Triodos Vastgoedfonds N.V., Triodos Investment Management’s sustainable real estate fund, has published its quarterly report for the first quarter of 2019.

In the first quarter of 2019, Triodos Vastgoedfonds realised a direct result of EUR 0.2 million (Q1 2018: EUR 0.7 million). The indirect result in the first quarter was EUR -0.8 million (Q1 2018: EUR 0.04 million). The total result decreased in the first quarter of 2019 with EUR 1.3 million to EUR -0.6 million (Q1 2018: 0.7 million). The decrease is mainly the result of including the estimated costs for sale of the real estate portfolio¹.

The total result per share amounted in the first quarter of 2019 to EUR -0.04 (Q1 2018: EUR 0.04 per share). The direct result per share came to EUR 0.01 in the first quarter (Q1 2018: EUR 0.04 per share). The indirect result per share was EUR -0.05 (Q1 2018: EUR 0.00 per share).

The fair value of the investment portfolio increased with EUR 10.0 million to EUR 110.8 million in the first quarter of 2019. Of this increase, EUR 15.0 million was due to investments including acquisition costs, EUR -5.3 million was related to divestments and EUR 0.3 million was a result of revaluations of the portfolio.

The net rental income increased with 46% compared to the first quarter of 2018, primarily as a result of investments and divestments in the portfolio. The net rental income increased from EUR 1.1 million in the first quarter of 2018 to EUR 1.6 million in the first quarter of 2019.

In the first quarter of 2019, the interest costs were EUR 1.1 million (Q1 2018: EUR 154 thousand). The increase is partly the result of an increase of the loans (EUR 18.6 million as per 31 March 2018, EUR 56.0 million as per 31 March 2019) and partly the result of interest penalty fees that need to be paid in case of a sale of the investment portfolio. In line with the IFRS accounting principles, these costs are partly added to the interest costs in Q1 2019. 

A more detailed explanation of the figures and portfolio developments can be found in full quarterly report (please find as download on the top of this page).

^{1) Following the decision made during the Extraordinary General Meeting of 17 December 2018 to end the fund’s activities, the fund’s focus is currently on selling its real estate portfolio. In line with the IFRS accounting principles, all expected costs to be made in the course of 2019 related to selling the assets of Triodos Vastgoedfonds, should already be incorporated and recognised as costs in the annual accounts of 2018. The application of the IFRS principles is among others reflected in the indirect result and the total result of the fund.}