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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.

* For full year 2017, Hufvudstaden AB reported profit after tax of roughly 3.04 billion Swedish kronor, down from 4.12 billion kronor in 2016. On a per-share basis, profit after tax fell to 14.71 kronor from 19.98 kronor.

* Pandox's cash earnings amounted to 1.66 billion kronor in 2017, up from roughly 1.29 billion kronor in 2016. EPS totaled 19.89 kronor for the full year and 7.47 kronor for the fourth quarter ended Dec. 31, 2017, compared to 14.65 kronor and 5.08 kronor, respectively, a year earlier.

* Atrium Ljungberg AB logged net profit of approximately 2.56 billion kronor, or 19.21 kronor per share, in full year 2017, down from 2.68 billion, or 20.13 kronor per share, in the previous year.

The S&P Capital IQ consensus GAAP EPS estimate for the year was 20.35 kronor, based on three analyst estimates.

* Hemfosa Fastigheter AB's 2017 profit after tax came in at 3.16 billion kronor, or 19.22 kronor per share before dilution, down from 3.58 billion kronor, or 23.25 kronor per share before dilution, in 2016.

Profit after tax for the fourth quarter of 2017 totaled 528 million kronor, or 3.17 kronor per share before dilution, compared to 837 million kronor and 5.02 kronor per share, respectively, in the corresponding year-ago period.

The S&P Capital IQ consensus GAAP EPS estimate for the year was 19.11 kronor.

* Mercialys saw a 0.4% year-over-year dip in funds from operations for 2017 to €114.0 million, or €1.24 per share, from €114.4 million, or €1.25 per share. Adjusted for asset disposals made during the year, FFO was up 6.1%.

For 2018, the company expects an FFO increase of at least 2%, excluding the impact of refinancing a bond due in 2019.

* Kungsleden AB reported full-year 2017 net profit of roughly 1.91 billion kronor, or 9.03 kronor per share, compared to roughly 1.87 billion kronor, or 10.01 kronor per share, in 2016.

* Diös Fastigheter AB generated profit after tax of roughly 1.03 billion kronor in 2017, compared to 832 million kronor in the previous year. EPS totaled 7.78 kronor, versus 8.66 kronor a year earlier.

* Primary Health Properties Plc reported European Public Real Estate Association-defined earnings of £31.0 million for 2017, up 15.7% from £26.8 million in 2016. EPRA EPS per share rose 8.3% year over year to 5.2 pence from 4.8 pence.

The 2017 full-year S&P Capital IQ consensus EPS estimate was 6 pence.

* Technopolis Plc's EPRA earnings were up 15.2% at 60.6 million in 2017, compared to 52.6 million in the previous year. EPRA EPS totaled 39 cents, down from 40 cents a year earlier.

For the fourth quarter, EPRA earnings rose 12.0% to €14.5 million from 12.9 million in 2016. EPRA EPS fell to 9 cents from 10 cents.

The S&P Capital IQ consensus normalized EPS estimate for the year was 36 cents, based on three analyst estimates.

* Catena AB logged a full-year 2017 profit of 634.7 million kronor, up from 338.4 million kronor in 2016. EPS came in at 16.08 kronor, compared to the previous year's 10.20 kronor.

* CeGeREAL's EPRA earnings rose 15.9% year over year to 32.7 million in 2017 from 28.2 million a year earlier.

The company's EPRA triple-net NAV per share excluding transfer duties amounted to €43.8, up 7.3% year over year from €40.8.

Additional coverage

Carmila exceeds FY'17 earnings target

Foncière des Régions FY'17 recurring net income up 10% YOY

Aldar's profit falls 26.9% YOY in FY'17

As of Feb. 16, US$1 was equivalent to 7.95 Swedish kronor.