DGAP-News: Deutsche Konsum REIT-AG continues profitable growth in the first half of 2021/2022 financial year
DGAP-News: Deutsche Konsum REIT-AG
/ Key word(s): Half Year Results
Press release Deutsche Konsum REIT-AG continues profitable growth in the first half of 2021/2022 financial year - Rental income increased by 10% to EUR 36.2 million - Net profit for the period rises by 13% to EUR 18.4 million - FFO increase by 4% to EUR 21.1 million / FFO per share at EUR 0.60 - Inflation leads to rent increases - Acquisition of 15 local retail properties for EUR 49.4 million in the first half of the financial year - EPRA NTA per share at EUR 10.14 (after dividend payment of EUR 0.40 per share in March 2022) - Net LTV amounts to 53.9% - Forecast confirmed Potsdam, 12 May 2022 - Deutsche Konsum REIT-AG (ISIN DE000A14KRD3) achieved strong revenue and earnings growth in the first half of the current 2021/2022 financial year. Growth in rental income and FFO Funds from operations ("FFO") increased by 4% to EUR 21.1 million or to EUR 0.60 per share. In contrast, aFFO (FFO after deduction of capitalised modernisation measures) rose considerably by 37% to EUR 14.7 million due to a lower investment rate in revitalisation measures. The average acquisition yield of the overall portfolio is currently around 10.3%. DKR is furthermore continuing its growth course and most recently acquired a grocery store in Lohra/Marburg (Hesse) and a local retail centre in Lübtheen (Mecklenburg-Western Pomerania) with the anchor tenants Lidl and EDEKA by notarial deeds in April 2022. With a total purchase price of EUR 5.0 million and annualised rental income of TEUR 454.0, this results in an acquisition yield of 9.2%. Since the beginning of the new financial year, DKR has thus already acquired 15 local retail properties for an investment volume of around EUR 49 million and an annual rent of EUR 4.2 million, which corresponds to a purchase factor of 11.8 times the annual rent. The new acquisitions made in the first half of the 2021/2022 financial year have thus fully compensated for the rent reductions of the properties sold in the last six months. The sales proceeds of around EUR 75 million have thus been offset by new investments of EUR 49 million to date. The resulting free liquidity will be invested in further new acquisitions in accordance with the DKR investment criteria in order to generate further portfolio growth. In the first half of the current financial year, the Altenburg/Nobitz acquisition property was already transferred to DKR, and the transfer of benefits and encumbrances of a total of eight further properties took place after the balance sheet date in April and May 2022. For the remaining six properties, the transfer will take place successively in the coming weeks and months. Taking into account all notarised acquisitions and sales, the pro forma portfolio comprises a total of 178 properties with a total lettable area of approximately 1,040,000 square metres and a balance sheet value of EUR 1,003 million. The portfolio currently generates an annual rent of EUR 71.1 million. Moreover, DKR is working on further interesting acquisition targets and expects additional purchases in the near future. EPRA NTA per share rises to EUR 10.14 / Net LTV amounts to 53.9% The net LTV amounts to 53.9% as of the balance sheet date and is thus temporarily above the target figure of around 50%. FFO forecast for the financial year confirmed Webcast and Conference Call About Deutsche Konsum Due to its German REIT status ('Real Estate Investment Trust'), the Company is exempt from German corporation and trade tax. The shares of the Company are listed on the Prime Standard of Deutsche Börse (ISIN: DE 000A14KRD3) and on the JSE (JSE Limited) (South Africa) by way of a secondary listing. Contact:
12.05.2022 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: | [email protected] |
Internet: | www.deutsche-konsum.de |
ISIN: | DE000A14KRD3 |
WKN: | A14KRD |
Listed: | Regulated Market in Berlin, Frankfurt (Prime Standard); Regulated Unofficial Market in Dusseldorf, Munich, Stuttgart, Tradegate Exchange; JSE Securities Exchange |
EQS News ID: | 1349829 |
End of News | DGAP News Service |
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1349829 12.05.2022