Fonciere des Regions SA, the French office landlord with stakes in five other real estate investment trusts, said first-quarter revenue fell after property sales reduced rental income.
Revenue fell to 131.8 million euros ($187.5 million) from 142 million euros a year earlier, the Metz-based company said in a statement today.
FDR sold 626 million euros of real estate last year to reduce debt, acquire properties with greater scope for rental growth and to finance a 1 billion euros of longer-term projects. The company predicted in February that earnings, excluding changes in asset values and other items, will probably be little changed this year.
FDR released the report after the Paris market closed. The shares declined 1.1 percent to 71.79 euros, lowering the company’s market value to 3.94 billion euros.