DGAP-News: Deutsche Industrie REIT-AG closes financial year 2018/2019 very successful and publishes annual report
DGAP-News: Deutsche Industrie REIT-AG
/ Key word(s): Annual Results
Deutsche Industrie REIT-AG closes financial year 2018/2019 - Net income increased from EUR 13.7 million to EUR 48.7 million Rostock, 19 December 2019 - Deutsche Industrie REIT-AG (ISIN DE000A2G9LL1) has completed its second financial year as a listed company with strong growth and very successful results. Real estate portfolio continued to grow strongly and increase in value The annual property valuation resulted in a value enhancement of EUR 37.6 million. This is mainly due to higher market prices in the logistics sector, higher market rents and operational improvements (vacancy reduction, rent increases and contract extensions) in the portfolio. The portfolio therefore more than doubled from 22 properties with EUR 168.2 million to 49 properties with EUR 392.8 million. Considering all properties acquired to date and one sold property, the total portfolio of Deutsche Industrie today consists of 63 properties with an annualised total rent of around EUR 44.0 million and a portfolio value of around EUR 493.7 million. Successful capital measures and financings In June 2019, we issued a convertible bond with a seven-year maturity of EUR 41 million and a coupon of 2%. In addition, bank loans with a volume of approximately EUR 66 million were contracted with various savings banks and cooperative banks at very attractive conditions. Overall, the financing situation has improved, and interest rates have fallen from an average of 3.7% to 2.9%. Increases in key financial figures The administrative expense ratio fell from 11.8% to 7.7%, which clearly shows how efficient DIR is in structuring its growth. Due to the positive development in all areas, net income for the year increased from EUR 13.7 million to EUR 48.7 million. FFO (Funds from Operations) increased to EUR 12.9 million, within the forecast range of EUR 12 to 14 million. FFO per share increased by 62% from EUR 0.37 to EUR 0.60. The net LTV rose slightly to 57.8%. However, this is only a snapshot, as the capital increase in November 2019 will be accompanied by a substantial reduction in LTV to well below 50%. As a result of the balance sheet profit and the capital increases, equity rose from EUR 71.8 million to EUR 181.4 million and EPRA NAV (net asset value) rose simultaneously, amounting to EUR 7.74 per outstanding share as of 30 September 2019, an increase of 94% compared to the previous year. Dividend payment Positive outlook 2019/2020 For the 2019/2020 financial year, we therefore assume an achievable FFO of EUR 23 million to EUR 25 million. The annual FFO run rate should be 27 m€ to 29 m€ by the end of the current fiscal year. Publications for the financial year 2018/2019 https://www.deutsche-industrie-reit.de/investor-relations/ The complete Annual Report 2018/2019 (in German and English) is available for download as of today and as a printed copy in January 2020.
The shares are listed in the regulated market of the Berlin Stock Exchange and in the Prime Standard of the Frankfurt Stock Exchange. Since the beginning of 2018, the company has had the status of a REIT ("real estate investment trust") and the associated income tax exemption. Contact: Deutsche Industrie REIT-AG Mr René Bergmann Chief Financial Officer August-Bebel-Str. 68 14482 Potsdam Tel. +49 331 740 076 535
19.12.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | Deutsche Industrie REIT-AG |
August-Bebel-Str. 68 | |
14482 Potsdam | |
Germany | |
Phone: | +49 331 740076 5 - 0 |
Fax: | +49 331 / 740 076 520 |
E-mail: | [email protected] |
Internet: | http://www.deutsche-industrie-reit.de |
ISIN: | DE000A2G9LL1, DE000A2GS3T9, DE000A2YNQU1 |
WKN: | A2G9LL, A2GS3T, A2YNQU |
Listed: | Regulated Market in Berlin, Frankfurt (Prime Standard) |
EQS News ID: | 939197 |
End of News | DGAP News Service |
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939197 19.12.2019