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PATRIZIA AG
Earnings Release • Feb 19, 2018
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Earnings Release
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News Details
Ad-hoc | 19 February 2018 07:49
PATRIZIA Immobilien AG: PATRIZIA exceeds its earnings forecast 2017
PATRIZIA Immobilien AG / Key word(s): Preliminary Results
PATRIZIA Immobilien AG: PATRIZIA exceeds its earnings forecast 2017
19-Feb-2018 / 07:49 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
PATRIZIA Immobilien AG generated an operating income of EUR 82m in 2017, a 14% increase to the adjusted 2016 level of EUR 72m. Following a successful fourth quarter in 2017, earnings also exceeded the recently increased full year guidance of ‘slightly more than’ EUR 75m. This was driven by higher than budgeted performance fees from the successful management of real estate investments for the Group’s international institutional and private investors.
Organic growth in assets under management (AUM) also exceeded expectations with EUR 2.2bn or 12% in 2017. Including PATRIZIA Multi Managers – formerly Sparinvest Property Investors – AUM stood at EUR 21.9bn at the end of 2017. Including the acquisitions of TRIUVA and Rockspring Property Investment Managers, PATRIZIA’s pro-forma AUM will more than double compared to the end of 2016 to approximately EUR 38bn.
Based on the expected continued organic growth and including the earnings contribution from the recent acquisitions (PATRIZIA Multi Managers, TRIUVA and Rockspring Property Investment Managers (Rockspring acquisition pending closing – assumed to contribute nine months 2018 earnings)), PATRIZIA expects to generate a 2018 operating income in the range of EUR 85m – EUR 100m, equivalent to a growth rate of up to 22%.
Further details on PATRIZIA’s 2017 earnings will be announced with the publication of its Annual Report 2017 on 15 March 2018.
Contact:
Martin Praum
Group Head of Investor Relations
Phone: +49 821 50910-402
19-Feb-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
| Language: | English |
| Company: | PATRIZIA Immobilien AG |
| Fuggerstraße 26 | |
| 86150 Augsburg | |
| Germany | |
| Phone: | +49 (0)821 – 509 10-000 |
| Fax: | +49 (0)821 – 509 10-999 |
| E-mail: | [email protected] |
| Internet: | www.patrizia.ag |
| ISIN: | DE000PAT1AG3 |
| WKN: | PAT1AG |
| Indices: | SDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| End of Announcement | DGAP News Service |