DGAP-News: POLIS Immobilien AG: POLIS Immobilien reports good letting performance for the first quarter of 2012
(firmenpresse) - DGAP-News: POLIS Immobilien AG / Key word(s): Quarter Results/Quarter
Results
POLIS Immobilien AG: POLIS Immobilien reports good letting performance
for the first quarter of 2012
03.05.2012 / 07:45
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CORPORATE NEWS
POLIS Immobilien reports good letting performance for the first quarter of
2012
- Earnings position continues to improve
- Positive valuation result for investment properties
Berlin, 3 May 2012 - POLIS Immobilien AG [ISIN: DE0006913304] today
published its report for the first three months of 2012. The specialist for
the modernisation and management of office properties in established
locations in Germany's leading office cities continued its successful
letting activities. A letting performance of 8,820 square metres was
reported for the first quarter, including new leases and extensions
totalling approximately 5,960 square metres. 'The end of the first quarter
saw the letting ratio across our portfolio almost unchanged from the
prior-year quarter at 78 percent, which primarily reflects the move out of
a major tenant in Stuttgart. However, the leases already signed will boost
the ratio to 81 percent assuming no other change in the letting situation,'
said Dr. Alan Cadmus, CEO of POLIS Immobilien AG. In particular, two
modernisation projects, Konrad-Adenauer-Ufer in Cologne and Büchsenstraße
26 in Stuttgart, are virtually fully let. The last offices are to be handed
over to the tenants in mid-2012.
The earnings position of POLIS Immobilien AG also continued to improve.
Rental income in the first quarter increased to EUR 3.9 million due to the
good letting result of the previous year. This represents an increase by
about 10 percent on the first quarter of 2011. The result from property
management was up by about 10 percent on the first three months of 2011 to
EUR 2.8 million.
The progress achieved in the modernisation projects and the letting
activities led to a positive valuation result of EUR 1.3 million for the
investment properties. The previous year's exceptional valuation result of
EUR 8.9 million was attributable to a one-time effect related to the
revaluation of properties at the company's new location in Dresden and
could not be repeated, as had been expected. Accordingly, earnings before
interest and taxes (EBIT) declined from EUR 6.9 million in the first
quarter of 2011 to EUR 3.4 million. Adjusted for the previous year's
positive effect of EUR 6.1 million, EBIT were up by 19.4 percent on the
first quarter of 2011. The continued decline in market interest rates led
to non-cash valuation losses of EUR 0.4 million, compared to valuation
gains of EUR 2.3 million in the first quarter of the previous year. The
Group's result for the first quarter totalled EUR 1.4 million (Q1 2011: EUR
8.3 million).
Funds from operations (FFO), which represent the result adjusted for the
result from revaluation and the sale of properties, the valuation result of
financial derivatives and deferred taxes, remained almost unchanged from
the previous year at EUR 0.7 million. In view of the continued rise in
rental income and declining costs for vacant offices, POLIS Immobilien
expects the funds from operations to increase in 2012. They are expected to
double from the previous year to approx. EUR 2.5 million in 2012.
Great opportunities for Polis Immobilien
POLIS Immobilien expects the main earnings figures to continue to improve
in 2012, which should lay the basis for additional growth in 2013. 'As we
continue to push ahead our quality-driven business model, we will seize
opportunities for acquisitions and sell properties to optimise our
portfolio,' said Dr. Alan Cadmus. In addition to its well-established
property management and modernisation activities, POLIS Immobilien has
managed assets on behalf of third parties since 2011. The company plans to
expand this business segment, which is in the hands of an experienced team,
going forward.
The report for the three-month period ended 31 March 2012 is available for
downloading on the company's website at
http://www.polis.de/IR/zwischenberichte.php.
POLIS Immobilien AG, which was founded in Berlin in 1998, is listed real
estate company that buys, refurbishes/revitalises, and manages office
properties for its own portfolio. The company focuses on one market
segment: office properties in inner-city locations at the most important
German office centres. The company acquires properties that are either
already renovated and are completely let, thereby generating stable cash
flow, or properties that are vacant or require modernisation, and which
offer specific value appreciation potential. This potential may be realised
by corresponding modernisation measures or full revitalisation. As of 31
March 2012, POLIS Immobilien's real estate portfolio comprised a total of
29 properties with a market value of around EUR 293 million. POLIS
Immobilien shares are listed on the regulated market (Prime Standard) of
the Frankfurt Securities Exchange. Further information can be found at
www.polis.de.
Investor Relations
Dr. Alan Cadmus
POLIS Immobilien AG
Tel: +49 30 225 00-250
E-Mail: ir(at)polis.de
URL: www.polis.de
Press Contact
Britta Cirkel
HOSCHKE&CONSORTEN Public Relations GmbH
Tel: +49 40 36 90 50- 56
E-Mail: b.cirkel(at)hoschke.de
End of Corporate News
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Language: English
Company: POLIS Immobilien AG
Rankestraße 5/6
10789 Berlin
Germany
Phone: +49 30 225 00-261
Fax: +49 30 225 00-299
E-mail: info(at)polis.de
Internet: www.polis.de
ISIN: DE0006913304
WKN: 691330
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Hamburg, München
End of News DGAP News-Service
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167762 03.05.2012
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