DGAP-News: Deutsche Industrie REIT-AG / Key word(s): Annual Results/Sustainability
Deutsche Industrie REIT-AG successfully closes 2019/2020 financial year
- Net profit for 2019/2020 in the amount of 50.8 € million
Rostock, 18.12.2020 - Deutsche Industrie REIT-AG (''DIR'') (ISIN DE000A2G9LL1) closes the past financial year 2019/2020 profitably and successfully.
Improvement of the financial figures
DIR's rental income increased from 25.5 € million to 40.8 € million in the past financial year. Analogously, DIR's rental income rose by almost 50% from just under 21.0 € million in the previous year to over 31.0 € million in the 2019/2020 financial year. The administrative expense ratio decreased from 7.7% in the previous year to 6.9%.
FFO (Funds From Operations) increased by 91% from 12.9 million € to 24.6 million € and is therefore within the forecast range of 23.0 million € to 25.0 million €. The increase in FFO per share from 0.60 € to 0.84 € corresponds to 41.1%.
The company's equity more than doubled in absolute terms, and the undiluted EPRA NAV per share rose by 51.8% from 7.74 € to 11.74 €.
The net LTV, net debt to equity ratio, has dropped significantly from 57.8% to 37.1%, allowing DIR to raise further debt.
FFO forecast between 32.0 € million to 34.0 € million for the financial year 2020/2021
For the new financial year 2020/2021, the Executive Board expects FFO between 32.0 € million and 34.0 € million. The FFO run rate, which represents the annualised FFO excluding accrual effects, is expected to be between 38.0 € million and 40.0 € million at the end of the current financial year 2020/2021.
In March 2018 and March 2019, dividends of 0.09 € per share and 0.16 € per share were distributed to our shareholders. We also want our shareholders to participate in the success of the company for the past financial year and plan to propose the distribution of a dividend of 0.24 € per share at the next Annual General Meeting for the 2019/2020 financial year.
Real estate portfolio expands and again increases significantly in value
The property portfolio continued to grow in the 2019/2020 financial year due to acquisitions. On 1 October 2019, the portfolio comprised 49 properties with lettable commercial space of approximately 0.91 million m² and an annualised net cold rent of 33.1 € million. 20 acquired properties were subject to a change of use and encumbrance. As a result, the real estate portfolio recognised on 30 September 2020 comprises 69 properties with lettable commercial space of approx. 1.2 million m² and annualised net cold rents of 44.5 € million.
In addition, a further eight properties with an annual net rent of 5.3 € million and an investment volume of 52.5 € million were acquired, for which the change of use and encumbrance did not or will not take place until after 30 September 2020.
In the course of the annual property valuation, there was an increase in value of 37.0 € million. This is mainly due to further increases in market prices, especially in the logistics sector, as well as stable and rising market rents.
Pro forma, the company's current real estate portfolio consists of 77 properties with an annualised total rent of 49.8 € million and a portfolio value of 617.5 € million.
Successfully completed capital increases and financings
Two capital increases were carried out in the financial year. In November 2019, the company placed approximately 5.7 million shares at a price of 16.25 € per share in a first capital increase, raising gross proceeds of approximately 92.8 € million. In June 2020, DIR carried out a second capital increase and placed a total of 2.9 million new shares at a price
In the past financial year, DIR concluded loan agreements with various savings banks and cooperative banks in the amount of 63.2 € million as well as an unsecured promissory note loan in the amount of 10.0 € million. The financing conditions have been reduced overall from 2.9% as of 30 September 2019 to 2.6% as of the current balance sheet date. There is a further 75.6 € million at an initial interest rate of 1.4% in DIR's current financing pipeline.
We want to continue our sustainable and steady growth in 2020/2021. The effects of the Corona crisis offer us not only clear risks but also additional opportunities that we can exploit. For example, we have actively promoted the topic of sale-and-lease-back and positioned ourselves as a contact for German medium-sized businesses. We are confident that we will be able to invest a volume of between 100 and 200 € million in the new financial year.
Deutsche Industrie REIT-AG publishes today its first sustainability report. DIR is thus expressly committed to sustainable corporate governance, which is becoming an increasingly relevant component of responsible management in view of the company's strong growth.
The company's sustainable corporate strategy is geared towards the long term and is based on the acquisition and management of an attractive light industrial property portfolio. The acquisition process is already characterised by sustainability due to the focus on properties with third party potential in locations with good infrastructure links. Professional asset and portfolio management also adds value, with the aim of retaining tenants in the long term and sustainably increasing the value of the properties.
DIR's sustainability report takes a firm stand on environmental, social and governance issues within a meaningful framework and provides an outlook on which sustainable projects will be pursued in the future.
The report is available for download at:
Deutsche Industrie REIT-AG will hold an analyst conference call today at 11:00 a.m. (CET) on the results for the 2019/2020 financial year.
Publications for the 2019/2020 business year
The presentation (in English) on the results of the 2019/2020 financial year and further information on the company can be found at:
You can find DIR's current real estate portfolio at:
The complete Annual Report 2019/2020 (in German and English) is available for download as of today and as a print copy in January 2021.
Deutsche Industrie REIT-AG invests sustainably in Light Industrial properties in Germany. In addition to the activities of storage and distribution of commercial goods, Light Industrial also includes their administration and production. The asset class mainly consists of medium to large industrial and commercial park sites. The areas are usually more complexly equipped than pure logistics properties and have a high local relevance.
18.12.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Deutsche Industrie REIT-AG
+49 331 740076 5 - 0
+49 331 / 740 076 520
DE000A2G9LL1, DE000A2GS3T9, DE000A2YNQU1
A2G9LL, A2GS3T, A2YNQU
Regulated Market in Berlin, Frankfurt (Prime Standard)
EQS News ID:
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