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The Earnings Report — Europe

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Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective

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Real Estate News & Analysis: May Edition


The Earnings Report — Europe

This roundup collects recently reported earnings and guidance from European real estate companies.

* Derwent London Plc's EPS, as defined by the European Public Real Estate Association, rose 22.3% year over year in 2017 first half to 45.42 pence from 37.13 pence in the first half of 2016.

* Wallenstam AB achieved a pretax profit of 1.82 billion Swedish kronor during the first six months of 2017, while profit after tax came to 1.45 billion kronor, up from 1.66 billion kronor in the previous year and 1.33 billion kronor, respectively. Profit after tax per share was 4.4 kronor for the period, higher than the 4.0 kronor in the year-ago period.

* Tritax Big Box REIT Plc's EPRA NAV per share stood at £1.33 when it wrapped up the first half of 2017, up 3.3% from £1.29 during the first half in the prior year. Adjusted EPS came to 3.21 pence for the period, higher by 1.6% than the 3.16 pence recorded in 2016.

* TAG Immobilien AG's funds from operations in the first half of 2017 amounted to €59.4 million, 32% higher than the €44.9 million figure recorded in 2016 first half. On a per-share basis, FFO for the period came to 41 cents, an increase of 17% from last year's 35 cents.

The company raised its full-year FFO estimate to between €119 million to €121 million from €110 million to €112 million. FFO per share is expected to amount to 82 cents, up from the previously planned 77 cents.

The S&P Capital IQ consensus FFO-per-share estimate for the full year is 79 cents.

* Irish Residential Properties REIT Plc logged an EPRA-defined EPS of 2.8 cents for the six-month period ended June 30, up approximately 27.3% from the 2.2 cents recorded in the same period in 2016.

Additional coverage

Deutsche Wohnen's H1 consolidated group profit up YOY

LEG Immobilien's H1 funds from operations I up 8.1% YOY, guidance raised