Balance

The value of the real estate investments amounted to €1,349.0 million on 30 September 2011 (31 December 2010: €1,358.1 million). This decrease is the result of the balance of purchases, disposals, revaluations, exchange-rate differences and investments. The loan-to-value amounted to 56.4% on 30 September 2011 and increased by 1.6% compared to 31 December 2010. This increase is mainly the result of the payment of NSI’s 2010 final dividend and the Q1 and Q2 2011 interim-dividends. The debts to credit institutions amounted to €760.2 million on 30 September 2011 (31 December 2010: €744.2 million).

Equity
NSI’s equity decreased during the first three quarters of 2011 by €31.4 million to €551.0 million (31 December 2010: €581.6 million). This was the result of the balance of the net profit over the first three quarters 2011 (€7.4 million), the statutory reserve for exchange-rate differences (€0.2 million), the payment of the 2010 final dividend (€13.0 million) and the Q1 and Q2 2011 interim-dividends (€26.0 million). 

The net asset value, including tax deferral and the market value of the derivatives, amounted to €12.73 per share on 30 September 2011 (30 September 2010: €13.27; 31 December 2010: €13.44). If the tax deferral and the value of the derivatives are excluded (the net asset value according to EPRA), the net asset value on 30 September 2011 amounts to €13.57 per share (30 September 2010: €14.21; 31 December 2010: €14.11). 
 

Go to interim report at 30 September 2011