28.02.2017
Deutsche Konsum REIT-AG DE000A14KRD3
DGAP-News: Deutsche Konsum REIT-AG successfully finishes first quarter of 2016/2017
DGAP-News: Deutsche Konsum REIT-AG / Key word(s): Quarterly / Interim
Statement
Deutsche Konsum REIT-AG successfully finishes first quarter of 2016/2017
28.02.2017 / 07:00
The issuer is solely responsible for the content of this announcement.
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Press release
Deutsche Konsum REIT-AG successfully finishes first quarter of 2016/2017
- Rents up to EUR 4.3 m
- FFO/aFFO amounts to EUR 2.2 m EUR or EUR 0,12 per share
- EPRA NAV increases to EUR 82.2 m or EUR 4.09 per share
- Successful capital increase and step into the Prime Standard segment of
the Frankfurt stock exchange
Broderstorf, 28. February 2017 - Deutsche Konsum REIT-AG (ISIN
DE000A14KRD3) has successfully continued its growth during the first
quarter of the financial year 2016/2017 ("Q1 2016/2017)
Increase of rents as well as FFO/aFFO
Compared to the equivalent period of the previous year the company's rental
income has risen by 76% to EUR 4.3 m. Reason for this development can be
found in the continuing expansion of the real estate portfolio. Aligned
with this development the FFO/aFFO increased by almost 140% from EUR 0.9 m
to 2.2 m. There was no capitalisation of capex in the first quarter,
therefore FFO and aFFO are identical.
In the first quarter the operating rental margin of rents amounted to 81%.
The company's administrative expense ratio was at 5.2%.
Portfolio continues to grow
Due to closing of previously notarised properties the portfolio value
increased by EUR 18.3 m to EUR 166.2 m. This increase also contained
unrealized valuation gains of EUR 1.5 m as at 31st December2016. The next
valuation of properties will occur as at 30th of June 2017. At the current
valuation the portfolio's net initial yield amounts to 10%.
Within the first quarter of 2016/2016 nine new properties with a total
value of EUR 24.0 m have been notarized. The closing for eight of these
properties have already occurred in January and February 2017.
The company is in promising negotiations on the acquisition of further
assets.
Increased EPRA NAV / Conversion of the mandatory convertible
Thanks to the period's positive result of EUR 3.2 m the company's equity
increased from EUR 79.0 m to EUR 82.2 m. Along with this the EPRA NAV
increased from EUR 3.52 to EUR 4.09 per share.
On the 27th of December 2016 the holder of the convertible bond has fully
exercised his conversion rights. As a result the company's capital stock
increased by EUR 1.66 m to EUR 20,107,003 and the number of shares
increased accordingly.
Due to the short-term utilization of a credit line in order to finance
acquisitions the LTV increased from 49.3% to 53.8%.
Capital increase successfully implemented
On 23rd of February 2017 the company successfully executed a capital
increase with subscription rights by issuing 4.6 m new shares at an
exercise price of EUR 8.50 per share. The gross proceeds of
EUR 39.6 m will be used for the further expansion of the real estate
portfolio. The company's current funds for further acquisitions therefore
amount to more than EUR 100 m.
Furthermore, the company has been included in the Prime Standard segment of
the market.
Rolf Elgeti, CEO of Deutsche Konsum REIT-AG: "We are pleased by the
sustainable development of our company within the first quarter of the
financial year 2016/2017. We view the successful capital increase as a
confirmation of our business approach and will continue our growth path. At
the same time, entering the prime standard segment of the market is an
important commitment to transparent reporting to our shareholders. The
acquisition pipeline is currently looking very strong, we therefore expect
to be utilizing the newly acquired funds soon and very profitably. The
first quarter's aFFO annualized already lies above the guidance for the
ongoing financial year, which makes us very confident."
Please find more detailed financial information on the first quarter of
2016/2017 and the company on our homepage www.deutsche-konsum.de
Investor Relations Contact:
Christian Hellmuth
[email protected]
+49 (0) 331 74 00 76 512
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28.02.2017 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: Deutsche Konsum REIT-AG
Försterweg 2
14482 Potsdam
Germany
Phone: +49 (0)331 740076510
E-mail: [email protected]
Internet: www.deutsche-konsum.de
ISIN: DE000A14KRD3
WKN: A14KRD
Listed: Regulated Market in Berlin; Regulated Unofficial Market in
Tradegate Exchange; Open Market in Frankfurt
End of News DGAP News Service
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548063 28.02.2017
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