Immofinanz H1 funds from operations drop 15 percent
VIENNA Dec 18 (Reuters) - Austrian real-estate group Immofinanz reported a 15 percent drop in funds from operation (FFO) in its fiscal first half as its portfolio shrank while tax expenses rose, it said.
FFO, a measure of sustainable cash flow, fell to 140 million euros ($193 million) in the six months to end-October, Immofinanz said on Wednesday, as it sold off 722 million euros' worth of properties.
Immofinanz is honing its portfolio in preparation for a separation into two companies. For one of these, its residential unit Buwog, it plans a spin-off or initial public offering in Frankfurt in 2014.
"Preparations for the separation of Buwog over the capital market are now proceeding at full speed," Immofinanz said. "Plans call for the announcement of details during the first half of the calendar year 2014." ($1 = 0.7266 euros) (Reporting by Georgina Prodhan; editing by Keiron Henderson)
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