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DGAP-News: Deutsche Konsum REIT-AG
/ Key word(s): 9 Month figures
Press release Deutsche Konsum REIT with extremely robust business development in the first nine months 2019/2020 - Rental income increased by 34% to EUR 40,3 million - FFO grows by 37% to EUR 25.2 million or EUR 0.78 per share - Property portfolio increased by 27% to EUR 785.9 million as of 30 June 2020 - Moderate valuation gain of 0.9% from the portfolio valuation as of 30 June 2020 - EPRA NAV at EUR 10.92 per share (after dividend payment of EUR 0.35 per share) - Net debt LTV at 51.6% - Effects of the COVID-19 pandemic insignificant / Forecasts confirmed Broderstorf, 13 August 2020 - As expected, Deutsche Konsum REIT-AG ("DKR") (ISIN DE000A14KRD3) continued to grow profitably in the first nine months of the 2019/2020 financial year ("9M"). Rental income and FFO grow in line with portfolio size Property portfolio grows to around EUR 830 million / Further acquisitions made The purchase of two further properties in Parchim (Mecklenburg-West Pomerania) and Schöneck (Saxony) has since been notarised in July and August 2020. The "Parchim Center" is an important local retail park and has a rental area of around 13,000 m² with the tenants Norma, KiK, TEDi, Deichmann, Dänisches Bettenlager and others with an annual rent of around EUR 0.8 million. The property in Schöneck has a rental area of around 1,400 m² and is let to the discount supermarket chain Diska (EDEKA) for an annual rent of around EUR 0.1 million. Both properties have a remaining lease term of approximately 4 years. The total purchase yield is approximately 8.7%. This means that DKR has already acquired 43 retail properties with an investment volume of around EUR 182 million and annual rents of EUR 17.0 million in the 2019/2020 financial year to date and sold one property in Berlin-Tegel in March 2020. The yield of the purchased properties is 9.3%, that of the sold properties 5.0%. Thus the total portfolio (pro forma) of DKR currently comprises 165 retail properties with an annual rent of around EUR 65 million and a balance sheet value of around EUR 830 million as well as a lettable area of over 900,000 m². The purchase yield of the entire portfolio is currently around 10.5%. DKR is also in the process of further purchases and expects to make further acquisitions in the near future. Value of the real estate portfolio increases moderately by 0.9% Consequently, the properties reported in the balance sheet as of 30 June 2020 are valued at a valuation factor of around 12.9x the annual rent (previous year: 12.8x). The moderate year-on-year increase in valuation takes into account investments made to revitalise individual portfolio properties of EUR 12.3 million (capex), which have been confirmed by the property valuation. In addition, a significant portion of the properties acquired in this financial year were only recently transferred to management, which is why no significant value increases have yet been achieved for these properties. EPRA NAV increases to EUR 10.92 per share / Net LTV at 51.6% COVID-19 with low impact on DKR / earnings forecasts confirmed Due to the positive business development in 9M 2019/2020 and the recent transfer of benefits and encumbrances of larger properties and the very limited impact of the Corona crisis, further revenue growth is expected in the fourth quarter. Therefore, the Management Board confirms its forecast and expects an FFO between EUR 34 million and EUR 36 million in the 2019/2020 financial year. Furthermore, the Management Board confirms its expectation to achieve an FFO run rate (annualised FFO without accrual effects) between EUR 40 million and EUR 42 million as of 30 September 2020. Releases on 9M 2019/2020 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 Boerse (ISIN: DE 000A14KRD3). Contact:
13.08.2020 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 |
| EQS News ID: | 1116519 |
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| End of News | DGAP News Service |
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1116519Â Â 13.08.2020Â
