4Q16 – important step towards settling legacy lawsuits for good; what's next?
Atrium’s underlying performance during 4Q16 was broadly in line with our expectations: the company generated EUR 47m of gross rental income (GRI), while its net rental income (NRI) came in at EUR 44.5m, some 2% below our estimate of EUR 45.6m on a slightly weaker NRI margin (95% vs. our estimate of 97%). The EPRA earnings amounted to EUR 118m (EUR 0.31/share), down some 6% yoy, with the (expected) decline driven mostly by disposals and the weaker result in Russia vs. 2015. Our reconciled FFO amounted to EUR 117m (or EUR 0.31/share), slightly exceeding our FY16E FFO forecast of EUR 114m, with the difference attributable predominantly to a gradual improvement in the performance of the shopping centres Atrium owns in Russia (we expected the GRI in Russia to amount to EUR 33m, while Atrium generated EUR 36m during the year).Atrium Mortgage Investment is a mortgage lender in Canada. Co. invests in mortgages secured by all types of residential, multi-residential and commercial real property located in Canada, subject to compliance with its investment policies. The types of properties that Co. finance include residential houses, small multi-family residential properties comprised of six or fewer units, residential apartment buildings, mixed-use residential apartments and store-front properties, investment properties, residential and commercial land development sites and construction projects. Co. also invests in short term bridge financing for real estate developers.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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