DGAP-News: POLIS Immobilien AG: POLIS Immobilien continues its successful letting performance in the office property market
(firmenpresse) - DGAP-News: POLIS Immobilien AG / Key word(s): Half Year Results/Half
Year Results
POLIS Immobilien AG: POLIS Immobilien continues its successful letting
performance in the office property market
02.08.2012 / 07:45
---------------------------------------------------------------------
CORPORATE NEWS
POLIS Immobilien continues its successful letting performance in the office
property market
- Improved earnings position
- Funds from operations up 12 percent
Berlin, 2 August 2012 - POLIS Immobilien AG [ISIN: DE0006913304] today
published the report on the first six months of 2012. The specialist for
the modernisation and management of office properties in established
locations in Germany's leading office cities continued its good letting
performance in the first half of 2012, when a total of 22,500 square metres
were let, of which about 11,400 square metres were new leases and space
extensions. The letting ratio increased by 2 percent on the first quarter
to 80 percent at the half-year stage. The leases that have been signed but
will become effective only after the reporting period will boost the ratio
to 84 percent assuming no other change in the letting situation. Most
notably, two modernisation projects, Konrad-Adenauer-Ufer 41-45 in Cologne
and Büchsenstraße 26 in Stuttgart, are virtually fully let. The last
offices are currently being completed and are to be handed over to the
tenants in the third quarter. In the second quarter, POLIS Immobilien
achieved the biggest success in Stuttgart, where the company very quickly
found a new tenant for the offices in the property at Tübinger Straße
31/33, which had only recently been vacated. The offices have been let to
the federal state of Baden Württemberg for a period of ten years. Following
completion of the reconstruction activities, the Baden-Wuerttemberg
Cooperative State University (DHBW) will move into the property in the
first or second quarter of 2013.
POLIS Immobilien benefits from its portfolio and a good price-performance
ratio
The good economic situation in Germany continued to have a positive effect
on the office property markets. In the large cities, prime rents have
increased on the previous year, in some cases quite markedly. While demand
for old and outdated properties continues to decline, new and modernised
properties are very much sought-after. As a result, vacancies in prime
locations have been reduced further. We benefit from this trend as we offer
properties and rental space with a good price-performance ratio which meet
the demands made on contemporary office space,' said Dr. Alan Cadmus, CEO
of POLIS Immobilien. The company expects the German economy to show a
stable trend in the second half of the year in spite of the recession risks
that still prevail in the euro-zone. The positive employment situation and
domestic demand in Germany, combined with catching-up effects in the course
of the year, will have a positive impact also on the property market.
POLIS Immobilien's earnings position continues to improve
The trend in the property market has a positive effect on the earnings
position of POLIS Immobilien. Due to the successful letting activities,
rental income was up by 4 percent on the prior year period to EUR 7.8
million, while the result from property management climbed 2 percent to EUR
5.6 million. The progress achieved in the modernisation projects and the
letting activities led to a positive valuation result of EUR 2.6 million
for the investment properties. The previous year's exceptional valuation
result of EUR 7.0 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 11.1 million in the prior year
period to EUR 6.7 million. Adjusted for the previous year's positive effect
of EUR 6.0 million, EBIT were up by 34 percent on the first half of 2011.
Moreover, the continued decline in market interest rates led to non-cash
valuation losses of EUR 1.2 million, compared to valuation gains of EUR 1.2
million in the prior year quarter. The Group's net income totalled EUR 2.5
million.
Funds from operations (FFO), which represent the operating result adjusted
for the result from revaluation and the sale of properties, the valuation
result of financial derivatives and deferred taxes, was up by 12 percent on
the previous year to EUR 1.6 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.
Expectations for the financial year 2012 confirmed by the developments
POLIS Immobilien feels that the developments confirm its projections for
the financial year 2012 and expects a further improvement in key earnings
figures, which will support additional growth in 2013. A letting ratio of
89 percent of all lettable space is to be achieved by the end of the year.
'Our experienced Asset Management Team and our financial scope will allow
us to make attractive acquisitions all by ourselves and to leverage the
potential for adding value through the optimisation or letting of
properties,' says 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 six-month period ended 30 June 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 a 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 June
30 2012, POLIS Immobilien's real estate portfolio comprised a total of 29
properties with a market value of around EUR 296 million. POLIS Immobilien
shares are listed on the regulated market (Prime Standard, ISIN:
DE0006913304) 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
---------------------------------------------------------------------
02.08.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
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
---------------------------------------------------------------------
179962 02.08.2012
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 02.08.2012 - 07:45 Uhr
Sprache: Deutsch
News-ID 170999
Anzahl Zeichen: 7459
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 269 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: POLIS Immobilien AG: POLIS Immobilien continues its successful letting performance in the office property market"
steht unter der journalistisch-redaktionellen Verantwortung von
POLIS Immobilien AG (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
