05.11.2015
Fair Value REIT-AG DE000A0MW975
DGAP-News: Fair Value REIT-AG: Fair Value REIT-AG reports a substantial rise in consolidated net income in first nine months of 2015
DGAP-News: Fair Value REIT-AG / Key word(s): 9-month figures/Real
Estate
Fair Value REIT-AG: Fair Value REIT-AG reports a substantial rise in
consolidated net income in first nine months of 2015
05.11.2015 / 07:30
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Fair Value REIT-AG reports a substantial rise in consolidated net income in
first nine months of 2015
- IFRS Group net profit increased to EUR 7.8 million in Q3 2015 (previous
year: EUR 3.5 million)
- Net asset value according to EPRA (EPRA-NAV) per share amounted to EUR
8.45 as of 30 September 2015 (31 December 2014: EUR 8.49)
- REIT equity ratio increased to 59.5% (31 December 2014: 49.2%)
- FFO at EUR 4.5 million in Q3 2015 (previous year: EUR 3.7 million)
- Confirmation of FFO forecast 2015 of EUR 6.9 million - EUR 7.2 million,
which corresponds to EUR 0.56 - EUR 0.58 per share
- Target dividend for 2015 stays at EUR 0.25 per share
Munich, 5 November 2015 - Fair Value REIT-AG (WKN A0MW97) reports
successful first nine months of 2015 and has more than doubled the IFRS
consolidated net income as compared to the corresponding period of the
previous year. The IFRS Group net profit of EUR 7.8 million is EUR 4.4
million higher than the IFRS Group net profit of EUR 3.5 million in the
previous year.
The additional profit of EUR 4.2 million resulted from acquisitions of
further interests in six subsidiaries, from the acquisition of a majority
interest in an additional real estate closed-end fund and from the direct
acquisition of properties which were previously owned by subsidiaries.
Despite the dividend pay-out of EUR 0.25 per share, the EPRA NAV per share
amounted to EUR 8.45 as of 30 September 2015, which is only slightly below
the EPRA NAV per share of EUR 8.49 as of 31 December 2014. For this reason,
the capital costs and dilution effects of the capital increase were almost
fully absorbed. The REIT equity ratio increased to 59.4% of the immovable
assets as of 30 September 2015 compared to 49.2% as of 31 December 2014.
Consolidated net income adjusted for measurement and other extraordinary
effects (FFO - Funds From Operations) amounted to EUR 4.5 million during
the first nine months of 2015, hence ca. 22% above the FFO of EUR 3.7
million last year. The increase mainly reflects the gradual impact from
investments made, from redemption-related reduced interest expenses and
from the decrease in earnings attributable to non-controlling interests.
For 2015 the Management Board affirmed its expectation of a FFO after
non-controlling interests in a range of EUR 6.9 million - EUR 7.2 million.
With regards to the increased weighted average number of shares outstanding
in 2015 (12.38 million shares) this corresponds to an undiluted FFO per
share in a range of EUR 0.56 - EUR 0.58.
The Management Board aims for a dividend for 2015 of EUR 0.25 per every
share entitled to a dividend (14.03 million shares). The corresponding
pay-out value amounts to about EUR 3.5 million, which is in line with the
strategic target of 50% of the FFO.
Frank Schaich, CEO of Fair Value REIT-AG, commented on the operative
business development: "The current increase in FFO in the third quarter of
the current fiscal year has confirmed that our NAV-accretive investments
are also generating attractive current results. This proves the success of
our strategic approach."
The interim report for the first nine months of 2015 is available for
download from the financial reports section of www.fvreit.de from today.
Selected actual key figures of the Fair Value REIT-AG
EUR thousand 1/1 /2015 - 30/ 1/1/2014 - 30/
9/2015 9/ 2014
Rental income 17,413 17,961
Net rental income 12,755 13,810
Operating result (EBIT) 13,459 11,772
IFRS Group net profit 7,800 3,455
Earnings per share (basic/diluted)1) 0.66 EUR / 0.64 0.37 EUR / 0.37
EUR EUR
Adjusted consolidated net income (EPRA 4,467 3,653
earnings)/FFO
EPRA earnings/FFO per share (basic/ 0.38 EUR / 0.36 0.39 EUR / 0.39
diluted)1) EUR EUR
EUR 30/9/2015 31/12/2014
NAV per share 2) 8.45 EUR 8.39 EUR
EPRA-NAV per share 2) 8.45 EUR 8.49 EUR
Equity ratio within the meaning of Sec. 59.5% 49.2%
15 REITG
1) Weighted average number of shares outstanding
1/1/2015 - 30/9/2015 (11,823,736 undiluted/ 12,691,428 diluted)
1/1/2014 - 30/9/2014 (9,325,572 undiluted / diluted)
2) Number of shares outstanding:
30 September 2015: 14,029,013
31 December 2014: 9,325,572
Contact
Fair Value REIT-AG
Frank Schaich
Tel. 089-9292815-10
Fax. 089-9292815-15
e-mail: [email protected]
Company Profile
Fair Value REIT-AG, based in Munich, focuses on retail and office
properties in German secondary locations as well as on real estate holdings
with a special emphasis on closed end funds.
As of 30 September 2015, Fair Value's total portfolio of 44 properties had
a market value of EUR 305.6 million. This portfolio had an occupancy rate
of 91.8% of potential rent on full occupancy of EUR 27.4 million per year.
As of 30 September 2015 the weighted remaining term of the leases was 4.6
years. Around 57% of the potential rent relates to retail space, 33% to
office space and 10% 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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408889 05.11.2015
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