EQS-News: Deutsche Konsum REIT-AG / Key word(s): Annual Results
Deutsche Konsum REIT-AG closes financial year 2021/2022 with stable development
Potsdam, 20 December 2022 - Deutsche Konsum REIT-AG (ISIN DE000A14KRD3) has closed the financial year 2021/2022 with a solid result.
Solid increase in rental income / FFO stable
Funds from operations ("FFO") were stable at EUR 41.1 million (previous year EUR 41.2 million) due to property disposals as well as higher maintenance expenses and slightly higher value adjustments, which is within the previous year's forecast (EUR 40.0 million to EUR 44.0 million). Accordingly, FFO per share was also stable at EUR 1.17. The aFFO (FFO after deduction of capitalised modernisation measures) was also stable at EUR 22.5 million (previous year EUR 22.6 million) or EUR 0.64 per share (previous year EUR 0.64 per share) due to extensive investments in further revitalisation properties.
Balance sheet value of the real estate portfolio at EUR 1.1 billion.
Furthermore, as part of the annual property valuation by an external and independent valuation company, the property portfolio was revalued by approximately EUR 28 million as of the balance sheet date (after capex investments of EUR 18.6 million), which means that the property portfolio is currently valued at approximately 14.3 times the annual rent.
As a result, the property portfolio recognised as of 30 September 2022 comprises 175 retail properties with a balance sheet value of EUR 1.051 billion (30 September 2021: EUR 1.014 billion) and generates an annualised annual rent of approximately EUR 73.2 million (30 September 2021: EUR 72.9 million).
Another food-anchored property in Suhl (Thuringia) was acquired by notarial deed in October 2022. The investment volume for this property is around EUR 0.5 million. The annualised rent amounts to approximately TEUR 54. The change of use and encumbrance of the property is expected to take place at the beginning of 2023.
Including the other properties purchased and sold, for which the change of use and encumbrance did take place after 30 September 2022, the DKR portfolio currently comprises 185 retail properties on a pro forma basis with an annual rent of EUR 76.9 million and a balance sheet value of EUR 1.083 billion.
The average yield on acquisition of the entire portfolio is currently around 10.0%.
EPRA NTA per share increases to EUR 10.98 / Net LTV amounts to 49.7%
The net LTV at the end of the financial year was 49.7% (previous year 53.2%) and is thus slightly below the target value of around 50%.
Dividend proposal for the 2021/2022 business year of EUR 0.48 per share
FFO forecast for the 2022/2023 financial year again between EUR 40 million and EUR 44 million.
Rolf Elgeti, CEO of Deutsche Konsum REIT-AG:
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 (JSE Limited) (South Africa) by way of a secondary listing.
|Company:||Deutsche Konsum REIT-AG|
|Phone:||+49 (0)331 740076517|
|Fax:||+49 (0)331 740076520|
|Listed:||Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Munich, Stuttgart, Tradegate Exchange; JSE Securities Exchange|
|EQS News ID:||1516685|
|End of News||EQS News Service|