Deutsche EuroShop reported EPRA earnings per share of €0.83 for the first half of the year.
Revenues totalled €88.8m and EBIT was €77.2m.
The company also confirmed the sale of its 33.3% stake in Galeria Dominikanska in Poland to Atrium, gaining net proceeds of €32m-€33m, slightly above the €30.3m carrying amount.
JP Morgan Cazenove said: “EuroShop remains the premier German shopping centre player in our view, and we believe the stock is priced accordingly, but would pick it up on any [relative] weakness.”
The company restated its full year guidance of revenues of €186m-€189m and EBIT of €162m-€165m, which was increased at the time of the first quarter results in May from €170m-€173m and €148m-€151m respectively, as a result of the firm’s increased share in Altmarkt-Galerie in Dresden.
Deutsche EuroShop also reiterated its plans to pay out a 2013 dividend of “at least” €1.20 (2012: €1.20).
Like-for-like retail sales were flat at 0.0% across the portfolio, of which +0.1% came from Germany, boosted by strong performance of health & beauty assets, department stores & services, but offset by weaker fashion, shoes and sports assets, and -1.0% abroad.
The loan to value rose to 46% (Dec 12: 40%), as a result of increasing its stake in the Altmarkt-Galerie in May, to bring it to 100% ownership, while gearing rose to 121% (Dec 12: 107%).
