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Wereldhave N.V. (0NMR)

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Friday 07 November, 2008

Wereldhave N.V.

Press release Q3 2008 Wereldhave

-- Profit per share EUR 2.84

-- Direct result per share EUR 3.64

-- Forecast of direct result 2008 raised

-- Dividend for 2008 will certainly match 2007


The profit for the first nine months of 2008 (direct and indirect
result) amounts to EUR 65.3 mln, or EUR 2.84 per share (first nine
months 2007: EUR 146.7 mln or EUR 6.77 per share). The decrease is
primarily due to the lower valuation results. The total net
revaluation is a decrease of EUR 15.2 mln, with lower property values
in the United Kingdom, the United States and in France.

Direct result

The direct result to September 30, 2008 amounts to EUR 80.9 mln,
which is EUR 2.1 mln or 2.5% lower compared to 2007. Net rental
income dropped by EUR 1.5 mln due to exchange rate differences. Lower
interest costs, mainly as a result of lower interest rates in the
United States, contributed EUR 2.1 mln to the direct result. An
incidental gain of EUR 2.2 mln in 2007 was not repeated in 2008,
which caused a drop of the direct result. Exchange rate differences
had a total negative effect of EUR - 2.6 mln. The occupancy rate for
the third quarter amounts to 94.8% (second quarter 2008: 94.7%).
Broken down by sector, occupancy rates were: offices 91.4%, retail
98.3%, industrial 96.7% and residential 92.6%.

Indirect result

The indirect result until September 30, 2008 amounts to - EUR 15.6
mln (until 3rd quarter 2007: EUR 63.7 mln). The decrease is primarily
caused by lower valuation results.

The revaluation of financial instruments amounts to - EUR 0.4 mln.
The net property revaluation amounts to EUR -14.8 mln (until 3rd
quarter 2007: EUR 66.8 mln). In the Netherlands, Belgium, Spain and
Finland the value of the portfolio increased, against negative
property revaluations in the United Kingdom, the United States and in
France. Although this is not yet manifest in some markets, Wereldhave
expects the cap rates on property to rise and property values to

The results on disposals have decreased by EUR 5.4 mln compared to
the first nine months of 2007. Other gains and losses increased by
EUR 0.6 mln as the result of the settlement of a fire insurance claim
from 2001. Exchange rate differences had an (unrealised) effect of
EUR - 3.2 mln on the indirect result.


Shareholders' equity at September 30, 2008 was EUR 1.929,7 mln
(December 31, 2007: EUR 1,972.6 mln before distribution of profit).
This represents 66% of the balance sheet total (December 31, 2007:
70%). Exchange rate differences had a total negative effect of EUR -
10.0 mln on the value of the property portfolio, causing a reduction
in shareholders' equity of EUR 3.0 mln. The net asset value per share
at September 30, 2008 amounts to EUR 87.08 (December 31, 2007: EUR
84.37 after distribution of profit). No convertible bonds opted for
conversion. At September 30, 2008 the total number of ordinary shares
in issue was unchanged at 20,781,735.

Property portfolio

On september 8, 2008 Wereldhave purchased DiamondView, an office
building of 28.500 m² in San Diego, California, United States for USD
161 mln. A profit on disposal of EUR 1.8 mln was made on the sale of
an industrial property of 1.000 m² in the United Kingdom. There have
been no other changes in the composition of the portfolio.


Wereldhave has solid debt/equity ratios. The debt portfolio does not
contain any loans with a maturity date in 2008 or 2009, which need to
be refinanced. Wereldhave has committed financing facilities that
offer sufficient funding for the planned investments in its
development portfolio.

Wereldhave is increasing its earlier forecast of the direct result.
For the year 2008, Wereldhave forecasts a direct result between EUR
4.80 and EUR 4.90 per share, given stable currency rates. The
dividend for 2008 will certainly match 2007.

The Hague, November 7, 2008
Board of Management
Wereldhave N.V.

Click on, or paste the following link into your web browser, to view
the associated PDF document.

For further information:
Wereldhave N.V.
Richard W. Beentjes
Tel. + 31 70 346 93 25

Information for analysts:
Wereldhave N.V.
Charles F. Bloema
Tel. + 31 70 346 93 25

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