibility

More information

Interim report presentation

Interim report presentation Interim report presentation 13 July, 2017 Anders Nissen, CEO Liia Nõu, CFO Forward-looking statements This presentation contains forwardlooking statements. Such statements are subject to risks and uncertainties

More information

Board of Directors' Report on the Corporation's State of Affairs

Board of Directors' Report on the Corporation's State of Affairs Board of Directors' Report on the Corporation's State of Affairs Brack Capital Properties NV (hereinafter: "the Company") hereby submits the Board of Directors' report for a period of six months ending

More information

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS Dundee Real Estate Investment Trust Consolidated Balance Sheets (unaudited) June 30, December 31, (in thousands of dollars) Note 2004 2003 Assets Rental properties 3,4

More information

Carter Validus Mission Critical REIT, Inc. Reports Second Quarter 2016 Results

Carter Validus Mission Critical REIT, Inc. Reports Second Quarter 2016 Results Carter Validus Mission Critical REIT, Inc. Reports Second Quarter 2016 Results TAMPA, FL (September 1, 2016) - Carter Validus Mission Critical REIT, Inc. (the Company ) announced today its operating results

More information

PS Business Parks, Inc. Reports Results for the Quarter Ended March 31, 2017

PS Business Parks, Inc. Reports Results for the Quarter Ended March 31, 2017 News Release PS Business Parks, Inc. 701 Western Avenue Glendale, CA 91201-2349 psbusinessparks.com For Release: Immediately Date: April 25, 2017 Contact: Edward A. Stokx (818) 244-8080, Ext. 1649 PS Business

More information

DAR AL ARKAN REAL ESTATE DEVELOPMENT COMPANY SAUDI JOINT STOCK COMPANY

DAR AL ARKAN REAL ESTATE DEVELOPMENT COMPANY SAUDI JOINT STOCK COMPANY DAR AL ARKAN REAL ESTATE DEVELOPMENT COMPANY INTERIM CONSOLIDATED FINANCIAL STATEMENTS AND AUDITORS LIMITED REVIEW REPORT FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER INTERIM CONSOLIDATED FINANCIAL STATEMENTS

More information

IFRS - 3. Business Combinations. By:

IFRS - 3. Business Combinations. By: IFRS - 3 Business Combinations Objective 1. The purpose of this IFRS is to specify to disclose financial information by an entity when carrying out a business combination. In particular, specifies that

More information

Interim report presentation

Interim report presentation Interim report presentation 10 November, 2017 Anders Nissen, CEO Liia Nõu, CFO Forward-looking statements This presentation contains forwardlooking statements. Such statements are subject to risks and

More information

STRAWBERRY FIELDS REIT LTD. CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016

STRAWBERRY FIELDS REIT LTD. CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 . CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 1 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2016 Contents Page Independent auditors' report 3 Consolidated Statements of Financial

More information

OPTIBASE LTD. ANNOUNCES THIRD QUARTER RESULTS

OPTIBASE LTD. ANNOUNCES THIRD QUARTER RESULTS Media Contacts: Amir Philips, CEO, Optibase Ltd. 011-972-73-7073-700 info@optibase-holdings.com Investor Relations Contact: Marybeth Csaby, for Optibase +1-917-664-3055 Marybeth.Csaby@gmail.com OPTIBASE

More information

Extra Space Storage Inc. Reports 2017 Fourth Quarter and Year-End Results

Extra Space Storage Inc. Reports 2017 Fourth Quarter and Year-End Results Extra Space Storage Inc. Reports 2017 Fourth Quarter and Year-End Results February 20, 2018 SALT LAKE CITY, Feb. 20, 2018 /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading

More information

Select Income REIT Announces Third Quarter 2017 Results

Select Income REIT Announces Third Quarter 2017 Results FOR IMMEDIATE RELEASE Contact: Christopher Ranjitkar, Director, Investor Relations (617) 796-8320 Select Income REIT Announces Third Quarter 2017 Results Third Quarter Net Income of $0.35 Per Share Third

