Johannesburg-listed commercial property investor and developer NEPI Rockcastle Plc registered a loss attributable to equity holders of approximately €579.7 million for full year 2017, compared to a profit of roughly €235.0 million in 2016.
The company's headline EPS slipped to 35 euro cents from 35.72 cents as at Dec. 31, 2016, while its adjusted net asset value per share grew 19% year over year to €7.10 from €5.98.
Distributable EPS for the second half of 2017 totaled 24.80 cents, bringing the total payout for the year to 48.26 euro cents per share, a rise of 17.10% from the 2016 pro forma distribution of 41.21 cents per share. The second-half distribution will be paid in cash in March. The company expects total distributable EPS for 2018 to be roughly 10% higher year over year.
NEPI Rockcastle wrapped up €947 million of acquisitions and developments over 2017, adding 339,800 square meters of gross lettable area to its portfolio. The company's net operating income amounted to €267 million in 2017, while its loan-to-value ratio stood at 26%, behind its target of 35%, according to a release.
The company owns and manages a direct property portfolio worth over €5 billion.