PATRIZIA releases preliminary results and exceeds its earnings forecast
Total operating income expected at EUR 283 m vs forecast of at least EUR 265 m
Augsburg, 14 February 2017. PATRIZIA Immobilien AG is pleased to announce that the company continued its successful growth in 2016 as a leading property investment manager in Europe. The company has exceeded its profit forecast for the 2016 financial year significantly following a strong performance in the fourth quarter. The three months until 31 December 2016 were characterised by increased transaction volumes and the realisation of higher performance fees from the successful management of real estate investments.
Following a total operating income of EUR 155 million for the 2015 financial year, the total operating income for 2016 is expected to rise to EUR 283 million, exceeding the most recent forecast of at least EUR 265 million. The past two financial years were also characterised by highly profitable transactions, with the sale of the Harald portfolio in 2016 and Südewo in 2015. Excluding the contribution of these transactions to PATRIZIA’s results, a total recurring operating income of EUR 73 million is expected for 2016 — an increase of almost 70 per cent from
EUR 43 million in 2015. A major contributor to the strong results was the increase in fee income for the management of property assets for PATRIZIA investors. Total management fees increased by 14 per cent to EUR 189 million in 2016 from EUR 165 million in 2015 (excluding performance fees for Südewo exit).
Further details on PATRIZIA’s earnings will be announced when the annual report is published on 14 March 2017.