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French REIT Halves Net Loss in 2009 to $354M

PARIS-The group has set new growth in its net recurring income as its objective in 2010.

By Allan Saunderson | Updated on February 23, 2010

PARIS-One of the largest French REIT/SIICs Foncière des Régions more than halved its net loss in 2009 to $354 million, with the shortfall caused solely by a further writedown in its portfolio of €332 million, while net recurring income rose nearly 7% to €304 million.

The group has set new growth in its net recurring income as its objective in 2010. It is maintaining an active distribution policy, and for 2009 is proposing up to €6.9 per share, with €3.3 available in cash, plus six shares of Italian unit Beni Stabili. Describing the scheme as exceptional, it said it has should cut the direct holding by FdR to 52.5% from the current 68%.

CEO Christophe Kullmann says FdR has set new growth in its net recurring income as its objective in 2010. “After 10 years of growth and the good resistance of its business model in 2009, Foncière des Régions wishes to consolidate its real estate position focused on commercial real estate and large clients,” he says.

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