More information

PS Business Parks, Inc. Reports Results for the Quarter Ended September 30, 2018

PS Business Parks, Inc. Reports Results for the Quarter Ended September 30, 2018 News Release PS Business Parks, Inc. 701 Western Avenue Glendale, CA 91201-2349 psbusinessparks.com For Release: Immediately Date: October 23, 2018 Contact: Jeff Hedges (818) 244-8080, Ext. 1649 PS Business

More information

Market update Q3 2017

Market update Q3 2017 Market update Q3 2017 1 Rikshem in brief Total property value SEK 40.3 bn Portfolio comprising c. 600 properties with c. 28,000 apartments. Lettable area c. 2.2 million sqm Annual rental income 2016 was

More information

Select Income REIT Announces Second Quarter 2016 Results

Select Income REIT Announces Second Quarter 2016 Results FOR IMMEDIATE RELEASE Contact: Christopher Ranjitkar, Director, Investor Relations (617) 796-8320 Select Income REIT Announces Second Quarter 2016 Results Second Quarter Net Income of $0.34 Per Share Second

More information

SAUL CENTERS, INC Wisconsin Avenue, Suite 1500, Bethesda, Maryland (301)

SAUL CENTERS, INC Wisconsin Avenue, Suite 1500, Bethesda, Maryland (301) SAUL CENTERS, INC. 7501 Wisconsin Avenue, Suite 1500, Bethesda, Maryland 20814-6522 (301) 986-6200 October 29, 2015, Bethesda, MD. Saul Centers, Inc. Reports Third Quarter 2015 Earnings Saul Centers, Inc.

More information

FOR IMMEDIATE RELEASE

FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE GLOBAL NET LEASE ANNOUNCES OPERATING RESULTS FOR SECOND QUARTER 2018 New York, August 8, 2018 Global Net Lease, Inc. (NYSE: GNL) ( GNL or the Company ), a real estate investment trust

More information

Good underlying growth

Good underlying growth Good underlying growth Interim report January-March 2016 Stockholm, 3 May 2016 Anders Nissen, CEO Liia Nõu, CFO Agenda Introduction Financial review Market and business Q&A Anders Nissen Liia Nõu Anders

More information

STAG INDUSTRIAL ANNOUNCES SECOND QUARTER 2018 RESULTS

STAG INDUSTRIAL ANNOUNCES SECOND QUARTER 2018 RESULTS STAG INDUSTRIAL ANNOUNCES SECOND QUARTER 2018 RESULTS Boston, MA July 31, 2018 - STAG Industrial, Inc. (the Company ) (NYSE:STAG), today announced its financial and operating results for the quarter ended

More information

SEC Reg. G Compliance - Non-GAAP Financial Measures

SEC Reg. G Compliance - Non-GAAP Financial Measures SEC Reg. G Compliance - Non-GAAP Financial Measures Funds From Operations (FFO) Reconciliation, Including Non-Cash Items 1 ($ in 000s, except per share amounts) Tentative Estimates Preliminary and Midpoint

More information

Interim statement by the board of directors on the first quarter of 2018

Interim statement by the board of directors on the first quarter of 2018 Regulated information - under embargo until 03/05/2018, 6 p.m. Antwerp, 3 May 2018 on the first quarter of 2018 Third logistics site in the Netherlands: agreement signed for the purchase of the site and

More information

INTERIM FINANCIAL STATEMENTS. for the period ended on March,

INTERIM FINANCIAL STATEMENTS. for the period ended on March, INTERIM FINANCIAL STATEMENTS for the period ended on March, 31 2015 INDEX 1. Key aspects 5 2. Consolidated profit & loss account 9 3. Consolidated balance sheet 11 4. EPRA metrics 14 5. Significant events

More information

Table of Contents PAGE MIADOCS

Table of Contents PAGE MIADOCS Table of Contents PAGE CONSOLIDATED FINANCIAL STATEMENTS Independent Auditor's Report 2 Pro-Forma Consolidated Balance Sheets as of December 31, 2017 and 2016 3 Pro-Forma Consolidated Statements of Operations

More information

Interim Report January March 2018

Interim Report January March 2018 Interim Report January March Many units in production with high sales rate 1 JANUARY 31 MARCH Net sales amounted to SEK 1,639 M (2,93) Operating profit was SEK 43 M (53), of which profit from land sales

