Germany’s Patrizia exceeds full-year 2019 guidance with €135m NOI

German property group Patrizia said on Thursday that it has exceeded its full year 2019 guidance of €120-130 mln in net operating income posting a result of €134.5 mln in 2019.

Management fees increased by 8.8% year-on-year to €190.9 mln in 2019, while assets under management reached €44.5 bn.

Augsburg-based Patrizia said it is raising its shareholder dividend for the second time in a row offering shareholders a dividend of €0.29 per share for FY 2019 – representing a 7.4% growth y-o-y.

Karim Bohn, CFO of Patrizia, said: ‘Patrizia has a strong and resilient business model with a rock-solid balance sheet and predictable earnings. The strong cash generation in 2019 increased Patrizia’s financial flexibility to over €600 mln. Accompanied by a net equity ratio of 75.7%, we are well prepared for the changed economic environment and will use this strength to add further value to our clients and shareholders.’

Outlook for 2020 confirmed

While an assessment of the effects of a further spreading of the Covid-19 virus on the company’s business is not possible at this stage, Patrizia said it is still expecting its 2020 operating income to come in the range of €120.0 mln to 140.0 mln.

In total, the company signed €5.5 bn of acquisitions in 2019, an increase of 60.5% on the prior year (2018: €3.4 bn) and €3.5 bn of disposals, up 4.1% (2018: €3.3 bn). T

Meanwhile, it raised around €3.2 bn of equity (up 24.6% y-o-y) from existing and new institutional, (semi-)professional and private investors. International capital accounted for 54.1% of all raised institutional capital during 2019.

Patrizia added more than 20 new institutional domestic and international investors to its client base during 2019, bringing the total to over 400. At the same time 73.1% of equity entrusted to the company during 2019 came from investors with multiple fund investments in Patrizia’s platform.

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