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DGAP-News: Deutsche Konsum REIT-AG / Key word(s): Quarterly / Interim Statement Press release Deutsche Konsum REIT: Strong growth in FFO and NAV in the first financial quarter of 2018/2019 - Rental income increases by 45% to EUR 9.5 million - FFO up by 84% to EUR 6.3 million or EUR 0.22 per share - Real estate portfolio increased to EUR 444.4 million as at 31/12/2018 - EPRA NAV increased by 22% to EUR 8.18 per share (31/12/2017: EUR 6.68 per share) - Net debt reduced to 44.9% Broderstorf, 14 February 2019 - Deutsche Konsum REIT-AG ("DKR"), ISIN DE000A14KRD3, continued to grow profitably in the first quarter of the new financial year 2018/2019 ("Q1 2018/2019") as expected. For the first time, the effects of the extensive real estate purchases and refinancing of the previous year also had a significant positive impact on all financial key figures in the balance sheet. For the first time, rental income rises to almost EUR 10 million in the quarter / FFO increases by 84% Funds from operations ("FFO") increased to EUR 6.3 million or 84% (Q1 2017/2018: EUR 3.4 million) and thus almost doubled the increase in rental income. Reduced interest expenses, which resulted from refinancing as well as the significantly improved terms of convertible bonds, also contributed to this. Today, the average interest cost of the Company is only 1.8% p.a. with an average residual maturity of around six years. This underscores DKR's continuously growing profitability due to economies of scale, professional asset management and more favourable financing conditions. Real estate portfolio grows to EUR 0.5 billion Considering recent acquisitions, the real estate portfolio (pro forma) increased to 109 retail properties with a book value of around EUR 490 million and an annualised rent of EUR 42 million. The purchase yield of this total portfolio is 11.6%. The Company is also involved in further concrete acquisition processes. Successful capital increase in November 2018 EPRA NAV increases to EUR 8.18 per share / Net LTV at 44.9% As a result of the capital increase, the net LTV has also reduced to around 44.9% (30 September 2018: 51.2%) and thus once again offers scope for borrowing up to the target of around 50% to finance further purchases. Outlook Based on the results of Q1 2018/2019 and the positive acquisition pipeline, the Management Board confirms the forecast for the 2018/2019 financial year of achieving an FFO of between EUR 26 million and EUR 29 million. The FFO run rate is still expected around 33 million p.a. at the end of the financial year. Rolf Elgeti, CEO of Deutsche Konsum REIT-AG: "The results of the first quarter show that DKR is growing very profitably as planned. Through economies of scale and strong asset management, the already very strong and profitable external growth will be fuelled by a significant margin expansion. In addition, the Company's increased size and track record, which is now clearly visible, will lead to significantly more attractive refinancing costs, which will further accelerate profitability and FFO growth. On this basis, and given the very well-stocked acquisition pipeline, a profitable development and increase in value of DKR is already apparent." The quarterly statement for the first quarter of 2018/2019 financial year, the earnings presentation as well as further information about the Company can be found under . About Deutsche Konsum Due to its REIT status ('Real Estate Investment Trust'), the company is exempt from corporation and trade tax. The shares of the company are listed on the Prime Standard of the Deutsche Börse (ISIN: DE 000A14KRD3). Contact:
14.02.2019 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: | |
| Internet: | -konsum.de |
| ISIN: | DE000A14KRD3 |
| WKN: | A14KRD |
| Listed: | Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
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| End of News | DGAP News Service |
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