Deutsche Konsum REIT-AG releases forecast for FY 2016/17 of 47c FFO and 42c aFFO per share following strong Q1 results
DGAP-News: Deutsche Konsum REIT-AG / Key word(s): Forecast
Deutsche Konsum REIT-AG releases forecast for FY 2016/17 of 47c FFO
Deutsche Konsum REIT-AG finished the first quarter of the FY 2015/16 with a profit of EUR 1.1 million in spite of the costs of listing the company at the Berlin stock exchange. FFO amounted to EUR 1.05 million in the last quarter. Allowing for already notarized additions to the portfolio the current pro forma annualized run rate is approximately EUR 6.4 million of aFFO (or 39cents per share) and EUR 7.1 million of FFO (or 43cents per share). Following the successful capital increase earlier this month and assuming the investment of the proceeds raised, the company issues a guidance for the FY 2016/17 of 47c FFO and 42c aFFO per share.
Q1 also saw the completion of the development at the BiTz, the company's Bitterfeld center. The extension for Rewe, the supermarket and dm, the drugstore, was completed in time and within budget. Both retailers started trading at the site in December 2015. At the same time the lease with Obi, the DIY store, could be extended for a fresh ten years. Rewe's and dm's leases run for 15 and 12 years respectively. At the company's center in Ludwigslust, which is now fully let, the key anchor tenant, the hypermarket of Sky, has extended its lease for a fresh ten years. In Leipzig's Löwenpark, Aldi moved to the premises with a new ten years lease.
Rolf Elgeti, CEO of Deutsche Konsum REIT-AG comments: "The new leases as well as the extension of the leases for existing tenants demonstrate that demand for retail space is very strong in established basic retail locations - underpinning the strategy of our business."
As of 31st of December 2015 the company had 20 properties with 130,000 sqm of lettable surface and annual rents of EUR 11.4 million on its books. Additionally, Deutsche Konsum has notarized the acquisition of a further 10 properties with an additional 27,000 sqm of lettable surface ad EUR 2 million of annual rent. The acquisition pipeline currently looks strong and very attractive.
|Company:||Deutsche Konsum REIT-AG|
|Phone:||+49 (0)331 740076510|
|Listed:||Regulated Market in Berlin; Open Market in Frankfurt|
|End of News||DGAP News Service|