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Carmila exceeds FY'17 earnings target

French property company Carmila SA's recurring earnings for the full year 2017 rose 6.2% year over year to €182.9 million, exceeding its target of between €175 million and €180 million.

EPS for the year stood at €2.63, down 7.7% from €2.85 in 2016.

Gross rental income for 2017 increased 9.2% on a yearly basis to €300.9 million, while net rental income grew 9.6% to €276.7 million.

Full-year 2017 funds from operations increased 11.7% to €177.2 million, while adjusted EBITDA was up 7.1% to €229.4 million.

Looking ahead, Carmila said it expects to complete seven extension projects in 2018, representing an additional 69,000 square meters, €11 million in additional annual net rental income, a total investment by the company of €145 million and an average yield on cost of 7.5%.

The company is also aiming to achieve double-digit growth in recurring earnings for 2018.

Additionally, Carmila proposed a dividend of €1.50 per share for 2017, subject to approval at the shareholders meeting May 16.