Listed CEE shopping centre specialist Atrium European Real Estate reported gross rental income increased by 13% to EUR 96 mln in the first half of 2012 compared to the year-earlier period, reflecting like-for-like growth of 5.6% to EUR 81 mln.
Listed CEE shopping centre specialist Atrium European Real Estate reported gross rental income increased by 13% to EUR 96 mln in the first half of 2012 compared to the year-earlier period, reflecting like-for-like growth of 5.6% to EUR 81 mln.
Earnings before interest, tax, depreciation and amortisation (EBITDA), excluding revaluation, surged by 36.9% to EUR 76 mln year-on-year. However, pre-tax profit fell 20% year-on-year to EUR 91 mln following a EUR 33 mln revaluation. In the year-earlier period, a EUR 59 mln revaluation boosted pre-tax profit to EUR 114 mln.
The operating margin increased to 95.4% from 91.7% in the year-earlier period, which was slightly ahead of management expectations.
Adjusted EPRA earnings per share increased by 21.4% to EUR 0.17 while EPRA Net asset value (NAV) per ordinary share rose by 1.9% to EUR 6.48.
The value of the group's income-producing portfolio of 155 assets edged up to EUR 2.1 bn at end-June compared to EUR 2 bn in the first quarter.
CEO Rachel Lavine said the results demonstrated the company's ability 'to maximise value by adopting a hands-on and detailed approach to asset management'.
'Despite the challenging and uncertain economic environment, we have been able to deliver market leading growth in like-for-like net rental income which helped us achieve an increase of almost 37% in EBITDA and 21% in adjusted EPRA earnings. We continue to improve Atrium’s debt position by buying back or repaying our more expensive short-term debt.'
Atrium's share price has gained 12% since the beginning of the year and closed on Thursday at EUR 3.70.