More information

STRAWBERRY FIELDS REIT LTD. CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2018

STRAWBERRY FIELDS REIT LTD. CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2018 . CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2018 1 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2018 Contents Page Independent auditors' report 3 Consolidated Statements of Financial

More information

Extra Space Storage Inc. Reports 2018 Fourth Quarter and Year-End Results

Extra Space Storage Inc. Reports 2018 Fourth Quarter and Year-End Results Extra Space Storage Inc. Reports 2018 Fourth Quarter and Year-End Results February 20, 2019 SALT LAKE CITY, Feb. 20, 2019 /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading

More information

Heiwa Real Estate Co., Ltd.

Heiwa Real Estate Co., Ltd. To the Shareholders of Heiwa Real Estate Co., Ltd. INFORMATION DISCLOSED ON THE INTERNET UPON ISSUING NOTICE CONCERNING THE CONVOCATION OF THE 94th ORDINARY GENERAL SHAREHOLDERS MEETING THE 94th FISCAL

More information

Build Toronto Inc. Consolidated Financial Statements December 31, 2015

Build Toronto Inc. Consolidated Financial Statements December 31, 2015 Consolidated Financial Statements May 10, 2016 Independent Auditor s Report To the Shareholder of Build Toronto Inc. We have audited the accompanying consolidated financial statements of Build Toronto

More information

FOR IMMEDIATE RELEASE

FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE GLOBAL NET LEASE ANNOUNCES OPERATING RESULTS FOR THIRD QUARTER 2018 New York, November 7, 2018 Global Net Lease, Inc. (NYSE: GNL) ( GNL or the Company ), a real estate investment

More information

Q EPRA KEY METRICS

Q EPRA KEY METRICS Q1 EPRA KEY METRICS EPRA KEY METRICS The European Public Real Estate Association (EPRA) is a not-for-profit association based in Brussels that represents the interests of both listed real estate companies

More information

SAUL CENTERS, INC Wisconsin Avenue, Suite 1500, Bethesda, Maryland (301)

SAUL CENTERS, INC Wisconsin Avenue, Suite 1500, Bethesda, Maryland (301) SAUL CENTERS, INC. 7501 Wisconsin Avenue, Suite 1500, Bethesda, Maryland 20814-6522 (301) 986-6200 Saul Centers, Inc. Reports Third Quarter 2017 Earnings November 2, 2017, Bethesda, MD. Saul Centers, Inc.

More information

ALINMA BANK (A Saudi Joint Stock Company) INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ALINMA BANK (A Saudi Joint Stock Company) INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) ALINMA BANK (A Saudi Joint Stock Company) INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 1 ALINMA BANK (A Saudi Joint Stock Company) INTERIM

More information

2014 Operating and Financial Highlights

2014 Operating and Financial Highlights FINANCIAL HIGHLIGHTS > 2014 Operating and Financial Highlights Operating Results Executed 203 leasing transactions representing approximately 2.8 million square feet, the highest gross leasing volume in

More information

H RESULTS 10 AUGUST 2018 TLG IMMOBILIEN AG H RESULTS

H RESULTS 10 AUGUST 2018 TLG IMMOBILIEN AG H RESULTS TLG IMMOBILIEN AG H1 2018 RESULTS DISCLAIMER This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of TLG IMMOBILIEN ("Forward-Looking

More information

Glendale, California - PS Business Parks, Inc. (AMEX: PSB), reported operating results for the fourth quarter and the year ending December 31, 2001.

