German business park operator Sirius Real Estate came in slightly ahead of estimates after boosting rents on its properties and keeping tenants for longer.
Total income for the year was flat at €45.7m with adjusted earnings before tax coming in at €2.9m.
Occupancy increased to 78% from 76% the year before, while average rates increased to €4.21 per square metre from €4.13.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
However, the poor economic environment hit its portfolio, which was revalued at €485.7m, compared to €505.5m the previous year.
Sirius said this was down to the valuer DTZ taking a more negative stance towards the German economy.
"Whilst GDP figures in the first quarter of 2012 have shown steady growth in the Germany economy, the wider difficulties in the Eurozone make economic forecasting difficult" the firm said.
"Our experiences indicate that the German SME market remains resilient with demand for flexible work space reasonably constant."
-
Parental contributions to kids' university living costs could reach £14,000 a yearParents helping kids with university living costs face contributions of up to £14,000 per year, according to a report from HEPI and TechnologyOne.
-
Rightmove: property asking prices hit record highNews Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
