Citycon Oyj is a Finland-based property investment company that specializes in retail premises. Its principal activities include leasing, management and development of the property portfolio, as well as planning and commissioning of the construction of new premises. As of December 31, 2008, the property portfolio comprised 33 shopping centers and 50 other retail properties. The Company’s main competence areas include development and redevelopment, as well as acquisition management. Its operations are concentrated around urban growth centers in Finland, Sweden and the Baltic countries, and they are organized into three divisions. The Retail Properties division markets the Company’s properties and manages their maintenance. The Property Development division primarily develops and extends the Company’s existing retails sites. The Leasing business division operates a portfolio of properties available to let. 

http://www.citycon.fi/

Citycon Oyj's Interim Report for 1 January - 31 March 2010
Summary of the First Quarter of 2010 Compared with the Previous Quarter
- Turnover increased and came to EUR 49.5 million (Q4/2009: EUR 48.9 million) due mainly to added rental income from the newly opened Liljeholmstorget in Stockholm and redeveloped Rocca al Mare in Tallinn, while the turnover growth was reduced by the start-up of new (re)development projects.
- Net rental income decreased by 3.2 per cent to EUR 30.6 million (EUR 31.6 million) due mainly to higher property operating expenses than in the previous quarter, reflecting common seasonal fluctuation and the exceptionally cold and snowy winter.
- Earnings per share were EUR 0.06 (EUR -0.11). 
- Direct result per share (diluted) was EUR 0.05 (EUR 0.06).
- The fair value change of investment properties was EUR 0.8 million (EUR -38.6 million). The fair value of investment properties was EUR 2,193.5 million (EUR 2,147.4 million).
- According to the external appraiser, the average net yield requirement for investment properties remained at the previous quarter's level at 6.6 per cent at the end of the reporting period (6.6%).
- Net financial expenses increased to EUR 13.1 million (EUR 12.0 million) due mainly to lower interest capitalization after completion of Rocca al Mare and Liljeholmstorget (re)development projects.
- On the basis of Citycon's loan agreement covenants, Citycon's interest cover ratio was 2.3x (2.3x) and equity ratio 39.2 per cent (40.6%).
- Three new (re)development projects were started during the reporting period: the refurbishment of the Espoontori shopping centre in Espoo and the Forum shopping centre in Jyväskylä and the construction of a new shopping centre in Myllypuro in Helsinki replacing the old retail property.
- The Liljeholmstorget shopping centre was awarded the platinum LEED® (Leadership in Energy and Environmental Design) environmental certificate, the first platinum certificate awarded to a European shopping centre.

Summary of the First Quarter of 2010 Compared with the Corresponding Quarter of Last Year

- Turnover increased by 7.9 per cent, to EUR 49.5 million (Q1/2009: EUR 45.9 million), due to growth in gross leasable area and to the development of retail properties. Turnover growth was reduced by slightly higher vacancy and the start-up of new (re)development projects. 
- Profit/loss before taxes was EUR 17.2 million (EUR -18.1 million), including a EUR 0.8 million (EUR -31.6 million) change in the fair value of investment properties. 
- Net rental income increased by 1.0 per cent and came to EUR 30.6 million (EUR 30.3 million). If the impact of the strengthened Swedish krona is excluded, net rental income decreased by 0.7 per cent. 
- Net rental income from like-for-like properties decreased by 5.8 per cent due mainly to higher property operating expenses than in the corresponding period caused by exceptionally severe winter conditions and slightly increased vacancy. Additionally, prevailing low inflation or deflation resulted in very low indexation-based rental increases.