Glendale, California - PS Business Parks, Inc. (AMEX: PSB), reported operating results for the fourth quarter and the year ending December 31, 2001. News Release PS Business Parks, Inc. 701 Western Avenue P.O. Box 25050 Glendale, CA 91221-5050 www.psbusinessparks.com For Release: Immediately Date: January 30, 2002 Contact: Mr. Jack Corrigan (818) 244-8080,

More information

CHOICE PROPERTIES REAL ESTATE INVESTMENT TRUST. Management s Discussion and Analysis of Financial Condition and Results of Operations

CHOICE PROPERTIES REAL ESTATE INVESTMENT TRUST. Management s Discussion and Analysis of Financial Condition and Results of Operations CHOICE PROPERTIES REAL ESTATE INVESTMENT TRUST Management s Discussion and Analysis of Financial Condition and Results of Operations (in thousands of Canadian dollars except where otherwise indicated)

More information

Business Combinations

Business Combinations Business Combinations Indian Accounting Standard (Ind AS) 103 Business Combinations Contents Paragraphs OBJECTIVE 1 SCOPE 2 IDENTIFYING A BUSINESS COMBINATION 3 THE ACQUISITION METHOD 4 53 Identifying

More information

AUDIOCAST PRESENTATION H1/2018

AUDIOCAST PRESENTATION H1/2018 AUDIOCAST PRESENTATION H1/2018 IRREPLACEABLE AND MULTI-FUNCTIONAL ASSETS IN GROWING CATCHMENTS 2 WE CONTINUE OUR TRANSFORMATION JOURNEY 2011 H1/2018 GOAL 2022 41 # OF SHOPPING # OF SHOPPING 78 30 CENTRES

More information

FOR IMMEDIATE RELEASE

FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE American Finance Trust Announces Second Quarter Operating Results New York, August 9, - American Finance Trust, Inc. (Nasdaq: AFIN) ( AFIN or the Company ), a real estate investment

More information

SAUL CENTERS, INC Wisconsin Avenue, Suite 1500, Bethesda, Maryland (301)

SAUL CENTERS, INC Wisconsin Avenue, Suite 1500, Bethesda, Maryland (301) SAUL CENTERS, INC. 7501 Wisconsin Avenue, Suite 1500, Bethesda, Maryland 20814-6522 (301) 986-6200 Saul Centers, Inc. Reports Third Quarter 2016 Earnings November 1, 2016, Bethesda, MD. Saul Centers, Inc.

More information

Front Yard Residential Corporation Reports Third Quarter 2018 Results

Front Yard Residential Corporation Reports Third Quarter 2018 Results Front Yard Residential Corporation Reports Third Quarter 2018 Results November 7, 2018 CHRISTIANSTED, U.S. Virgin Islands, Nov. 07, 2018 (GLOBE NEWSWIRE) -- Front Yard Residential Corporation ( Front Yard

More information

May 10, 2016 Halifax, Nova Scotia KILLAM APARTMENT REIT ANNOUNCES 20% INCREASE IN FFO PER UNIT IN Q1 2016

May 10, 2016 Halifax, Nova Scotia KILLAM APARTMENT REIT ANNOUNCES 20% INCREASE IN FFO PER UNIT IN Q1 2016 May 10, 2016 Halifax, Nova Scotia KILLAM APARTMENT REIT ANNOUNCES 20% INCREASE IN FFO PER UNIT IN Q1 2016 Killam Apartment REIT (TSX: KMP.UN) ("Killam") is pleased to report its Q1 2016 results, including

More information

In December 2003 the Board issued a revised IAS 40 as part of its initial agenda of technical projects.

In December 2003 the Board issued a revised IAS 40 as part of its initial agenda of technical projects. IAS 40 Investment Property In April 2001 the International Accounting Standards Board (the Board) adopted IAS 40 Investment Property, which had originally been issued by the International Accounting Standards

More information

Our Objectives. Our Strategy

Our Objectives. Our Strategy 2005 Third Quarter Report» Management s Discussion and Analysis Management s Discussion and Analysis This Management s Discussion and Analysis has been dated as at November 3, 2005. All dollar amounts

More information

PS Business Parks, Inc. Reports Results for the Quarter Ended March 31, 2018

PS Business Parks, Inc. Reports Results for the Quarter Ended March 31, 2018 News Release PS Business Parks, Inc. 701 Western Avenue Glendale, CA 91201-2349 psbusinessparks.com For Release: Immediately Date: April 24, 2018 Contact: Maria R. Hawthorne (818) 244-8080, Ext. 1370 PS

More information

Dream Global REIT 2018 Fourth Quarter 1

Dream Global REIT 2018 Fourth Quarter 1 EPRA Metrics The annual EPRA BPR Awards aim to recognize and commend upon the efforts of property companies that have successfully adopted the EPRA BPR Guidelines. Based on the assessment performed by

