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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.

* First-half funds from operations 1 at Vonovia SE rose 18% year over year to €457.7 million.

The company affirmed its full-year guidance in 2017, with projected FFO 1 in a range of between €900 million and €920 million.

* Vastned Retail NV achieved a result attributable to shareholders of €64.2 million in the first half of 2017, up from the €12.6 million recorded a year earlier. The company's direct result for the first half fell to €20.2 million, or €1.07 per share, from €23.0 million, or 1.21 per share. The company attributed the decline to the sale of its Turkish portfolio and other divestments.

The company confirmed its full-year direct result guidance in the range of €2.10 to €2.20 per share.

* DIC Asset AG's FFO saw an 8% boost year over year to 29.8 million in the first six months of 2017, from €27.7 million in the year-ago period. The climb was attributed mainly to improved funding terms for the company's commercial portfolio.

The company raised its FFO estimate for the 2017 financial year to between €59 million and €61 million.

* Eurocastle Investment Ltd. logged normalized FFO of €35.1 million, or 58 cents per share, for the first half of 2017, an increase from 2016's €21.5 million, or 30 cents per share.

* By the end of the first half, Sponda Plc's net operating income had reached €96.5 million, up from €92.3 million for the year-ago period. Company-adjusted European Public Real Estate Association-defined earnings for the period totaled €59.8 million, or 18 cents per share, compared to €54.9 million, or 17 cents per share, a year earlier.

For the full year, net operating income is expected to lie between €182 million and €192 million, while company-adjusted EPRA earnings are projected to be between €106 million and €116 million.

* Warehouses De Pauw's EPRA earnings for the first six months jumped 18% year over year to €57.2 million, or €2.67 per share.

The company lifted its EPRA EPS guidance for 2017 to €5.50 from a minimum of €5.35.

The S&P Capital IQ consensus mean EPS normalized estimate for the year is €5.39.

* Kennedy Wilson Europe Real Estate secured net operating income of £79.7 million for the first half, up 1.3% year over year from £78.7 million. Adjusted EPS came in at 30.8 pence, up 14.9% from 26.8 pence in the 2016 first half.

* Mobimo Holding AG's profit attributable to shareholders stood at CHF62.4 million for the first half, or CHF10.03 per share, down from CHF89.5 million, or CHF14.39 per share, a year earlier. Excluding revaluation, profit totaled CHF40.1 million, or CHF6.46 per share, versus CHF 74.2 million, or CHF11.93 per share, in the year-ago period.

Middle East

* Aldar Properties PJSC's net profit for the first half totaled 1.26 billion United Arab Emirates dirhams, down from 1.31 billion dirhams a year earlier.

As of Aug. 3, US$1 was equivalent to 3.67 United Arab Emirates dirhams.