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DGAP-News: Deutsche Konsum REIT-AG
/ Key word(s): Half Year Results
Press release Deutsche Konsum REIT with successful first half of 2020/2021 - Rental income increased by 32% to EUR 33.0 million - FFO increased by 33% to EUR 20.4 million or EUR 0.58 per share - FFO per share increased by 21% or EUR 0.10 to EUR 0.58 per share - EPRA NAV at EUR 11.17 per share - Net LTV at 55.7% - No significant corona-related rental losses Broderstorf, 12 May 2021 - Deutsche Konsum REIT-AG ("DKR") (ISIN DE000A14KRD3) closed the first half of the 2020/2021 financial year ("H1") with significant growth, as expected. Significant increases in rental income and FFO Corresponding to this, funds from operations ("FFO") rose by 33% to EUR 20.4 million. In the same period of the previous financial year, FFO amounted to EUR 15.3 million. aFFO (FFO after deduction of capitalised modernisation measures) was EUR 10.7 million (H1 2019/2020: EUR 7.2 million) due to current revitalisation projects at various properties. Property portfolio continues to grow to around EUR 930 million Since the beginning of the current financial year, DKR has acquired a total of 13 properties with an investment volume of around EUR 120 million and annual rent of EUR 10.9 million. The change of benefits and encumbrances of ten properties has already taken place during the first half of the financial year. Another property was transferred to DKR on 1 April 2021. The change of benefits and encumbrances of the remaining two properties is expected to occur by 1 July 2021, so that a further significant increase in rental income can be expected from the fourth financial quarter onwards. This is contrasted by the sale of a property in Berlin-Pankow. The property was acquired around three years ago with an initial yield of around 9.7% and has now been sold at a yield of 4.5%, from which DKR will generate a capital gain of around EUR 1.7 million. The transfer of benefits and encumbrances will take place as agreed on 1 June 2021. Thus, the total portfolio (pro forma) of DKR currently comprises 174 retail properties with an annual rent of around EUR 73 million and a balance sheet value of around EUR 930 million. The acquisition yield of the total portfolio is currently around 10.3%. DKR is currently in the process of acquiring further retail properties. EPRA NAV rises to EUR 11.17 per share / Net LTV at 55.7% Earnings forecast for the financial year confirmed Based on this and in view of the transfer of benefits and encumbrances of acquired properties still to take place, the Management Board confirms its forecast and expects FFO of between EUR 42 million and EUR 45 million in the 2020/2021 financial year and an FFO run rate of between EUR 47 million and EUR 51 million as at 30 September 2021. Publications on the first half of 2020/2021 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), the Berlin Stock Exchange and on the JSE (Johannesburg Stock Exchange) (South Africa) by way of a secondary listing. Further information on the Company can be found at . Contact:
12.05.2021 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: | |
| 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; JSE Securities Exchange |
| EQS News ID: | 1195157 |
| End of News | DGAP News Service |
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1195157 12.05.2021
