Rental revenues and expense recoveries increased some 8% to EUR9.9 million from EUR9.2 million.
Property operating expenses rose to EUR2.3 million in the first quarter from EUR2.2 million in the similar interval a year ago.
NEPI registered debts of EUR211.1 million at the end of March, up some 3% on the year, and down 8.5% compared with end-December 2012.
The company’s financial results for the first quarter of 2013 are unaudited and computed according to International Financial Reporting Standards (IFRS).
Financial results differ if office building The Lakeview, which the fund acquired at the beginning of the year, is also taken into account.
NEPI also made available pro forma income statements which include The Lakeview. Therefore, rental revenues and expense recoveries amounted to EUR13.2 million in the first quarter, up 35% on the year, and property operating expenses reached EUR3.3 million, up 34%.
According to pro forma statements, its debts amounted to EUR252.7 million at the end of March.
NEPI is the first property fund listed on the Bucharest Stock Exchange, on a dedicated segment for real estate investment trusts (REITs). The fund is also listed in Johannesburg and London.
On the Bucharest stock market Wednesday, NEPI closed up 3.33%, at RON31 a share. (EUR1=RON4.3344)