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The Earnings Report — Europe

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Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

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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

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Corporate Credit Risk Trends in Developing Markets: A Probability of Default Perspective


The Earnings Report — Europe

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

* Intu Properties Plc reported full-year 2017 profit attributable to owners of £216.7 million, or 15 pence per share, up from £182.7 million, or 11.2 pence per share, in 2016.

The S&P Capital IQ consensus normalized EPS estimate for 2017 was 15 pence.

* TAG Immobilien AG reported a 31% year-over-year rise in funds from operations to €127.4 million for 2017. FFO per share rose 21% to 87 cents.

The figures were ahead of the company's previously issued guidance of between €119 million and €121 million, or 82 cents per share.

The S&P Capital IQ consensus FFO estimate for 2017 was 83 cents per share.

* Aedifica SA's European Public Real Estate Association-based earnings totaled 28.3 million as at the end of 2017, up 21% from €23.4 million a year earlier. EPRA EPS fell to €1.58 from €1.64.

* For the year ended Dec. 31, 2017, D. Carnegie & Co posted net profit of roughly 1.58 billion Swedish kronor, down from roughly 1.68 billion kronor in the prior-year period. The figure translates to 20.24 kronor per share after dilution, down from 21.93 kronor per share in 2016.

* Immobiliare Grande Distribuzione SIIQ SpA logged a full-year 2017 net profit of approximately €86.5 million, up from €68.3 million. EPS amounted to €1.063 per share, versus 84 cents per share in 2016.

* For full year 2017, Irish Residential Properties REIT Plc logged an annual increase in its total comprehensive income attributable to shareholders to approximately €65.1 million from roughly €50 million. On a per-share basis, earnings rose to €15.4 from €11.2.

* Montea Comm. VA reported an EPRA result of roughly €26.8 million, or €2.58 per share, for the 2017 financial year, up from €24.0 million, or €2.47 per share, in the previous year. The company estimates the per-share figure to grow by at least 5% in 2018.

Additional coverage

Gecina full-year 2017 recurrent net income rises 4.6% YOY

Fastighets logs YOY increase in FY'17 net profit attributable to shareholders

As of Feb. 22, US$1 was equivalent to 8.13 Swedish kronor.