AUGSBURG (dpa-AFX) - The gloomy mood in the real estate sector is weighing on the real estate group Patrizia. The management has initiated a comprehensive review of the cost base, the company announced surprisingly on Monday evening in Augsburg and also presented preliminary figures up to the end of September. Accordingly, earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 50.2 million euros after nine months. This corresponds to the lower end of the range announced by management. It will probably not be much more than that this year. The Management Board also wants to realign the dividend policy. The uncertain mood in the industry will continue to weigh on business in the near future. The share price slipped by one and a half percent compared to the Xetra closing price.

The Patrizia Management Board expects operating profit in 2023 to be at the lower end of the forecast range of 50 to 70 million euros. This is also due to one-off costs incurred in the course of the cost review. They are expected to amount to between 10 and 20 million euros and will be incurred in the current final quarter. From next year, the cost structure is expected to be at the level of 2021, when inflation was even lower and Patrizia had not yet incurred costs from acquisitions.

According to the press release, Patrizia's management expects the uncertain market phase to persist and therefore continue to exert pressure on the valuation of real estate. It will also be more difficult to generate performance-related fees in the coming year. For this reason, the Management Board intends to base dividends on profitability in future instead of on assets under management, as has been the case to date. Details and a dividend proposal will be presented in February./lew/he