More information

Senior Housing Properties Trust Announces Fourth Quarter and Year End 2017 Results

Senior Housing Properties Trust Announces Fourth Quarter and Year End 2017 Results Senior Housing Properties Trust NEWS RELEASE Senior Housing Properties Trust Announces Fourth Quarter and Year End 2017 Results 2/27/2018 NEWTON, Mass.--(BUSINESS WIRE)-- Senior Housing Properties Trust

More information

EDGEFRONT REALTY CORP. MANAGEMENT S DISCUSSION AND ANALYSIS For the three-month period ended March 31, 2013

EDGEFRONT REALTY CORP. MANAGEMENT S DISCUSSION AND ANALYSIS For the three-month period ended March 31, 2013 EDGEFRONT REALTY CORP. MANAGEMENT S DISCUSSION AND ANALYSIS For the three-month period ended March 31, 2013 May 30, 2013 MANAGEMENT S DISCUSSION AND ANALYSIS The following management s discussion and analysis

More information

Investor. Investment Service Centre. Listed Companies Information. YANGTZEKIANG<00294> - Results Announcement

Investor. Investment Service Centre. Listed Companies Information. YANGTZEKIANG<00294> - Results Announcement Investor Investment Service Centre Listed Companies Information YANGTZEKIANG - Results Announcement Yangtzekiang Garment Limited announced on 16/12/2005: (stock code: 00294 ) Year end date: 31/03/2006

More information

FOR IMMEDIATE RELEASE: Equity One Reports Fourth Quarter and Year End 2014 Operating Results

FOR IMMEDIATE RELEASE: Equity One Reports Fourth Quarter and Year End 2014 Operating Results Equity One, Inc. For additional information: 410 Park Avenue, Suite 1220 Mark Langer, EVP and New York, NY 10022 Chief Financial Officer 212-796-1760 FOR IMMEDIATE RELEASE: Equity One Reports Fourth Quarter

More information

SAUL CENTERS, INC Wisconsin Avenue, Suite 1500, Bethesda, Maryland (301)

SAUL CENTERS, INC Wisconsin Avenue, Suite 1500, Bethesda, Maryland (301) May 3, 2018, Bethesda, MD. SAUL CENTERS, INC. 7501 Wisconsin Avenue, Suite 1500, Bethesda, Maryland 20814-6522 (301) 986-6200 Saul Centers, Inc. Reports First Quarter 2018 Earnings Saul Centers, Inc. (NYSE:

More information

IFRS 16 Leases supplement

IFRS 16 Leases supplement IFRS 16 Leases supplement Guide to annual financial statements IFRS December 2017 kpmg.com/ifrs Contents About this supplement 1 About IFRS 16 3 The Group s lease portfolio 6 Part I Modified retrospective

More information

INTERIM REPORT JANUARY MARCH 2016

INTERIM REPORT JANUARY MARCH 2016 INTERIM REPORT JANUARY MARCH 2016 1 Strong start to the year JANUARY MARCH 2016 QUARTER Rental income amounted to MSEK 650 (589) Profit from property management totaled MSEK 340 (265), corresponding to

More information

SMARTCENTRES REAL ESTATE INVESTMENT TRUST RELEASES SECOND QUARTER RESULTS FOR 2018 AND ANNOUNCES DISTRIBUTION INCREASE

SMARTCENTRES REAL ESTATE INVESTMENT TRUST RELEASES SECOND QUARTER RESULTS FOR 2018 AND ANNOUNCES DISTRIBUTION INCREASE SMARTCENTRES REAL ESTATE INVESTMENT TRUST RELEASES SECOND QUARTER RESULTS FOR 2018 AND ANNOUNCES DISTRIBUTION INCREASE TORONTO, ONTARIO - (August 9, 2018) SmartCentres Real Estate Investment Trust ("SmartCentres"

More information

Applying IFRS. Presentation and disclosure requirements of IFRS 16 Leases. November 2018

Applying IFRS. Presentation and disclosure requirements of IFRS 16 Leases. November 2018 Applying IFRS Presentation and disclosure requirements of IFRS 16 Leases November 2018 Contents 1. Overview 2 2. What is changing from current IFRS? 4 2.1 Presentation 4 2.2 Lessee disclosures 5 3. Presentation

More information

SECURITIES AND EXCHANGE COMMISSION. Washington, D.C FORM 8-K CURRENT REPORT

SECURITIES AND EXCHANGE COMMISSION. Washington, D.C FORM 8-K CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported):

More information

In December 2003 the IASB issued a revised IAS 40 as part of its initial agenda of technical projects.

