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Foncière des Régions FY'17 recurring net income up 10% YOY

Foncière des Régions reported recurring net income for the full year 2017 of €391.2 million, up 10% from €356.2 million for 2016. It also added an executive to its general management team.

On a per-share basis, recurring net income was €5.31, up 1% on the year. The company issued new shares in January 2017 to finance development and the acquisition of a hotel portfolio in Spain.

Earnings as defined by the European Public Real Estate Association totaled €358.2 million, up from €328.4 million a year earlier. EPRA earnings per share were flat at €4.86.

EPRA net asset value rose to €7.11 billion, or €94.5 per share, from about €6.0 billion, or €86.8 per share, reported for the year-ago period.

Looking ahead, the company projects a 2.3% dividend increase to €4.50 per share and growth in EPRA earnings per share of about 3%.

Foncière des Régions' board also named Dominique Ozanne deputy CEO of the group for a four-year term. Ozanne is also general manager of hotels, and he now joins the general management team.