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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.

* Derwent London PLC said its first-half earnings were £1.20 per share, a decrease of 8.6% from £1.31 per share in the year-earlier period. Profit totaled £132.4 million, a decline of 8.8% from £145.2 million in the year-earlier period.

* Aldar Properties PJSC said its gross profit for the second quarter came to 649.0 million United Arab Emirates dirhams, an increase of 19.7% from 542.0 million dirhams in the prior-year period. Revenue totaled 1.50 billion dirhams compared with 1.40 billion dirhams in the year-earlier period.

* TAG Immobilien AG said its first-half funds from operations amounted to 49 euro cents per share, a gain of 19.5% from 41 cents per share in the year-earlier period. FFO totaled €71.2 million, a gain of 19.9% from €59.4 million in the prior-year period.

Adjusted FFO rose on an annual basis to €43.6 million, or 30 cents per share, from €41.6 million, or 28 cents per share.

The company expects FFO in the range of €141 million to €143 million for the full year, up from previous guidance in the range of €135 million to €137 million.

The company also forecasts FFO per share of 97 cents for the full year, an increase from previous guidance of 93 cents.

* TLG IMMOBILIEN AG said its FFO for the first half amounted to 66 euro cents per share, a gain from 64 cents per share in the prior-year period. FFO totaled €67.6 million, a gain of 45.4% from €46.5 million in the year-earlier period.

Net income for the period totaled €170.9 million compared with €76.5 million in the year-earlier period.

The company revised its full-year FFO estimate to between €130 million and €133 million.

* Tritax Big Box REIT PLC said its operating profit before changes in fair value for the first half came to £57.4 million, an increase of 34.7% from £42.6 million in the year-earlier period.

Adjusted EPS totaled 3.38 pence per share, compared with 3.21 pence per share in the prior-year period.

* Alstria office REIT-AG said its FFO for the first half was 33 euro cents per share, a decline of 10.8% from 37 cents per share in the prior-year period. FFO totaled €58.1 million, an increase from €56.6 million in the year-earlier period.

The company forecasts FFO of €113 million for the full year, an increase from previous guidance of €110 million.

* Savills PLC said its EPS for the first half was 13.4 pence per share, a decline of 14.6% from 15.7 pence per share in the prior-year period. Profit totaled £18.9 million, a decrease of 14.9% from £22.2 million in the year-earlier period.

* Atrium European Real Estate Ltd. said its first-half European Public Real Estate Association-defined adjusted EPS came to 15.6 euro cents per share, a decline from 16.4 cents per share in the year-earlier period. Pretax profit for the period totaled €69.2 million, an increase of 22.8% from €56.4 million in the prior-year period.

* Primary Health Properties PLC said its EPRA EPS for the first half was flat at 2.5 pence. EPRA basic earnings totaled £17.1 million, an increase of 11.0% from £15.4 million in the prior-year period. Net rental income came to £37.4 million compared with £34.8 million in the year-earlier period.

The company forecasts EPRA earnings of £36.9 million for the full year, up from previous guidance of £36.4 million. The company also forecasts EPRA EPS of 5.2 pence for the full year, up from the previous guidance of 5.1 pence.

For 2019, the company estimates EPRA earnings and EPRA EPS of £43.3 million and 5.5 pence, respectively.

* Greenbay Properties Ltd. said its pretax profit for the nine-month period ended June 30 came to €23.7 million, an increase from €2.1 million in the prior-year period.

Headline earnings increased from the prior-year period to €18.1 million, or 0.19 cents per share, from €1.3 million, or 0.02 cents per share.

* Hamborner REIT AG said its FFO for the first half came to 33 euro cents per share, a gain of 17.9% from 28 cents per share in the prior-year period. FFO totaled €26.1 million, a gain of 18.1% from €22.1 million in the prior-year period.

EBITDA came to €33.7 million compared with €32.0 million in the year-earlier period.

The company forecasts FFO per share in the range of 61 cents to 63 cents for the full year.

* VIB Vermögen AG said its FFO for the first half came to 79 euro cents per share, a gain of 9.7% from 72 cents per share in the prior-year period. FFO totaled €21.8 million, an increase of 9.0% from €20.0 million in the year-earlier period.

The company affirmed its full-year FFO forecast at a range of €42.0 million to €44.5 million.

* RAK Properties PJSC said its second-quarter profit amounted to 4.3 million UAE dirhams, a fall of 80.1% from 21.8 million dirhams in the year-earlier period. EPS came to 0.2 fil, down from 1 fil.

Additional coverage

InterContinental Hotels' H1 pretax profit slides 15% YOY

Swiss Prime Site H1 realized profit up 7.8% YOY

LEG Immobilien H1 FFO surges YOY

As of Aug. 9, US$1 was equivalent to 3.67 UAE dirhams.