13.05.2015
Fair Value REIT-AG DE000A0MW975
DGAP-News: Fair Value REIT-AG records a substantial rise in consolidated net income and net asset value
DGAP-News: Fair Value REIT-AG / Key word(s): Quarter Results
Fair Value REIT-AG records a substantial rise in consolidated net
income and net asset value
13.05.2015 / 07:30
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Fair Value REIT-AG records a substantial rise in consolidated net income
and net asset value
- IFRS Group net profit of EUR 2.9 million in Q1 2015 (previous year: EUR
1.2 million)
- Net asset value per share rises to EUR 8.71 as of 31 March 2015 (31
December 2014: EUR 8.39)
- FFO at EUR 1.0 million in Q1 2015 (previous year: EUR 1.3 million)
- REIT equity ratio increases to 51.3% (31 December 2014: 49.2%)
- Capital increase successfully placed on the back of high demand
Munich, 13 May 2015 - Fair Value REIT-AG (WKN A0MW97) has made a successful
start to the financial year 2015 and has substantially increased IFRS
consolidated net income in the first quarter. During the reporting period,
the framework was also created for the company to make rapid progress on
the growth strategy adopted at the end of last year.
The rental income of the Group for the first three months of 2015 amounted
to EUR 5.6 million and, after property sales, was down on the corresponding
previous year figure of EUR 6.2 million by EUR 0.6 million or 10% as
expected. Due to higher non recoverable property operating expenses, net
rental income came in at EUR 3.9 million, which was EUR 0.9 million or 18%
lower than in the corresponding quarter of the previous year (EUR 4.8
million).
Almost half of the funds from the convertible bond issued in January 2015
totalling around EUR 8.5 million were already invested in participations at
subsidiaries in the first quarter 2015. The newly acquired assets generated
an IFRS profit contribution of around EUR 1.9 million for the shareholders
of Fair Value REIT-AG on their initial recognition. This corresponds with
around 46% of the total investments made.
The substantially reduced interest expenses compared to the previous year
period also had a positive impact, coming in at EUR 1.1 million, some 22%
down on the previous year figure.
In the first quarter 2015, Fair Value REIT-AG therefore achieved IFRS Group
net profit of EUR 2.9 million, which is around EUR 1.7 million higher than
the previous year figure of EUR 1.2 million.
Group net profit adjusted for valuation effects (FFO - funds from
operations) came in at EUR 1.0 million and was in line with the company's
planning for the first quarter of the current financial year. The decrease
compared to the previous year figure of EUR 1.3 million largely resulted
from the sales of non-strategic real estate made in the interim.
On the reporting date, Group equity was recorded at EUR 81.2 million after
EUR 78.3 million as of 31 December 2014. As a result, the balance sheet net
asset value increased by 4% from EUR 8.39 to EUR 8.71 per share in
circulation on that date. The REIT equity ratio also rose by 4% from 49.2%
of immovable assets at the end of the previous year to 51.3% on 31 March
2015.
At the start of May 2015, Fair Value REIT-AG made the most of the capital
market environment and successfully carried out a cash capital increase
with subscription rights for existing shareholders by completely utilising
authorised capital 2014 with a view to financing its further growth plans.
At a price of EUR 7.90 per new share, around EUR 37 million gross was
generated by the capital increase. With a subscription ratio of 42%, the
capital increase was subject to great demand among existing shareholders.
Meanwhile, 58% of the volume was placed with new shareholders from Germany
and other European countries, further diversifying the shareholder base.
Frank Schaich, CEO of Fair Value REIT-AG, commented on business development
in the first quarter and the capital increase: "The results of the first
quarter 2015 confirm our planning; they therefore represent a solid
starting point for further positive business development in 2015 and for
implementing our growth strategy. We view the successful capital increase
and the strong demand for newly issued shares in our company as a sign of
the confidence in our business and our future plans. Investors are
particularly attracted to our focus on retail and office real estate at
secondary locations in Germany."
The interim report for the first quarter 2015 is available for download
from the financial reports section of www.fvreit.de from today.
Selected financial key figures for Fair Value REIT-AG
EUR thousand - -
31.3.2015 31.3.2014
Rental income 5,590 6,185
Net rental income 3,917 4,781
Operating result (EBIT) 5,016 4,040
IFRS-Net profit 2,863 1,174
IFRS-Result per share * 0.31 EUR 0.13 EUR
EPRA-Earnings / FFO 1,024 1,293
FFO per share * 0.11 EUR 0.14 EUR
EUR 31.03.2015
31.12.2014
Net asset value per share * 8.71 EUR 8.39 EUR
EPRA-NAV per share * 8.72 EUR 8.49 EUR
Equity ratio within the meaning of section 15 of the 51.3 % 49.2 %
REIT Act
* based on 9,325,576 shares in circulation as of 31 March 2015
Contact
Fair Value REIT-AG
Frank Schaich
Tel. +49 (0) 89-9292815-10
Fax +49 (0) 89-9292815-15
e-mail: [email protected]
Corporate Profile
Fair Value REIT-AG, based in Munich, focuses on the acquisition, leasing,
property management and sale of commercial properties in Germany. At the
core of its investment activities are retail and office properties in
German secondary locations as well as property participations with a unique
focus on closed end funds.
As of 31 March 2015, Fair Value's share of the total portfolio of 41
properties amounted to around EUR 269 million. This portfolio had an
occupancy rate of 91.0% of potential rent on full occupancy of EUR 24.5
million per year. As of 31 March 2015 the weighted remaining term of the
leases was 4.8 years. Around 54% of the potential rent relates to retail
floor space, 38% to office space and 8% to other types of use.
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Language: English
Company: Fair Value REIT-AG
Leopoldstraße 244
80807 München
Germany
Phone: +49 (0)89 9292 815-01
Fax: +49 (0)89 9292 815-15
E-mail: [email protected]
Internet: www.fvreit.de
ISIN: DE000A0MW975
WKN: A0MW97
Indices: RX REIT All Share Index, RX REIT Index
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart
End of News DGAP News-Service
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356817 13.05.2015
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