Outlook 2021

Assets under management (AUM) are expected to see an unchanged organic growth of between EUR 3.0 - 6.0bn in the 2021 financial year. All in all, the company expects its assets under management to increase to EUR 50.0 - 53.0bn by the end of 2021.

In the context of the operational developments and the visibility given after 9M 2021, PATRIZIA specifies the forecast for the fiscal year 2021 with an operating income in a range of EUR 115.0 - 135.0m (previously EUR 100.0 – 145.0m).

PATRIZIA expects the cost coverage ratio to remain stable or increase slightly in 2021.

PATRIZIA is anticipating management fees for asset and portfolio management services of between EUR 208.0m - 210.0m in 2021 after 9M 2021 (previously EUR 204.0 - 208.0m). This can be attributed, among other things, to the increased project developments on behalf of clients.

After 9M 2021, the company forecasts slightly lower transaction fees of between EUR 45.0 - 55.0m (previously EUR 50.0 - 60.m) for the financial year 2021 and expects an unchanged agreed transaction volume ("signed") of between EUR 6.0 - 9.0bn. The difference between the signed and the closed transaction results from the fact that the transfer of ownership, benefits and burdens does not take place until the purchase price is paid. These purchase price payments are made as soon as certain predefined conditions have been met after signing.

Income from performance fees is determined by the yields achieved in excess of the agreed target yields. These result
in particular from the realisation of value-adding measures. PATRIZIA expects to realise performance fees ranging from EUR 80.0 - 90.0m (previously EUR 60.0 - 90.0m) after 9M 2021 in 2021.

Total service fee income is expected to amount to EUR 333.0 - 355.0m (previously EUR 314.0 – 358.0m).

After 9M 2021, net sales revenues and co-investment income are specified and expected to lie between EUR 7.0 - 15.0m in 2021 (previously EUR 5.0 – 20.0m).

Net operating expenses, which primarily comprise staff costs and non-staff operating expenses, are after 9M 2021 specified and forecasted between EUR -215.0 and -225.0m (previously EUR -209.0 to -223.0m).

Depreciation and amortisation, financial result and other items after 9M 2021 are forecasted of approximately EUR -10.0m for 2021 (unchanged).

Please feel free to contact us about all topics related to PATRIZIA shares.