Update: Guidance reiterated at nine months
Fair Value REIT (FVI) has reported 9m14 results and reiterated full year guidance of €5.1m underlying (EPRA basis) consolidated net profits. On a proportionate basis, results ytd (€3.7m) are c 4% below the full year target, but improving occupancy should support the balance of the year despite management’s guidance of a near-term increase in maintenance and leasing-related costs. Dividend guidance (€0.25 per share) is also reiterated, with the prospect of future growth. The (2013) step-up in dividends was made possible by the strategic repositioning of the portfolio over the past two years, reducing complexity and sustainably lifting distributable income. Yet despite the attractive prospective c 5% yield, the discount to NAV has remained above 40%.Fair Value Reit AG is a Germany-based real estate investment trust. The Company specializes in the acquisition, management and sale of commercially used property, including retail and office retail properties at secondary locations across Germany. The Company's wholly owned subsidiaries are GP Value Management GmbH, BBV 3 Geschaeftsfuhrungs-GmbH & Co KG, BBV 6 Geschaeftsfuhrungs-GmbH & Co KG, BBV 9 Geschaeftsfuhrungs-GmbH & Co KG, BBV 10 Geschaeftsfuhrungs-GmbH & Co KG and BBV 14 Geschaftsfuhrungs-GmbH & Co KG. Other subsidiaries include IC Fonds & Co Bueropark Teltow KG, IC Fonds & Co Forum Neuss KG, IC Fonds & Co Gewerbeportfolio Deutschland 13. KG and IC Fonds & Co SchmidtBank-Passage KG, among others.
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