Eurobank Properties REIC's rental income for the nine-month period ended September 30, 2008 increased by 45% compared to the same period in 2007 (euro 28.1 million in 2008 vs. euro 19.4 million in 2007).
Net gain from fair value adjustment of investment properties for the six-month period ended September 30, 2008 was euro 7.8 million compared to euro 15.3 million for the same period in 2007. The decrease in gains compared to 2007 was mainly driven by the stabilization in the values of the Greek portfolio.
Consequently, the profits before tax amounted to euro 37.9 million for the nine-month period ended September 30, 2008 compared to euro 30.9 million of the previous period, resulting in an increase of 23%.
Profit after tax for the period ended September 30, 2008 amounted to euro 35 million compared to euro 29.4 of the previous period, an increase of 19%.
In the nine-month period ended September 30, 2008 the Company has invested euro 56 million in properties in Greece and South-Eastern Europe.
Cash and Short-term deposits amount to approximately euro 200 million as a result of last year's share capital increase.
Finally, it is noted that the NAV (per share) as of September 30, 2008 amounted to euro 11.92 compared to euro 11.50 as of December 31, 2007.
Due to the positive financial results for the period ended September 30, 2008, the Board of Directors decided today to distribute an interim dividend of euro 0.15 per share. The total interim dividend that will be paid amounts to euro 9.15 million, a 17% increase from the previous year interim-dividend.
A further announcement concerning the ex-dividend date and the dividend payment date will be announced following the board of directors' relevant resolution.