In December 2003 the IASB issued a revised IAS 40 as part of its initial agenda of technical projects. International Accounting Standard 40 Investment Property In April 2001 the International Accounting Standards Board (IASB) adopted IAS 40 Investment Property, which had originally been issued by the International

More information

Business Combinations

Business Combinations International Financial Reporting Standard 3 Business Combinations This version was issued in January 2008. Its effective date is 1 July 2009. It includes amendments resulting from IFRSs issued up to 31

More information

Highwoods Reports Third Quarter 2017 Results

Highwoods Reports Third Quarter 2017 Results FOR IMMEDIATE RELEASE Ref: 17-20 Contact: Brendan Maiorana Senior Vice President, Finance and Investor Relations 919-431-1529 Highwoods Reports Third Quarter 2017 Results $0.55 Net Income per Share $0.86

More information

AUDIOCAST PRESENTATION Q1/2018

AUDIOCAST PRESENTATION Q1/2018 19.4.2018 AUDIOCAST PRESENTATION Q1/2018 HIGHLIGHTS Q1/2018 EPRA EARNINGS PER SHARE EUR 0.041 -Divestments in 2017 and weaker currencies impacted EPRA EPS -Efficient cost management with administrative

More information

DCT INDUSTRIAL TRUST REPORTS FOURTH QUARTER AND FULL-YEAR 2017 RESULTS. Net Earnings of $0.22 per Diluted Share in Q4; $1.11 per Diluted Share in 2017

DCT INDUSTRIAL TRUST REPORTS FOURTH QUARTER AND FULL-YEAR 2017 RESULTS. Net Earnings of $0.22 per Diluted Share in Q4; $1.11 per Diluted Share in 2017 Press Release FOR IMMEDIATE RELEASE: DCT INDUSTRIAL TRUST REPORTS FOURTH QUARTER AND FULL-YEAR 2017 RESULTS Net Earnings of $0.22 per Diluted Share in Q4; $1.11 per Diluted Share in 2017 FFO, as adjusted,

More information

These notes will be appropriate both for both students who have chosen financial reporting as a depth area as well as those who have not.

These notes will be appropriate both for both students who have chosen financial reporting as a depth area as well as those who have not. When it comes to the Financial Reporting competency, the challenge that many students face is the tremendous amount of technical knowledge included in this competency, especially in light of the fact that

More information

FY18/12 Q2 PRESENTATION

FY18/12 Q2 PRESENTATION FY18/12 Q2 PRESENTATION RENESAS ELECTRONICS CORPORATION JULY 31, 2018 2018 Renesas Electronics Corporation. All rights reserved. FINANCIAL TARGETS AND STRATEGY Long-term Financial Targets *1 (Starting

More information

WHITE PAPER ON FUNDS FROM OPERATIONS

WHITE PAPER ON FUNDS FROM OPERATIONS WHITE PAPER ON FUNDS FROM OPERATIONS FOR IFRS REVISED: SEPTEMBER 2010 Page 1 of 17 I. Introduction and Background TABLE OF CONTENTS II. III. IV. Intended use of FFO FFO Definition Discussion of FFO Definition

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC FORM 8-K/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC FORM 8-K/A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event

More information

Front Yard Residential Corporation Announces Transformative Acquisition and Reports Second Quarter 2018 Results

Front Yard Residential Corporation Announces Transformative Acquisition and Reports Second Quarter 2018 Results Front Yard Residential Corporation Announces Transformative Acquisition and Reports Second Quarter 2018 Results August 9, 2018 CHRISTIANSTED, U.S. Virgin Islands, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Front

More information