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The Earnings Report — Europe

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The Earnings Report — Europe

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

* Inmobiliaria Colonial SA posted a 40% hike in net profit attributable to the group to €22 million for the first quarter, compared to €16 million in the prior-year period. The office landlord's recurring earnings climbed 29% year over year to €20 million from €16 million.

EPS stood at 5.1 cents, up 15% year over year.

* Aldar Properties PJSC's net profit for the first quarter totaled 668 million United Arab Emirates dirhams, a 4% rise from 641 million dirhams a year earlier.

* TLG Immobilien AG logged a 49.8% year-over-year gain in first-quarter funds from operations, as measured by the International Financial Reporting Standards, to €31.6 million from €21.1 million. The figure translates to per-share FFO of 31 cents, up 6.9% year over year from 29 cents.

IFRS-defined net income grew 25.5% to €19.7 million from €15.7 million.

* ADO Properties SA's first-quarter EBITDA grew 23.5% year over year to €23.1 million from about €18.7 million. On a per-share basis, FFO I rose 20% to 36 cents from 30 cents.

For the full year, the Luxembourg-based company is targeting an increased FFO I run rate of at least €66 million.

* During the three months ended March 31, Hispania Activos Inmobiliarios' adjusted net profit rose 38% year over year to roughly €23.1 million.

* For the first quarter, Deutsche EuroShop AG registered FFO of about €37.8 million, a 9.7% increase from a year earlier. FFO per share decreased to 61 cents from 62 cents during the period. EPS dropped to 49 cents from 50 cents, while EPS as defined by the European Public Real Estate Association remained flat at 60 cents.

Deutsche EuroShop affirmed its full-year guidance for per-share FFO at between €2.35 and €2.39. The company projects a full-year dividend of €1.50 per share.

The S&P Capital IQ consensus FFO-per-share estimate for 2018 is €2.38.

* Atrium European Real Estate Ltd. reported EBITDA of €41.4 million for the first quarter, up 4% year over year from €39.8 million.

Adjusted EPRA earnings slipped 2.5% year over year to €29.7 million from €30.5 million.

* Adler Real Estate AG reported a 79.7% year-over-year gain in first-quarter FFO I to €14.2 million from €7.9 million, while FFO I per share increased to 18 cents from 12 cents.

Adler raised its FFO I forecast for 2018 to around €68 million to €73 million from its previous estimate of €65 million to €70 million.

* Eshraq Properties PJSC registered a profit of 7.7 million United Arab Emirates dirhams for the first quarter, compared to a loss of 955,000 dirhams incurred in the year-ago period. Per-share profit totaled 0.33 fils, versus a loss per share of 0.04 fils a year earlier.

Additional coverage

Azrieli Q1 attributable net profit grows 8% YOY

Landsec reports £251M loss for fiscal year ended March 31

Deutsche Wohnen's Q1 FFO I climbs 8.8% YOY

Merlin Q1 recurring FFO falls 5.4% YOY

As of May 15, US$1 was equivalent to 3.67 UAE dirhams.