DGAP-News: Deutsche Konsum REIT-AG / Key word(s): Quarterly / Interim Statement
Deutsche Konsum REIT successfully closes first financial quarter 2020/2021
- Rental income increased by 32% to EUR 16.2 million
- FFO increase by 38% to EUR 10.2 million or EUR 0.29 per share
- EPRA NAV at EUR 11.34 per share
- Net LTV at 51.6%
- Rental income not significantly affected by lockdown so far
Broderstorf, 11 February 2021 - Deutsche Konsum REIT-AG ("DKR") (ISIN DE000A14KRD3) has completed the first financial quarter of the new 2020/2021 financial year ("Q1") as expected.
Rental income and FFO increase strongly as expected
The increase in funds from operations ("FFO") was even more significant, rising by around 38% year-on-year to EUR 10.2 million (Q1 2019/2020: EUR 7.3 million), mainly as a result of further economies of scale.
aFFO (FFO after deduction of capitalised modernisation measures) was EUR 5.0 million (Q1 2019/2020: EUR 3.5 million) due to current revitalisation projects at various properties.
Property portfolio continues to grow to around EUR 890 million
Since the beginning of the new financial year, DKR has also acquired eleven additional properties with an investment volume of around EUR 73 million and an annual rent of EUR 6.9 million. The change of benefits and encumbrances has already taken place in some cases. The change of benefits and encumbrances of the other properties is expected by 1 April, so that a further significant increase in rental income can be expected from the third business quarter onwards.
This contrasts with the sale of a property in Berlin-Pankow, which was notarised in December 2020. The property was acquired around two and a half years ago with an initial yield of around 9.7% and could now be sold at 4.5%, from which DKR will generate a profit of around EUR 1.7 million. The transfer of benefits and encumbrances is expected in the third quarter of the financial year.
Thus, the total portfolio (pro forma) of DKR currently comprises 172 retail properties with an annual rent of around EUR 69 million and a balance sheet value of around EUR 890 million. The acquisition yield of the total portfolio is currently around 10.4%.
DKR is currently in the process of acquiring further retail properties.
EPRA NAV rises to EUR 11.34 per share / Net LTV at 51.6%
FFO earnings forecast confirmed
On this basis and in view of the transfer of benefits and encumbrances of the acquired properties that is still to take place, the Management Board currently confirms its forecast and expects FFO of between EUR 42 million and EUR 45 million in the 2020/2021 financial year.
Publications on the first quarter of 2020/2021
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).
11.02.2021 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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