DGAP-News: Deutsche Konsum REIT-AG / Key word(s): Annual Results
Deutsche Konsum REIT-AG successfully closes 2019/2020 financial year
- Rental income up 34% to EUR 56.2 million
Broderstorf, 17 December 2020 - Deutsche Konsum REIT-AG (ISIN DE000A14KRD3) has grown strongly and profitably in the 2019/2020 financial year - despite the impact of the COVID 19 pandemic.
FFO increase stronger than rental income
Funds from operations ("FFO") also rose by a much stronger 40% from EUR 25.0 million to EUR 35.0 million, fully achieving the guidance given in the previous year (EUR 34.0 million to EUR 36.0 million) and confirming DKR's continued profitable growth. aFFO (FFO after deduction of capitalised modernisation measures) was slightly below the previous year's level at around EUR 19.9 million (2018/2019: EUR 20.5 million) due to extensive and value-creating investments in the revitalisation of properties from current cash flow.
The property portfolio existing as of 30 September 2020, including the notarised properties, also results in a run rate of FFO of EUR 40.0 million, which is also within the guidance range (EUR 40.0 million to EUR 42.0 million).
Real estate portfolio increased to EUR 810 million as of the balance sheet date
Thus, the total portfolio increased by 39 retail properties with an investment volume of around EUR 158 million and an annualised rent of EUR 14.8 million in the past financial year. This was offset by the disposal of a food discounter in Berlin-Tegel, which was sold at a significant capital gain.
The acquisition yield of the overall portfolio is currently around 10.5%.
EPRA NAV increases to EUR 11.11 per share / Net LTV is 51.7%
Dividend proposal of EUR 0.40 per share
FFO forecast for the 2020/2021 financial year between EUR 42 million and EUR 45 million.
Acquisitions so far at over EUR 14 million in the current financial year / Sale of another food market in Berlin
In addition, the Company is in the process of acquiring further retail properties, which is expected to take place by the end of the year.
Furthermore, DKR sold another food market from its portfolio in Berlin-Pankow by notarised contract this week for approximately 22 times the annual rent and thus twice the book value. The transfer of benefits and encumbrances is expected to take place in February 2021.
Including the transfers of benefits and encumbrances of three further properties purchased after the balance sheet date and the notarised purchases and sales mentioned above, the pro forma real estate portfolio currently comprises 169 properties with an annual rent of around EUR 66.5 million and a balance sheet value of around EUR 850 million.
DKR publishes sustainability report
Rolf Elgeti, CEO of Deutsche Konsum REIT-AG: "The results of the past financial year impressively underline the stability and cash flow strength of our business model, even in the current difficult overall environment, which is due to the high proportion of non-cyclical and system-relevant tenants in our portfolio and the high investment discipline of our team. Therefore, we will continue our expansion as usual and also further develop the existing portfolio, which will lead to further sustainable cash flow and value increases."
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).
17.12.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
Deutsche Konsum REIT-AG
+49 (0)331 740076517
+49 (0)331 740076520
Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
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