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NEPI Rockcastle quarterly earnings rise 21% YOY

NEPI Rockcastle PLC's EBITDA for the period ended March 31 climbed 21% year over year to €92.2 million, with an EBITDA margin of 95.1%, compared to 94.7% in the prior-year period.

NAV per share, as defined by the European Public Real Estate Association, came in at €7.28, up from €7.09 as at Dec. 31, 2018.

The portfolio occupancy rate was 96.3% as at March 31, down from 97.2% as at 2018-end due to renovation and extension works. The rate climbed back to 97.1% in May following the completion of these works, NEPI said in its latest business update.

The company's loan-to value ratio stood at 32%, below its 35% target, and it ended the reporting period with €155 million in cash, €211 million in available unsecured revolving facilities and €227 million listed securities.

NEPI Rockcastle added that it has opened a tender process for the divestment of its Romanian portfolio as part of its investment strategy to focus on core dominant retail properties.

The company reaffirmed its guidance of a roughly 6% year over rise in 2019 distributable EPS.