DGAP-News: Deutsche Konsum REIT-AG / Key word(s): 9 Month figures Press release Deutsche Konsum REIT with significant NAV increase in the first nine months of the 2020/2021 financial year - Value of the real estate portfolio exceeds EUR 1 billion for the first time - Property valuation as at 30 June 2021 results in valuation gains of EUR 54.8 million - EPRA NAV increases by 17% to EUR 12.97 per share - Rental income up 26% to EUR 50.6 million - FFO increase by 22% to EUR 30.6 million - FFO per share increase by 12% or EUR 0.09 to EUR 0.87 per share - Net-LTV at 53.6% - Adjustment of FFO forecast to between EUR 40 million to EUR 41 million for the financial year / FFO run rate forecast confirmed Broderstorf, 12 August 2021 - Deutsche Konsum REIT-AG ("DKR") (ISIN DE000A14KRD3) has closed the first nine months of the 2020/2021 financial year ("9M") with further significant growth. Significant increases in rental income and FFO Correspondingly, funds from operations ("FFO") also increased by 22% to EUR 30.6 million (9M 2019/2020: EUR 25.2 million). This corresponds to an FFO per share of EUR 0.87 (9M 2019/2020: EUR 0.78). aFFO (FFO after deduction of capitalised revitalisation measures) was EUR 16.3 million or EUR 0.46 per share (9M 2019/2020: EUR 12.9 million or EUR 0.40 per share) due to ongoing revitalisation and expansion projects at various properties. Real estate portfolio exceeds balance sheet value of one billion euros for the first time Since the beginning of the current financial year, DKR has acquired 13 retail properties with an investment volume of around EUR 120 million and an annual rent of EUR 10.9 million, which translates into an average acquisition yield of 9.1%. The transfer of benefits and encumbrances of eleven properties has already taken place in the course of the first nine months of the current financial year, the two remaining properties have been transferred as of 1 July 2021 and 1 August 2021 respectively. A further increase in rental income is therefore expected in the fourth quarter. This is offset by the sale of a property in Berlin-Pankow. The property was acquired around three years ago with an initial yield of approx. 9.7% and has now been sold at a yield of 4.5%, from which DKR will realise a capital gain of around EUR 1.7 million. The transfer of benefits and encumbrances is expected to take place on 1 September 2021. Thus, the total portfolio (pro forma) of DKR currently comprises 174 retail properties with an annual rent of more than EUR 73 million and a balance sheet value of more than EUR 1 billion. The acquisition yield of the total portfolio is currently around 10.4%. DKR is currently in the process of acquiring further retail properties. In addition to value-creating asset management and constant lease extensions, this result reflects in particular the increased investors' interest in food-anchored daily supply properties what has significantly increased the marketability of this asset class. These properties have become more important in particular due to the COVID pandemic, as the inflation-hedged and stable rental cash flows of food-anchored properties have become clearer due to their systemic relevance. EPRA NAV rises by 17% to EUR 12.97 per share / Net LTV at 53.6% The net LTV gearing ratio is 53.6% as of 30 June 2021. Despite strong growth in the financial year to date, DKR has not been able to complete further planned acquisitions as quickly as expected due to the impact of the COVID pandemic and, with purchases of EUR 120 million to date, is about 20% behind the expected acquisition volume of EUR 150 million, which is reflected in a lower increase in FFO. The reason for this is sometimes considerable delays in the acquisition processes. As further short-term acquisitions will no longer have a significant impact on rental income in the current financial year, the Management Board is adjusting the guidance for the 2020/2021 financial year slightly downwards. Thus, the Management Board now expects FFO between EUR 40 million and EUR 41 million (instead of EUR 42 million and EUR 45 million previously announced) in the 2020/2021 financial year. The forecast for the FFO run rate as at 30 September 2021 is unchanged and ranges between EUR 47 million and EUR 51 million. Publications on the first nine months of the 2020/2021 financial year About Deutsche Konsum Due to its German REIT status ('Real Estate Investment Trust'), the Company is exempt from German corporation and trade tax. The shares of the Company are listed on the Prime Standard of the Deutsche Boerse (ISIN: DE 000A14KRD3) and on the JSE (Johannesburg Stock Exchange) (South Africa) by way of a secondary listing. Further information on the Company can be found at https://www.deutsche-konsum.de/en/. You can find image material for download at https://www.deutsche-konsum.de/en/press-downloads/downloads. Contact: 12.08.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | Deutsche Konsum REIT-AG |
August-Bebel-Str. 68 | |
14482 Potsdam | |
Germany | |
Phone: | +49 (0)331 740076517 |
Fax: | +49 (0)331 740076520 |
E-mail: | ch@deutsche-konsum.de |
Internet: | www.deutsche-konsum.de |
ISIN: | DE000A14KRD3 |
WKN: | A14KRD |
Listed: | Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; JSE Securities Exchange |
EQS News ID: | 1225722 |
End of News | DGAP News Service |