CA Immo sticks with guidance after H1 income rise (updated)

Starwood European Real Estate Finance

22/08/2018 16:44

* FFO 1 up 13 percent to 63 mln eur in H1
    * Rental income increased 6 pct to 94 mln eur
    * Still expects 2018 FFO 1 of at least 115 mln eur

 (Adds detail, background)
    VIENNA, Aug 22 (Reuters) - Commercial property group CA Immo
 CAIV.VI  confirmed its full-year core income forecast after
posting a 13 percent rise in the first-half, helped by high
occupancy rates and an increase in rental revenues.
    Funds from operations (FFO 1), a measure of recurring free
cash flow and the firm's key indicator for operational strength,
came in at 63.2 million euros ($72.28 million) in the six months
through end-June, the Austrian group said on Wednesday.
    It added that it still expects full-year recurring earnings
(FFO I) of at least 115 million euros.  
    CA Immo, which owns and manages offices in Austria, Germany
and central and eastern Europe with a total occupancy rate of
94.6 percent, said it increased its rental income in the first
half by 6 percent to 93.8 million euros. 
    It said its cash position stood at 333 million euros at the
end of June. 
    CA Immo is in the midst of a change in ownership structure
after Immofinanz  IMFI.VI  agreed to sell its 26 percent stake
to U.S. investor Starwood  STWD.N . The deal is expected to
close in the third quarter. urn:newsml:reuters.com:*:nL8N1TY1Z6
    
       
($1 = 0.8744 euros)

 (Reporting by Kirsti Knolle; Editing by Kirsten Donovan)
 ((kirsti.knolle@thomsonreuters.com; +43 1 53112 255; Reuters
Messaging: kirsti.knolle.thomsonreuters.com@reuters.net    
www.reuters.com))