Deutsche EuroShop Adjusts Annual Forecast After Nine-Month Performance

Deutsche EuroShop AG has modestly increased its full-year forecast following a positive nine-month period in 2024. Shopping center traffic remained steady with a 0.2% rise in visitors, coupled with a 1.9% boost in retail sales.

The company is heavily investing in updating several centers, with timely completion of projects in key locations such as the A10 Center and Rhein-Neckar-Zentrum. An ongoing project, the Food Garden in Main-Taunus-Zentrum, is set to open in spring 2025.

Despite a revenue drop of 1.6% to €200 million due to construction-related vacancies, income metrics improved. Net operating income grew by 1.8%, and consolidated profit surged by 20.9% to €82.5 million, attributed to enhanced property investment valuations.

While EPRA earnings and FFO declined due to previous year one-off income, DES forecasts higher earnings for 2024.