EQS-News: Deutsche Konsum REIT-AG / Key word(s): Quarterly / Interim Statement
Deutsche Konsum REIT-AG with a solid start in the new financial year 2022/2023
Potsdam, 14 February 2023 – Deutsche Konsum REIT-AG (ISIN DE000A14KRD3) has closed the first quarter of the new financial year 2022/2023 with solid results.
Increase in rental income / FFO slightly lower
Funds from operations ("FFO"), on the other hand, declined slightly and amounted to EUR 10.2 million (Q1 2021/2022: EUR 10.7 million), which was due to rent reductions as a result of property sales, slightly higher maintenance expenses and, above all, higher net interest expenses of around EUR 0.5 million. Accordingly, FFO per share are slightly below the previous year's value at EUR 0.29 (Q1 2021/2022: EUR 0.30).
aFFO (FFO after deduction of capitalised modernisation measures) was EUR 2.2 million (Q1 2021/2022: EUR 7.6 million) or EUR 0.06 per share (Q1 2021/2022: EUR 0.22 per share) due to extensive investments in the revitalisation of the properties in Stralsund and Ueckermünde from current cash flow. The revitalisation measures are nearing completion, so that rising aFFO can be expected again in the following quarters.
Portfolio comprises 185 properties with a balance sheet value of EUR 1.1 billion
As a result, the property portfolio recognised as at 31 December 2022 comprises 185 retail properties with a balance sheet value of EUR 1.106 billion (30 September 2022: EUR 1.051 billion) and generates an annualised rent of around EUR 77.8 million (30 September 2022: EUR 73.2 million).
Furthermore, the sale of a DIY store in Chemnitz was notarised in Q1 2022/2023 at an attractive sales price of approximately 17.5 times the annual rent (or 5.7% initial yield). The transfer of benefits and encumbrances of the property took place in the meantime in January 2023.
The average purchase yield of the total portfolio is currently 10.0%.
EPRA NTA per share increases to EUR 11.14 / Net-LTV amounts to 51.3%
Net LTV at the end of the quarter is 51.3% (30 September 2022: 49.7%), increased slightly due to the raising of new property loans and is thus slightly above the target value of around 50%.
FFO forecast confirmed
About Deutsche Konsum
The shares of the Company are listed on the Prime Standard of Deutsche Börse (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:||1558247|
|End of News||EQS News Service|