Deutsche EuroShop: First Half of 2024 Characterised by Investments

Hamburg, 14 August 2024 – Shopping center investor Deutsche EuroShop (DES) has released its results for the first half of 2024, marked by significant construction projects at various locations. Despite a drop in sales revenue by 1.9%, reaching €132.8 million, customer footfall increased by 1.0% and tenant sales rose by 1.9% compared to the first half of 2023.

Although net operating income decreased by 1.0% to €106.4 million, EBIT saw a 7.0% rise to €107.4 million. Meanwhile, EPRA earnings and FFO fell by 8.0% and 9.7% respectively. Property values remained stable overall, though changes ranged from -3.6% to +4.4% in individual locations.

Consolidated net income surged by 60.5%, amounting to €59.5 million. Deutsche EuroShop's equity ratio stands at 51.2%, and its loan-to-value ratio at 35.5%. Liquidity slightly increased to €338.6 million. The company proposed a €2.60 per share dividend for the 2023 financial year.